How to protect yourself from scams
At Lot2You, we’re committed to your financial security. We believe the success of the marketplace is tied to your financial safety and strive to exceed industry standards for privacy and security. You also play a crucial role in safeguarding your information.
Scammers often try to trick consumers by pretending to be employees of financial companies like Lot2You. If someone contacts you asking for information or offering a service, be aware that:
- We will never email you to collect your bank account number, credit card information, Social Security number, or date of birth.
- We will never ask you to download software in an email.
- We will never call or email you to confirm or change your password.
- We will never call you and ask for your credit card or debit card information.
- We will never call or email you to ask for an advance fee in exchange for a loan or payment plan.
Advance fee and broker fee scams
Advance fee scams, a type of consumer fraud, are becoming increasingly common. Scammers ask for money up front, in exchange for the “promise” of a loan that they never deliver. At Lot2You, we never ask you to pay ANY fees up front before you receive your loan. And no loan broker or other service is authorized to charge a fee on our behalf.
Advance fee scammers often target people with poor credit who have recently been declined for a loan, and offer them a large loan at a low rate. Here’s how these scams work:
- You receive a call or email from a company that you have never contacted, offering you a loan with attractive terms. The person contacting you may say they’re from a major financial services company, such as Lot2You.
- To obtain the loan, they instruct you to purchase a prepaid debit card (frequently a Green Dot® prepaid card or Vanilla Visa® gift card) for several hundred dollars, which they claim will be used to deposit your loan.
- They will then ask you for the card number to verify the account and transfer the loan funds to you. But they never have any intention of providing you with a loan. Instead, they use the card number to withdraw the funds you have deposited on the card.
- In some cases, they will also request additional fees to resolve alleged problems they have encountered with your social security number, credit report or outstanding issues with the I.R.S.
Remember, if a loan offer comes out of the blue and seems too good to be true, it probably is.
The good news is that you can protect yourself against an advance fee scam by knowing what to look for and taking simple precautions.
- Don’t pay money for the “promise” of a loan. Ignore any advertisement or hang up on any cold caller who “guarantees” a loan in exchange for a fee paid in advance.
- Be aware that Lot2You does not work with loan brokers. Anyone who wants to charge you a broker fee to facilitate a loan through Lot2You is likely to be a scammer.
- Beware of anyone who pressures you to “act immediately” by sending money or personal information.
- Never send money, whether by prepaid debit card, wire or money order, before you receive the actual proceeds of the loan. Most lenders won’t ask you to send funds in advance, and you will have little to no protection if you do.
- Always make sure you are dealing with a reputable company before you give out sensitive financial information. If you have any suspicions, get the company’s contact information directly from their website and call them to make sure you’re dealing with the company you think you’re dealing with. You can also check their website for information about common scams. In the past, some scammers have pretended to be the Better Business Bureau or another legitimate organization.
If you are a victim of an advance fee scam
If you believe you’re a victim of an advance fee scam by someone pretending to be a LendingClub employee, take the following steps immediately:
- Do NOT provide account information for a prepaid debit card to an unknown caller. Lot2You will never request this information from you.
- Call Customer Support immediately at (214) 790-0866. We can verify the identity of Lot2You employees.
- File a complaint about internet-related fraud with the Internet Crime Complaint Center.
- Report the scam to your state’s Attorney General.
Accessing your Account from Abroad
As a U.S. company, Lot2You and its subsidiaries must comply with U.S. law, including trade sanctions administered and enforced by the Office of Foreign Assets Control (OFAC). OFAC prohibits or restricts transactions with certain countries, organizations, and individuals. OFAC sanctions programs vary in scope. Some are broad-based and oriented geographically. Others are “targeted” and focus on specific individuals and entities. For more information about OFAC and sanctioned countries, please visit the OFAC website. Lot2You prohibits, direct or indirect, activity with or from OFAC sanctioned countries.