With payday loans, you may not know that someone has used your identity to illegally obtain cash. Thieves can open these types of loans in multiple states, racking up a huge debt using your personal information.
How does loan fraud occur?
Many loaning agencies only require a small amount of information in their lending application process. This makes it easy for identity thieves to use your stolen information—anything from your Social Security number to your banking information—to get a quick loan. Payday loans make it easy for thieves to obtain cash in your name without much verification. Or worse, with enough stolen details, they could open up a legitimate car, home or business loan.
What are the effects of loan fraud?
Since it is typically easy to get a payday loan, many identity thieves choose to take out the maximum amount for their use—and they could even repeat this offense in multiple states. You may not detect the crime until payday loan collectors are aggressively demanding a payment. A larger loan could have an even greater impact—damaging your credit history and building debt.
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