6 Smart Things You Can Do to Avoid Coronavirus Loan Scams

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Go Directly to the Source

Scammers are pitching SBA disaster relief loans, but you can easily verify if they are real or not by going directly to SBA.gov or call an SBA-approved lender. Another important thing you should know is that “not just any lender processes SBA loans,” Bagdasarian warns. Certified lenders are listed on the SBA website.

“There are scammers who pretend to be banks and say, ‘We have a great loan offer from the SBA, but you have to take advantage of it now, and you qualify,'” Bagdasarian says. “Then they ask you to fill out your personal information so they can ‘process your request as soon as possible.'”

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