You get a text message, supposedly following up on a $10,000 loan application. Only, you never applied for a loan. Is this pure luck or a scam? Before you use the callback number in the message to find out, or even reply “NO” to cancel the application, learn to spot a fake loan text scam.
Scammers use unexpected text messages to catch you off guard. Maybe the text says you’re preapproved for a large loan amount (not true). Or the company says it needs your Social Security or bank account number to finish the “application” (also not true!). Scammers hope that, if it seems like the process is already in motion, you’ll reply now and think later. They might say something like “This is the last step” or “Just reply YES to…