Robocalls are one of the most common scams targeting Americans today. These automated calls often sound urgent, professional, and convincing—but behind them are scammers looking to steal your money or your personal information. One of the newest tricks making the rounds involves calls about loan applications you never submitted.
It’s frustrating, confusing, and in many cases, dangerous. If you get one of these calls, there’s one important rule to remember: Don’t press the number to unsubscribe.
Why Loan-Related Robocalls Are So Dangerous
Robocalls that mention loan applications are designed to spark fear or curiosity. Imagine getting a call that says your “loan approval window is closing soon,” even though you never applied for a loan. According to experts, people are now getting five to twenty calls like this every single day, often from different numbers.
Scammers use this tactic because loans involve money—something people tend to respond to quickly. If you take the bait, you may be tricked into sharing personal information like your Social Security number or bank account details. That data can then be used for identity theft, fraudulent loans, or even draining your accounts.
The Federal Trade Commission (FTC) has received widespread reports of these calls, which shows just how far-reaching the problem is.
Finn Law Group has previously warned that robocalls are not just an annoyance, but part of a larger pattern of consumer deception that often crosses into outright fraud. As FLG has pointed out in past consumer protection blogs, scammers frequently use high-pressure tactics and fake urgency to target vulnerable groups, including seniors.
The “Unsubscribe” Trap
Many of these calls include a message such as: “If you’d like to stop receiving these calls, press 2 to unsubscribe.”
It sounds like an easy fix, right? But experts warn this is one of the most dangerous moves you can make. Herb Weisbaum, contributing editor with Consumers’ Checkbook cautions:
“Don’t press the number to unsubscribe. … that only lets the dishonest company know your number is good, and they will keep calling more often.”
When you press that number, you’re confirming to scammers that your phone line is active and that you are willing to engage. Instead of reducing the calls, you’ve just put yourself on a “hot list” for more scam attempts.
Finn Law Group has echoed this same warning in past commentaries on robocalls: never take any action that confirms your number is active. This includes pressing buttons, calling back, or following links given over the phone.
How Scammers Keep You on the Phone
Scammers are trained to sound professional and persuasive. Some even use scripts that create a false sense of urgency, such as:
“The (loan) approval window is closing soon… I’d like to help you get it wrapped up now while everything is still in motion.”
This kind of language is meant to keep you on the phone and push you toward making a quick decision without thinking.
Weisbaum warns:
“They’re trained, and they know the longer they keep you on the phone line, the more likely you are to do what they want.”
The longer you stay on the line with them, the greater the risk that you’ll slip up and share information—whether it’s a credit card number, bank account, or even small personal details that can be pieced together later for identity theft.
Finn Law Group has also noted that scammers thrive on conversation. Even casual responses like “yes” or “no” can be recorded and misused in other scams, such as unauthorized charges or fake agreements.
The Right Move: Hang Up Immediately
So, what should you do if you get one of these calls? The answer is simple: hang up immediately.
Weisbaum makes it clear:
“No, no, hang up! You don’t have to give them information to get off the phone.”
Do not press any numbers, do not argue, and do not explain. Just hang up. By ending the call right away, you cut off the scammer’s chance to manipulate you.
This is the same advice Finn Law Group has given in previous consumer protection updates: the less engagement, the better. By hanging up, you not only avoid the scam but also protect yourself from being placed on targeted call lists.
Are Robocalls Even Legal?
A robocall is any call that uses a recorded message instead of a live person. While there are legitimate robocalls (such as school alerts or reminders from your pharmacy), sales robocalls are mostly illegal unless the company has your written permission to contact you.
Weisbaum explains:
“it’s illegal unless the company has written permission to contact you and try to sell you something. You have to give them specific written permission to do that.”
There are a few exceptions:
- Political campaign calls
- Surveys and informational calls
- Debt collection calls
Tip: Even then, you have the right to tell them to stop, and legitimate companies are required to honor your request.
Finn Law Group has stressed that the distinction between legal and illegal robocalls often confuses consumers. Many assume that all robocalls are legitimate, but in reality, the majority of scam-related ones are operating far outside the law.
The National Do Not Call Registry: Helpful, But Limited
You may be wondering: What about the Do Not Call Registry?
Registering your phone number with the National Do Not Call Registry can reduce legitimate telemarketing calls. However, it won’t stop scammers, because criminals don’t follow the law. That means while you may notice fewer calls from real businesses, robocalls from fraudulent outfits will likely continue.
Finn Law Group has pointed out that the registry is still worth using—it reduces the “noise” of legitimate sales calls so that fraudulent ones are easier to spot.
How to Protect Yourself from Robocall Scams
Here are a few extra steps you can take to protect yourself:
- Don’t engage. Never press buttons or talk to the caller.
- Hang up right away. The longer you’re on the call, the more vulnerable you become.
- Use call-blocking apps. Many cell carriers and third-party apps can help filter out known robocall numbers.
- Report the calls. File complaints with the FTC at reportfraud.ftc.gov.
- Stay cautious with personal info. Never give out Social Security numbers, banking details, or passwords over the phone.
Finn Law Group has consistently shared with consumers that it is wise to document and report suspicious calls. Filing complaints may not stop every scammer, but it helps regulators track trends and build stronger cases against bad actors.
Final Thoughts: Stay Alert, Stay Safe
Robocalls are more than just an annoyance—they’re a gateway to serious scams. The next time your phone rings and a recorded message mentions a loan you never applied for, remember: don’t press the number to unsubscribe, and don’t stay on the line.
Your best defense is simple and effective: hang up immediately. Protect your phone, your money, and your identity by refusing to play into the scammers’ hands.
As Finn Law Group has long emphasized in its consumer protection efforts: education and caution are the strongest defenses against scams.
Disclosure: This article is intended for informational purposes only and should not be considered legal advice. Images included are used for illustrative and artistic purposes only and do not depict actual individuals, events, or specific locations.
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Led by timeshare attorneys J. Andrew Meyer and Michael D. Finn with over 75 years of combined legal experience. The Finn Law Group is a national consumer protection firm that specializes in Timeshare Law and issues related to the Telephone Consumer Protection Act (TCPA). If you feel you need the services of a timeshare attorney, contact our law firm today at 855-FINN-LAW. Want to learn more on timeshare related issues? Follow us on X formally Twitter.