Scenario: You need to borrow money but your credit is not great. Banks and other traditional lenders have turned you down. You see a local newspaper advertisement offering guaranteed loans. When you contact the lenders, they ask for a small fee to process the loan.

Scam: The fraudster receives your payment and disappears. You are out the fee and you still don’t have a loan.

Advance fee loan fraud targets people who do not qualify for loans through traditional lenders. Often advertised in local newspapers, promotions for loans suggest or even guarantee approval regardless of credit history. When the victim makes contact he or she is told that an up-front processing fee must be paid. Once paid, the fraudster disappears with the money and the loan never materializes.

Legitimate lenders will not ask for an up-front fee. Any fees payable generally are deducted from the loan and paid after the loan has been approved. This type of fraud is related to the Nigerian letter scams.

If you or someone you know has been a victim of Advanced Fee Loan Fraud we want to know. Contact us and take ACTION NOW!