6 Business Loan Scams and How to Spot Them

Nuisance calls and texts Plagued by nuisance calls and texts? How to protect your smart home data. Switch energy company It's easy to compare and switch suppliers with Which? Which supermarket is cheapest? Best Buy smoke alarms Keep your family safe by choosing one of the smoke alarms that earned top marks in our stringent safety tests. If you're called by a company, make sure you do all you can to verify the identity of the caller.

Blocked IP Address

1. The peer lending scam

Here are the most common loan scams and how to avoid becoming a victim. Beware of financing deals that sound too good to be true. Here are the most common loan scams and how to avoid becoming a victim. 6 Business Loan Scams and How to Spot Them. By Guest Post | In: Financing & Credit, Security. By Carl Faulds. Search for personal loans online and you may well run across a few loan scams. Although it can be hard to distinguish them from legitimate lenders making genuine offers, just remember the seven signs of a potential loan scam. In response to many questions I have seen regarding this subject, and many calls I have taken, I felt it was appropriate to provide a guide to help spot potential payday loan collection scams. These tips should be used together, rather than individually, when weeding out illegitimate collectors.

Cars & travel

2. The business angel scam

Whether you're snorkelling or cycling, these are the action cameras worth buying. Get involved - talk about the consumer issues that matter to you at Which? Enjoy crystal clear sound and well-balanced bass from the best headphones we've tested. Find a radio with crystal-clear sound that makes tuning in to your favourite stations a pleasure. Make the most of your music with one of these fantastic wireless and Bluetooth speakers. Best Buy mobile phones.

The best smartphones we've tested, with sharp screens, snappy processors and long-lasting batteries. Apple iPhones vs Samsung mobiles. Not sure whether to buy an iPhone or a Samsung Galaxy? Our lab test results will tell you which is best.

Best Buy cordless phones. Top-quality home phones you can rely on - and perfect for nattering to friends and family. Best Buy sat navs. How to buy the best sat nav.

Expert buying advice to help you cut through the jargon and find your perfect sat nav. Best Buy dash cams. Avoid buying a dud dash cam by choosing one of these brilliant Best Buys. Know your rights - cars. Join the conversation on motoring. Find out about the Which? Discover how feedback from 60, UK drivers helps us steer people to the most reliable cars. Best Buy fitness trackers.

Discover the best activity trackers you can buy, from brands such as Fitbit and Garmin. From smartphone notifications and messaging to activity tracking, these watches do it all. Smartwatch or fitness tracker. Use our interactive tool to help you decide whether you need a smartwatch or a fitness tracker. We reveal the best, and worst, broadband providers, based on feedback from thousands of customers. Best mobile networks overview. We reveal what mobile phone users really think of their network - use our results to choose the best network provider.

Best TV streaming services. Best Buy wireless security cameras. The best smart security cameras we've tested, from brands such as Nest, Belkin and D-Link.

Best Buy smart thermostats. Keep your home warm and your energy bills in check with one of these Best Buys. It's easy to compare and switch suppliers with Which? Know your rights - energy. Find the right trader. Get the job done with a choice of thousands of endorsed Which? Know your rights - Home appliances. Thousands of owners have rated their brand of mattress in our survey to reveal the best brands for getting a great night's sleep.

Choosing the best type of mattress. Memory foam, pocket sprung or latex? We explain the options for finding the best mattress. Top 10 bed shopping tips. Expert tips for choosing the right bed for you and your home. Know your rights - Shopping. How to choose the best shower.

What you need to consider when choosing a new shower, plus reviews of the best brands and models. How to get the best hearing aid. From types of hearing aid to getting the best fit, our comprehensive guide reveals what you need to know. Best Buy electric toothbrushes. The best electric toothbrushes for cleaning power and battery life, based on our rigorous lab tests. Best Buy lawn mowers. Don't get lumbered with an awkward-to-use lawn mower - pick one of these top-rated models instead.

Hedge trimmer buyer's guide. This expert guide explains the different types of hedge trimmer, plus how much you need to spend. Best Buy pressure washers. We round up the top-scoring pressure washers in five different categories to help you find the best one for your garden. Find simple solutions to your gardening questions.

