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5 Red Flags of a Loan Scam
89% of Canadians over 55 have received a suspicious financial message. This 60-second video shows you 5 warning signs that a loan offer is a scam.
- They ask for money upfront
- They guarantee approval without checking credit
- They pressure you to act immediately
Don't Get Scammed — Know What to Look For
Financial scams targeting Canadians are at an all-time high. A recent survey found that 89% of Canadians over 55 have received suspicious calls, emails, or texts in the past five years. And the scams are getting more sophisticated.
Whether you're applying for a personal loan, consolidating debt, or comparing lenders online, knowing the warning signs can save you thousands of dollars — and a lot of stress.
The single most important thing you can do: talk about it. If something feels off about a loan offer, talk to someone you trust — a family member, a friend, a financial advisor. The survey found that 82% of older Canadians are comfortable discussing financial stress with close family. Scammers rely on secrecy and shame. Talking breaks that power. There is absolutely no shame in being targeted — these are professional criminals. But a quick conversation can stop a scam in its tracks.
Free Loan Scam Protection Worksheet
We created a printable, step-by-step checklist to help you:
- Verify a lender before sharing personal information
- Spot red flags that indicate a scam
- Review loan terms so you know exactly what you're signing
- Take action if something goes wrong
Print it. Keep it by your computer. Share it with a parent, grandparent, or anyone looking for a loan.
Quick Red Flag Check
If any of these are true, stop and do not proceed:
- They asked for money before approving your loan
- They guaranteed approval without checking your credit
- A company you've never heard of contacts you out of the blue (note: follow-ups from lenders after you used a comparison platform are normal)
- They want payment by gift card, crypto, or wire transfer
- They won't provide written loan terms (APR, repayment schedule, total cost)
- They're pressuring you to act immediately
Official Canadian Resources
| Resource | What They Do | Contact |
|---|---|---|
| Canadian Anti-Fraud Centre | Report fraud, get information on active scams | 1-888-495-8501 |
| Financial Consumer Agency of Canada | Consumer rights, lender complaints | 1-866-461-3222 |
| Equifax Canada | Free credit report, fraud alerts | 1-800-465-7166 |
| TransUnion Canada | Free credit report, fraud alerts | 1-800-663-9980 |
| BC Financial Services Authority | Verify BC lenders | bcfsa.ca |
| Financial Services Regulatory Authority of Ontario | Verify Ontario lenders | fsrao.ca |
Learn More
- How to Spot a Loan Scam in Canada — our full guide with 7 red flags and what legitimate lenders actually look like
- 5 Ways to Improve Your Credit Score Before Applying for a Loan
- Loan Calculator — estimate your payments before you apply
We're a small team — not a bank, not a lender. We connect Canadians with licensed lending partners and we never charge fees. If something feels off about a lender or an offer, trust your instincts.
Ready to Compare Offers?
Now that you know what to look for, you can compare personal loan offers from licensed Canadian lenders — with no fees, no pressure, and no impact to your credit score.