Knowing who’s legit and who’s not can be the difference between heartache and savvy.

The world is an imperfect place, and there’s probably no area that can get as dicey as the world of finances.

If you find yourself in need of some fast cash, what do you do? How do you know who the good guys are?

When you are searching for the right loan opportunity for you, the first red flag you will likely see is when you’re offered a loan without any kind of a credit check. In this case, the lender will ask you to pay a fee to obtain the loan. The fee is called by a number of names, like an origination fee, loan insurance or collateral, but whatever it’s called, it’s bad news. Often, once the fee is paid, you never hear from the lender again.

The practice of doing this is against the law. Legitimate lenders don’t require a fee payment up front in order to lend you money. If you come across this, run the other direction.

Another loan scam is when a less-than-honest lender gives you a 1-900 number and directs you to call the number in order to choose your loan. You can be you’ll be kept on the line for a long time, and you’ll wind up with a whopping phone bill.

If a lender asks you to wire a fee, you should recognize this as a huge red flag. This isn’t required by legitimate lenders, and should give you serious cause for concern.

If a lender contacts you and asks for sensitive information such as your Social Security number, bank account or credit card numbers or any other personal data, walk away. Never provide your personal information to anyone unless you initiated contact and you trust the person or company on the other end.

If you have been victimized by a fast loan scam, report it to your local law enforcement as soon as possible. You should also contact your state attorney’s office, and your local Better Business Bureau.