Top five best cheap washing machines. Bag a bargain Best Buy washing machine with our experts' pick of the cheapest on test. Best Buy vacuum cleaners. The latest Best Buy-recommended vacuums that our tests show are a doddle to use, and leave carpets and hard floors spotless.

Tumble dryer buyer's guide. Vented, heat pump or condenser? We explain the different types of tumble dryer, with expert advice on choosing the right model for you. Know your rights - home appliances. Best Buy laundry detergents. Find out which own-brand and branded laundry detergents and washing powders deliver top-class cleaning at the best price.

Five tips for choosing the right light bulb. From fittings to colour temperatures, how to buy the best halogen, LED or standard light bulb for your needs. Best Buy dishwasher tablets. Fed up of opening the dishwasher to find streaky glasses and grimy plates? We reveal the best dishwasher tablets to make the whole load sparkle.

Find out how your supermarket compares with the rest using the results of our poll of thousands of shoppers. Which supermarket is cheapest? The results of our price comparison reveals this month's cheapest and priciest places to shop for groceries. Top-rated supermarket and branded fizz, based on the verdict of our expert panel of taste testers. Best and worst kitchen brands.

We've surveyed more than 2, owners to bring you customer scores and ratings for 11 top fitted-kitchen brands. Double glazing companies rated. The best and worst double glazing firms, as voted for by thousands of Which? How to treat damp. Expert advice on getting rid of damp caused by condensation, penetrating damp and rising damp.

Save some money or get a better service with Which? Burglar alarm brands rated. Find the best company to install your burglar alarm with our exclusive reviews. Best Buy smoke alarms. Keep your family safe by choosing one of the smoke alarms that earned top marks in our stringent safety tests.

How to protect your smart home data. Ensure your smart home devices aren't leaking out your personal data with our in-depth guide.

Buying and installing a stairlift. Discover the average price you should expect to pay for a stairlift and how to get financial help to buy one. Best Buy mobility scooters. We've road-tested popular mobility scooters to uncover the best for comfort and ease of driving on different surfaces.

Learn about elderly care. Get free, practical advice about caring for older people with Which? Join the conversation on health. Choose a broker, boost your chances of being accepted and compare deals like a pro.

Understand the entire process, from viewing properties and making an offer to having a survey done and moving in. Get a great mortgage deal.

Stay on top of the process with expert guidance and fixed fees. Find the best high-street estate agents by comparing their past performance and fees. Our easy-to-use tax return tool helps you calculate your annual tax bill, offering tips and tricks to save money, and you can submit your return direct to HMRC.

Find out the latest rules about inheritance tax and how to plan ahead. Understand the system and what you could be entitled to. Get help with money matters. Expert, unbiased information and guidance to help make the best financial decisions.

Know your rights - tax problems and complaints. Join the conversation on money. The different types of savings account. Understand the pros and cons of your savings options, from instant-access accounts to fixed-rate bonds. How to find the best cash Isa. With interest rates lower than ever, use our guide to find a competitive account. Cash Isa rules and allowances.

Understand all the ins and outs of Isas, including how much you can save and what restrictions they have. Know your rights - money. Your credit report explained. Get to grips with what information your credit report contains and why it matters. Tips to finding the best credit card. The credit card market is vast and varied. Understand which type of card is right for you. Money Helpline for guidance on everything from tax to travel insurance.

How to get cheap car insurance. Follow our eight steps to drive down the cost of your cover. Best and worst home insurance. See which policies come out top based on cover and customer satisfaction. Travel insurance company reviews. We've scrutinised policies to find out which companies combine good cover with great customer service. Know your rights - insurance. Find out when you'll qualify for the state pension and how much you're likely to get.

The best income from your pension pot. Get to grips with the different ways to turn your pension pot into an income. Do you want an annuity, income drawdown, lump sums - or a combination? Calculate and compare income options. Calculate how much money you could get from different pension options - are you likely to be better off with an annuity or income drawdown? Know your rights - pensions. Best and worst banks. Choose the right bank for your needs with our unique customer-satisfaction rankings.

Best banks for dealing with fraud. Find out how your bank compares when it comes to handling fraud claims. How safe is online banking? Understand how scammers attempt to access your bank account - and how to protect yourself. Best personal finance software. Discover the software packages that are best at helping you manage your money. From splitting your ticket to timing your booking right, find out how to cut the cost of your journey. Are you ready to invest?

