Advance-fee loan sharks are preying on unwary consumers, taking their money for t he prom i se 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 advancefee loans suggest — or even “guarantee” — that there’s a high likelihood that a loan will be approved, regardless of the applicant’s credit history. But to take advantage of the offer, the consumer has to pay a fee. The catch? The scam artist takes off with your fee, and the loan never materializes.
source : ftc.gov
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