WOW Loans

Protect Yourself from Loan Scams

Stay informed and vigilant against fraudulent activities. Learn how to identify potential scams and report suspicious behavior.

Warning: Fraudulent Debt Collection Practices

When it comes to taking out an online payday loan or any loan product, you must be careful about fraudulent debt collection practices.

There are some debt collection agencies that claim to be representing legitimate lenders, including potentially Wow-Loans.com. However, in reality, they are often scams attempting to steal your money or personal information.

A legitimate debt collector representing a lender must be able to provide you with validation of the debt, typically including a signed copy of the loan document that shows your obligation. They are legally accountable to show evidence of your debt upon request.

DO NOT furnish your credit card information, bank account details, or give any money to any debt collector unless you have received and verified proof of the debt owed.

If a caller or agency denies or fails to provide documentation validating the debt, you are likely dealing with a fraudster. Do not engage further and do not provide any personal information.

Being aware of these tactics is the first step in protecting yourself.

Recognizing Potential Scams

Scammers use various tactics. Be wary of communications (calls, emails, texts) that exhibit these red flags:

  • High-Pressure Tactics: Threats of immediate arrest, legal action, or wage garnishment if you don't pay *right now*. Legitimate collectors follow legal processes.
  • Refusal to Provide Information: Unwillingness to give you their company name, physical address, phone number, or written validation of the debt.
  • Requesting Sensitive Information Upfront: Asking for bank account numbers, credit card details, or Social Security numbers early in the conversation, especially if you don't recognize the debt.
  • Unusual Payment Methods: Demanding payment via wire transfer (like Western Union or MoneyGram), prepaid debit cards, gift cards (like iTunes or Google Play), or cryptocurrency. These are difficult to trace and recover.
  • Impersonation: Claiming to be from government agencies (like the IRS or FBI), law enforcement, or well-known companies (including Wow-Loans.com) without proper verification.
  • Guaranteed Approval / Upfront Fees: Offers of loans with "guaranteed approval" regardless of credit history, often requiring an "insurance" or "processing" fee *before* you receive any funds. Legitimate lenders do not guarantee approval and rarely charge mandatory fees before disbursal.
  • Poor Communication: Emails or messages filled with grammatical errors, typos, or unprofessional language.

How to Protect Yourself

Take these steps to safeguard your finances and personal information:

  • Verify the Debt: If contacted about a debt you don't recognize, request written validation. Legitimate collectors are required by law (Fair Debt Collection Practices Act - FDCPA) to provide this.
  • Verify the Collector/Lender: Independently verify the company's contact information (phone number, address) through official sources, not just the information provided by the caller or emailer. Check state licensing databases or the Better Business Bureau (BBB).
  • Never Share Sensitive Info Prematurely: Don't give out personal or financial details unless you have initiated the contact with a verified, legitimate entity and understand why the information is needed.
  • Be Skeptical of Unsolicited Offers: Treat unexpected loan offers or debt collection calls with caution.
  • Monitor Your Credit Report: Regularly check your credit report for unauthorized accounts or inquiries. You can get free reports annually from AnnualCreditReport.com.
  • Use Secure Connections: Ensure websites where you enter financial information use HTTPS (look for the padlock icon in the address bar).
  • Trust Your Instincts: If something feels wrong or too good to be true, it probably is. End the communication and investigate independently.

Reporting Scams and Filing Complaints

If you believe you have encountered a fraudulent debt collector or loan scam, it is crucial to report it. This helps authorities track down scammers and protect others.

It is recommended that you report the incident to:

  • The Federal Trade Commission (FTC): Report online at ReportFraud.ftc.gov. The FTC is the primary federal agency collecting scam reports.
  • The Consumer Financial Protection Bureau (CFPB): File a complaint online at consumerfinance.gov/complaint. The CFPB handles complaints about financial products and services.
  • Your State Attorney General: Find your state AG's contact information online; they often handle consumer protection issues specific to your state.
  • Local Law Enforcement: If you have lost money or feel threatened.
  • The Internet Crime Complaint Center (IC3): If the scam occurred online, report it to the FBI's IC3 at ic3.gov.

For more information on identifying and avoiding online lending scams, you may refer to resources provided by the Online Lenders Alliance (OLA).

Resolving Genuine Loan Issues

If you have a legitimate issue or question about a loan obtained through Wow-Loans.com or one of its lending partners, please contact the lender directly first. Most issues can be resolved through open communication.

If you cannot resolve the issue directly with the lender, you can also seek assistance from the consumer protection or financial regulatory agency in your state.

Remember, Wow-Loans.com connects borrowers with tribal lenders. We prioritize working with reputable partners, but it's essential to understand the terms of any loan agreement you enter into directly with the lender.