FTC-Advance-Fee Loans
What To Know About Advance-Fee Loans
Some companies promise you a loan or credit card regardless of your credit history. But they want you to pay a “processing” or other fee first. Those are scams. Learn the telltale signs.
Do you need to borrow money to make auto repairs, consolidate credit card debt, or pay your mortgage? In an advance-fee loan scam, scammers promise they’ll get you a loan, credit card, or access to credit. Or they say they’ll put you in touch with a lender who can almost certainly get you those things. No matter your credit history. But first, they say, you must pay up front. The scammer might say the money is a fee for “processing,” “insurance,” an “application,” or something else. But it’s a lie. There is no loan and there is no lender. And if you pay, the scammer and your money will disappear.
Date: Aug. 31, 2024
Accessed: Aug. 31, 2024
Source URL: https://consumer.ftc.gov/articles/what-know-about-advance-fee-loans
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