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Avoiding loan scams after a natural disaster

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UPDATE: As Hurricane Sandy continues to make its way up the East Coast, we wanted to highlight this blog post from last year’s hurricane season. Frauds and scams are too common in the aftermath of a natural disaster. The warning signs and tips below can help you avoid getting caught up in one of these scams as you start cleaning up from the storm.   – The CFPB Web Team

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This year has seen quite a few notable natural disasters, including deadly tornados, wild fires, and floods. Most recently an unusually strong earthquake, hurricane, and floods have struck the eastern United States.

Of course, with any disaster comes the cleanup, which can be expensive. Unfortunately, many families do not have emergency funds and may need to borrow money in a hurry to make important repairs. This post-disaster stress can sometimes make us easier targets for deceptive lenders. (more…)