When you need money quickly, scammers know you're more likely to act fast. Whether you're applying for Elastic lending loans or any other credit, these red flags will keep you safe.
Eight red flags of a loan scam
- Upfront fees to "release" or "insure" a loan — especially by gift card, wire, crypto or payment app.
- "Guaranteed approval" regardless of credit or income.
- Pressure to act immediately or the offer disappears.
- Unsolicited contact by text, call or social media offering a loan you didn't apply for.
- Requests for passwords or one-time codes.
- No clear disclosures of fees or terms.
- Requests to deposit a check and send part of it back.
- Misspelled websites or email addresses from free providers.
Impersonation scams
Scammers sometimes pose as well-known lenders or banks. Legitimate lenders deduct fees from your advance or bill them on statements; they don't ask you to buy gift cards. If you're unsure, stop and contact the lender using contact details from your agreement or statement — not the number in the message.
Protect yourself
- Type website addresses directly rather than clicking links.
- Enable multi-factor authentication on email and bank accounts.
- Freeze your credit with all three bureaus when you aren't applying for credit.
- Review bank statements every week.
How to report a scam
Report fraud to the FTC at reportfraud.ftc.gov, file a complaint with the CFPB at consumerfinance.gov/complaint and notify your bank immediately if you shared account information. If your identity was stolen, use IdentityTheft.gov for a recovery plan.
Related guides
- Is It Worth It? An Honest Expert Analysis
- Cash Advance Fee: 5% vs. 10% and Why It Matters
- The Complete Guide to Elastic Lending Loans
- Cost & payoff calculator
Last reviewed October 17, 2026. Information reflects published Elastic® line of credit terms at the time of review and may change. Always read the lender's Line of Credit Agreement before you borrow.