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Advance-Fee Loan Scams: ‘Easy’ Cash Offers Teach Hard Lessons
Looking for a loan or credit card but don’t think you’ll qualify? Turned down by a bank because of your poor credit history?
You may be tempted by ads and websites that guarantee loans or credit cards, regardless of your credit history. The catch comes when you apply for the loan or credit card and find out you have to pay a fee in advance. According to the Federal Trade Commission (FTC), the nation’s consumer protection agency, that could be a tip-off to a rip-off. If you’re asked to pay a fee for the promise of a loan or credit card, you can count on the fact that you’re dealing with a scam artist. More than likely, you’ll get an application, or a stored value or debit card, instead of the loan or credit card.
The Signs of an Advance-Fee Loan Scam
The FTC says some red flags can tip you off to scam artists’ tricks. For example:
- A lender who isn’t interested in your credit history. A lender may offer loans or credit cards for many purposes — for example, so a borrower can start a business or consolidate bill payments. But one who doesn’t care about your credit record should give you cause for concern. Ads that say “Bad credit? No problem” or “We don’t care about your past. You deserve a loan” or “Get money fast” or even “No hassle — guaranteed” often indicate a scam.
- Banks and other legitimate lenders generally evaluate creditworthiness and confirm the information in an application before they guarantee firm offers of credit — even to creditworthy consumers.
About
Payday Loans offers short term cash advances to help you make ends meet when those situations arise and you find yourself a little short on cash. Our service is courteous and hassle free.
We are not a bank. We are not here to judge and penalize you. We do not perform a standard credit check however, we do utilize various verification type services to help our staff process your application quickly.
Your business is very important to us and we make sure that you are treated both fairly and with respect. We understand that there are certain times that require a little financial help. Afast cash loan instrument allows you to take care of those matters with dignity and confidentiality. We want you to feel that you are important to us and if at anytime you feel otherwise, please let us know.
