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

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.