Have you had difficulty obtaining a loan? Scammers could target you with an advance-fee loan scam. Typically, they look for people with poor credit who have recently applied for loans, offering them a guaranteed loan or access to a list of potential lenders who aren’t as concerned with credit scores, as long as the individual pays in advance. They claim to work for a legitimate lending institution, such as a bank or credit union, but none of these assertions are true. Once the fee is paid, the scammers stall the process with endless excuses or disappear altogether. This form of personal loan fraud has affected people in cities across America.
Protect Yourself From Advance-Fee Loan Fraud
Beware of guaranteed loan services
Don’t accept any claims of guaranteed loan services at face value.
Know whom you are doing business with. Obtain the name of the loan representative and the name, address, and telephone number of the lending institution.
Before paying any fee, verify all promises the loan representative makes with the lending institution itself.
Ask for references
Ask for references including addresses and phone numbers of other customers, and contact them to confirm the loans were successful.
Consult an attorney
Consider consulting an attorney or accountant for advice.
Have You Witnessed This Scam?
If you’ve been affected by a loan scam and the U.S. Mail® has been used in any way, we want to help. Please report the crime.Report Now