London police warn of recent Advance Fee Loans fraud scam

Consumers have reported losing substantial sums of money responding to advertisements that “guarantee” loans to people, often online. Consumers complete credit applications and are told the loan (usually from $5,000 to $100,000) has been approved and the promised funds will be received once a fee is paid. After payment, the loan is never received as promised. 

The London Police Service would like to remind citizens that it is illegal for a company to charge a fee in advance to obtain a loan, even if that fee is disguised as the first or last month’s payment. Watch for claims of “guaranteed” loans even if you have bad credit, no credit, or a bankruptcy, and demands that you wire or send money before you can have a loan offer confirmed in writing. 

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