In the scam, consumers are contacted over the phone or via email and asked if they are interested in applying for loan. Interested consumers are then directed to a fake website. After consumers apply for a loan, the company asks for an advance payment in order to proceed with the loan process. However, once the company receives the advance payment, consumers say they do not hear back from the company about the loan.
"Unfortunately, scammers are doing everything they can to look like a legitimate business only to steal consumers' money," Attorney
In one situation, a couple from
"Our Office receives complaints regularly about a multitude of scams. Many consumers are looking to get a deal on a loan due to personal credit issues, economic difficulties, or a variety of other factors," Morrisey said. "We work diligently to ensure that consumers are not scammed by schemes that look legitimate on the surface, but are not."
Morrisey said consumers should be wary any time a loan provider or company demands an upfront payment for service, especially using money order, prepaid debit card or cash-only. He also urged consumers to do their homework on any company with whom they plan to do business.
"If an offer seems too good to be true, it probably is," Morrisey said.
If you feel you have been a victim of this scam, or any other loan scam please report it to our Office. Consumers are urged to call our Consumer Protection Division at 800-368-8808 or file a complaint online at www.wvago.gov.
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