Advance Fee Schemes
Have you had difficulty obtaining a loan through normal sources? If so, you may become the target of an advance fee loan scheme. In such a scheme, a con artist offers you a "guaranteed" loan for a fee paid in advance.
The advance fee swindler claims to be able to obtain a loan for you with ease from a legitimate lending institution, such as a bank or a savings and loan association. However, the swindler has no ability to secure a loan for you. Instead, he either steals your fee and disappears or remains in the area to bilk other unsuspecting victims while stalling you with various excuses as to why your loan has not been funded.
Advance fee swindlers frequently ask for a percentage of the gross loan amount as their fee. For example, if a five percent fee is requested, you would have to pay $500 to obtain a loan of $10,000. There is much to lose if you lower your guard.
Remember: Ask yourself why the promoter can obtain a loan for you from a legitimate lender when you yourself have been turned down for a loan, perhaps many times. Take care of your precious assets by exercising caution when asked to pay a loan fee in advance.
