Sunday, March 15, 2009

Beware Easy Credit Loan Companies

There Are Legitimate Online Loan Companies
There Are Also Scammers Out to Take You

This week on the CBC series Marketplace there was a program showing how desperate people are being taken with the promise of easy credit. These lowlifes have no problem stealing from people who are in a desperate state and are being blinded by their need for quick cash.

These companies seem very legitimate with all the right sounding talk, and paper work that appears to come from an honest finance company. However, looks are deceiving and in these cases if you fall for their scam, you will be out of money and will never see any loan money.

After getting you all excited by the prospect of being approved for the much needed loan you will be asked to send a security deposit before the loan funds will be released. That is how these crooks prey on the vulnerable and they have no problem stealing your last dime!

On the Marketplace website the following advice is offered to help you avoid being victimized by these crooks.

Signs of a Scam:

  • The company asks for an upfront payment. This payment can be disguised as a premium, insurance, collateral payments or a security deposit.
  • The company asks for the payment to be wired via Western Union or Money Gram to locations in Canada, even if the company claims to be located in the U.S.
  • The company asks for last-minute additional payments because of your credit history, or because the bank or private lender requests it.

Still unsure? Here are some more tips:

  • Don't give out your personal or financial information over the phone or the Internet unless you're familiar with the company. This includes bank account information, SIN, date of birth, etc.
  • Be savvy when checking out companies on the Internet. Type the name of the company into a search engine along with the word scam. The results may reveal a history you didn't expect.
  • Scammers often operate under names similar to reputable companies. Make sure that the company you're searching for does the same kind of business and has the exact name and address as the one you are dealing with.
  • If you do fall prey to a loan scam, report it right away. It's a criminal matter. You can contact Phonebusters Canada at 1-888-495-8501 or the Competition Bureau at 1-800-348-5358.
To view the Marketplace program titled Lawless Loans you can use this Nanaimo Info LINK.

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