Advance-fee loan sharks are preying on unwary consumers, taking their money for the promise of a loan or credit, and leaving them in hot water. The scam artists often impersonate legitimate lenders to entice consumers into falling for their bogus offer.
According to law enforcement agencies in the U.S. and Canada, ads and promotions for advance-fee loans suggest or even guarantee that theres a high likelihood that a loan will be approved, regardless of the applicants credit history. But to take advantage of the offer, the consumer has to pay a fee. What is the catch? The scam artist takes off with your fee, and the loan never materializes.
Many advance-fee loans are promoted in the classified sections of daily and weekly newspapers and magazines. Often, the ads feature toll-free 800, 866, or 877 numbers, or area codes from Canada, such as 416, 647, 905, or 705. The loans also are promoted through direct mail, radio, and cable TV spots. The fact that an ad is in a legitimate media outlet like the local newspaper or radio station doesnt guarantee that the company placing it is trustworthy.
Legitimate offers of credit do not require an up-front payment....
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