Use our checklist before risking your money on the markets. Do you have the right safeguards in place? How to invest in a stocks and shares Isa.

Understand your options for tax-efficient Isa investing - should you take advice or make your own decisions? Choose the right investment broker for your needs with our unique ratings: Find out how to make a will, either on your own or with the help of a professional.

Discover how to get a grant of probate and how the process works if you're doing it yourself. Setting up power of attorney. Understand the costs and the forms you'll need to fill in.

Write your will online. Make your will online with Which? Wills - it's quick, easy, and affordable. Get expert legal advice on probate. Sign up to Which? Legal for clear, step-by-step advice on problems big and small. Top 10 best child car seats. Our experts round up the top-scoring child car seats that have passed our safety tests and are easy to fit. Our lab tests and panel of parent testers have revealed the strollers, travel systems and all-terrain buggies that won't let you down.

How to buy the best baby carrier or baby sling. Expert tips for buying a carrier that keeps you and your baby safe and comfortable.

Find the right place for you to give birth. Explore your maternity options and decide what's best for you with Which? Know your rights - parenting. Join the conversation on parenting.

Best Buy high chairs. These Best Buy high chairs are sturdy, durable, easy to clean and have useful features, such as effective foot rests. Choosing infant formula milk.

Best Buy breast pumps. Say goodbye to uncomfortable minutes spent expressing milk. Our tests have revealed the best easy-to-use breast pump models. Best Buy baby monitors. These top-rated baby monitors won't let you down when you need them most.

The best nit and head lice treatments. Head lice leaving your kids scratching their heads? We've surveyed parents to find out which nit treatments work best. How to choose the best stair gate. We help you choose a safe and easy-to-fit stair gate in this expert buying guide. Free and cheap baby stuff. What to expect when you are expecting - in the way of freebies and cheap baby-themed goodies. Parents' 10 most useful baby products.

Parents vote on the most useful baby kit - plus the so-called essentials that will just gather dust. Discover how much you can expect to pay for different types of childcare. Consumer Rights when shopping. Step-by-step legal guidance on cars and motoring. Legal for full telephone support from our experts to put you on the right track. We pack them, drop them, pull them and carry them so you can find a Best Buy that won't let you down.

Best and worst car hire. There are some awful car hire companies, according to our survey. We reveal the best and name the ones to avoid. Find out the airlines loved by their passengers, and see ratings for comfort and value for money. Step-by-step legal guidance on travel. Know your rights - travel.

Our care system is at breaking point. Help us convince the government to confront the creaking care system.

Join us in calling on the government, regulators and businesses to confront scams head on. When your flight's delayed, all airlines should compensate you automatically. Are you with us? Dangerous products are putting millions of people at risk. Sign our petition to demand action now. Are you getting the broadband speed you were promised? Use our tool to find out. Our railways are plagued by delays, cancellations and overcrowding.

Sign our petition to demand better. New rules mean more choice as you approach retirement. Join our call for better pensions. Plagued by nuisance calls and texts? Use our tool to report the culprits. This is a variant on the peer lending scam, only this time the individual contacting you will claim to be a wealthy investor with plenty of cash on hand.

After being flattered that your business sounds like an excellent investment prospect, you will be asked to pay for background checks, due diligence paperwork, or legal documentation. The individual or firm in question will approach you, claiming that obtaining business financing is so complicated that you stand no chance without their assistance. Most young businesses have an inadequate credit score. These services are a straightforward waste of time and money, and should not be confused with similar services for personal credit scores, where it is possible to make a difference.

Loan brokers exist to identify the right products for your business, make introductions to lenders, and prepare the paperwork to ensure a smooth process. There are plenty of legitimate and professional brokers, who get paid a commission from lenders for arranging loans; unfortunately, there are also quite a few sharks, who charge upfront fees for the same service.

Tantalising you with the prospect of a generous business loan with very low interest rates—even if your credit score is damaged or incomplete—the scammer will persuade you to part with an upfront arrangement or processing fee.

In particular, be very careful of lenders without physical premises that you can visit or which use generic email addresses, and never give in to hard sell tactics. In short, keep your wits about you and always trust your instincts. As Managing Director of Cashsolv Business Loans Carl offers advice and support to overcome cash flow problems and identify possible underlying problems.

To ensure a positive future for your business click here.