RCB Bank Learning Center - Understanding Online and Payday Loan Scams

Online and payday loan scams prey on individuals seeking financial assistance by promising loans in exchange for up-front fees. These scams are not only unlawful but can also severely damage an individual’s financial well-being.

One of the most common forms of loan scams is in the form of phishing emails, where thousands of fraudulent emails are sent out, urging recipients to confirm their bank account details. Unfortunately, many fall victim to these schemes, inadvertently providing hackers with the means to steal their money.

The criminals behind these scams often entice potential victims by offering loans without considering their credit history or employment status. Once victims respond to these offers, scammers proceed to solicit financial information, putting victims at further risk.

It’s essential to be wary of any requests for up-front fees or payments. Legitimate personal loans do not require payment before disbursement; any fees are typically included within the loan amount upon funding.

Additionally, any directories that list banks may not necessarily be affiliated with them, highlighting the reason for caution and verification. Legitimate personal loan companies and lenders must be registered in the states where they operate. Failure to register suggests illegal lending practices or outright scams. A good place to start your search is checking out the Better Business Bureau.

If you suspect you’ve fallen victim to a loan scam or have inadvertently shared your financial information, it’s crucial to notify your bank immediately. Prompt action can help safeguard your accounts and prevent further financial harm.

Remember: Stop, Think and Don’t Be Fooled. Stay vigilant against loan scams to protect your financial security.

For more information on protecting yourself from fraud, visit RCBBank.bank/Security or contact the Fraud Department at 877.361.0814.

The opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. RCB Bank, Member FDIC.


Using Data Aggregators vs. Actively Managing Local Directory Listings. Using Data Aggregators vs. actively managing local directory listings. (2023). https://www.searchoptics.com/blog/using-data-aggregators-vs-actively-managing-local-directory-listings

Wedell, K. (2022, September 4). “predatory” payday loan scammers thrive with stolen data, BBB says. what to watch out for. USA Today. https://www.usatoday.com/story/money/2022/08/31/payday-loan-scams/7953234001/

What to do if you were scammed. Consumer Advice. (2024, March 5). https://consumer.ftc.gov/articles/what-do-if-you-were-scammed