What is this scam? How do I determine if this is a scam?

Be wary of any loan offered over the phone. According to the FTC, any loan offered over the phone for an advance fee is illegal. Loan robocalls are almost always an illegal scam. Legitimate lenders will never call you on the phone to initiate a new loan. Loan scammers may pressure you into paying immediately. They often offer large sums of money without ever checking your payment history. Legitimate lenders will always want to know about your credit history and past payment. Loan scam robocalls skip the history; they're just interested in getting to your money or your personal information.