Fake Loan Scam

Similar to the Lottery Scam, this swindle usually starts with an email or letter from an unfamiliar loan company offering to loan you money. What indicates a scam is that they will require you to send them money to cover loan fees, service fees, taxes, and/or advance payments. Loan companies never require you to send money to get a loan. If one does, treat this as a “red flag” and don’t fall for it! In cases like this, you do not get a loan; you simply lose the money you send them.

People in debt conned out of cash in fake loan scam

National charity Citizens Advice is warning people to beware of companies offering fake loans for a fee. The companies often prey on people who are already in debt and desperate for a way out.

Advice

Citizens Advice top tips on fake loans:
• Never pay money up front
• Never give out bank account details to cold callers
• Be very wary of cold calls offering loans, and internet sites offering quick and easy credit

If you already taken loan and you think it's fraud or a scam contact your near by police.

• If it looks too good to be true it usually is
• If you need credit, shop around, use a trusted source and always check the paperwork