Be aware of online loan scams taking advantage of struggling people amid COVID-19 pandemic

Coronavirus has put many people in a tough spot financially

The coronavirus (COVID-19) pandemic is putting many people in dire financial situations.
The coronavirus (COVID-19) pandemic is putting many people in dire financial situations.

DETROIT – The coronavirus (COVID-19) pandemic is putting many people in dire financial situations.

Scammers are aware of this and hope to take advantage of people online.

Debt consolidation companies are everywhere. But before you sign up, be aware. Financial expert TOm Hakim said while there are some legitimate companies out there -- there are also scammers trying to get personal information.

MORE: Scammers using fake tests, promise of COVID-19 cures to target Metro Detroiters during pandemic

Remember -- just because you’re being offered a low rate doesn’t always mean it stays low for the lif eof the loan. Be aware of the bait and switch. It’s happening now more than ever.

READ: Online scammers trying to prey on people concerned about coronavirus

Watch the video above for the full report.


About the Authors:

Hank Winchester is Local 4's Consumer Investigative Reporter and the head of WDIV's "Help Me Hank" Consumer Unit. He works to solve consumer complaints, reveal important recalls and track down thieves who have ripped off metro Detroiters.

Kayla is a Web Producer for ClickOnDetroit. Before she joined the team in 2018 she worked at WILX in Lansing as a digital producer.