Advance-Fee Loans

Have you had difficulty obtaining a personal or business loan through normal sources? If so, you may become the target of an advance-fee loan scheme, where a con artist offers you a “guaranteed” loan for a fee paid in advance.

The swindler claims to be able to obtain a loan for you with ease from a legitimate lending institution, such as a savings and loan association. However, the swindler has no ability to secure a loan for you. Instead, the swindler steals your fee and either disappears or remains in the area to bilk other unsuspecting victims while stalling you with excuses as to why your loan has not been funded. Protect yourself! Know you’re with a legitimate lending institution before entering into a negotiation for any loan, and be certain you understand the terms before you sign on the dotted line.

Business Tip: You may get a letter from a “government official” who offers your company a percentage for its help in secretly transferring millions of dollars from a foreign country. To participate in the lucrative scheme, all you have to do is provide your company’s letterhead, invoices, and bank account number. Executives who have fallen for this pitch?— which is a complete fabrication — have told horror stories of their losses.