A warning tonight about a loan scam that cost an area woman $1000. It all started when the woman tried to apply for an online loan through Merchant Cash Advance. She said they called and told her she’d been approved for a loan between $2000 and $6000.
The woman said she’d take the $2000 loan and gave the alleged underwriter of the load her banking information. He told her that because she had a poor credit rating, she’d have to pay for insurance on the loan. They told her they would deposit $990 in her account, and she’d need to send them $495 each to two separate phone numbers.
She said she sent the money before she realized they hadn’t transferred any money into her account. When she called to ask why, they told her she’d have to send an additional $135.
The woman was unable to provide paperwork from the loan to officers, but they said if she got them the information, they would continue the investigation.
This alleged loan has all of the signs of a scam. Any time someone tells you they are going to deposit money into your account that you should take out to give to them, it is a scam.
Remember, legitimate lenders will never ask you to pay upfront fees or transfer money back to them before you receive your loan. If a loan offer sounds too good to be true, it probably is. Always research the lender thoroughly, check for reviews or complaints, and verify their licensing through state or federal regulatory agencies. If you suspect a loan scam, report it to your local law enforcement or the Federal Trade Commission (FTC) immediately to help protect others from falling victim.
