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Scam artists may offer pricey home loans

Updated August 16, 2012

Beware of any contractor who offers you a "loan" to pay for your home improvement project.

Scam artists, often working with a bank with a legitimate-sounding name, may tempt you with a loan for more than your home is worth, even if you have less-than-perfect credit.

But oftentimes, these contractors will inflate the price of the home improvement project then tack a hefty interest rate onto the loan, turning your simple project into a financial drain. Good, qualified contractors make their money by fixing homes, not by loaning money.

For more tips, download a copy of "What You Should Know Before You Hire a Contractor," a free booklet that offers hundreds of tips for choosing a reputable contractor, at cslb.ca.gov.

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