Freedom Lending Services Scam Texts: Be Aware!

Recently, many people have reported receiving suspicious text messages from a company called “Freedom Lending Services.” These messages promise large personal loans at low interest rates.

However, these texts are part of a scam to steal your personal information and money. In this post, we will explain the Freedom Lending Services scam, how it works, and what you should do if you fall for it.

Freedom Lending Services Scam Texts Overview

The Freedom Lending Services scam involves unrequested text messages that appear to come from a company offering personal loans.

These messages claim that you have been pre-approved for a large loan, sometimes between $50,000 and $70,000, at a low interest rate.

While the company name might sound legitimate, these messages are sent by scammers pretending to be from Freedom Lending Services.

How Freedom Lending Services Texts Scam Work?

The scam starts with a random text message. The message states that you are pre-approved for a considerable loan at a low interest rate. The text looks professional and effective, but it is not from a real lender. Instead, scammers use this tactic to attract you into their trap.

Scammers use the name of a real company, like Freedom Lending Services, to create a false sense of credibility. They make their offer seem genuine and trustworthy. This misleading approach makes it harder for you to recognize the scam.

Also, The terms offered in these scam messages are much better than loan offers. For instance, such a low interest rate or a high loan amount without proper checks is a red flag. Real lenders do not offer such terms without thorough vetting and background checks.

Scammers create a sense of urgency in their messages. They say that the loan offer is available for a limited time and that you need to act quickly. This pressure tactic is planned to prevent you from thinking carefully or researching the offer.

To finalize the loan, scammers ask for an upfront processing fee, usually between 1% and 2% of the loan amount. This fee is a way for scammers to make money. Once you pay it, they will disappear and leave you without the promised loan and out of pocket.

What to Do If You Fall for Freedom Lending Services Texts Scam?

If you realize you have been scammed, stop communicating with the scammers immediately.

Do not send any more money or share additional personal information. Here are some more things that you should do.

1. Report the Scam

Report the scam to your mobile carrier and the appropriate authorities. In the United States, you can report the scam to the Federal Trade Commission (FTC) and your state’s consumer protection agency.

2. Check Your Financial Accounts

Review your bank accounts, credit card statements, and any other financial records for unauthorized transactions. If you find any suspicious activity, report it to your financial institution.

3. Place a Fraud Alert

Consider placing a fraud alert on your credit reports. This step can help prevent scammers from opening new accounts in your name. You can request a fraud alert by contacting one of the major credit reporting agencies—Equifax, Experian, or TransUnion.