Belleville Police have been receiving complaints about fraudulent on-line loan applications. Police are reminding the public to be wary of online loan applications. Loan scams are any false, deceptive, misleading or fraudulent solicitation involving the advertisement of a loan. Commonly, these ads are found in publications such as newspapers, classified ads, magazines or through online ads and websites. A victim responds to the ad and is required to send an advance fee in order to receive the loan, but never receives it.
If you have bad credit and a company is willing to advance you a loan for an “insurance fee” then the company is likely not legitimate.
Many stories online can be researched to determine previous fraudulent reporting including the Better Business Bureau for North America.
Warning signs – How to protect yourself
Beware of companies offering a guarantee on your loan even if you have bad credit or no credit.
Advertising through a recognized media outlet does not ensure that the ad was placed by a legitimate company.
It is illegal for a company to request an upfront fee prior to obtaining your loan
These types of scams can be reported to the Canadian Anti-fraud Centre 1-888-495-8501 or by visiting their website