You are trying to apply for a personal loan to pay for Christmas gifts. You have applied to several lenders and then you get an email saying you are eligible for a short-term unsecured loan. They say that they don’t need to check your credit history and the interest payments are very cheap. You will need to pay an upfront fee to cover administration costs before they can transfer the money to you.
Is this a scam?
Most unsecured and pay day lenders will never ask you to pay a fee upfront. Also, they will always check your credit history before accepting your loan application and they will never contact you if you haven’t contacted them.
