Advance Fee Loan Scams Lawyers

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What Are Advance Fee Loan Scams?

Advance fee loans are a common type of scam in the fraud industry. Con artists will frequently advertise on radio, newspapers and television, claiming to offer loans to individuals and businesses in exchange for an advance payment. These advance payments are usually a small amount in comparison to the loan being offered.

How Can I Protect Myself?

Individuals and businesses should undertake several steps before paying an advance fee for a loan. These steps include:

What Should I Do If I Become a Victim?

Advance loan scam victims are unfortunately left with few options. However, reporting advance loan scams to certain state and federal government agencies can help future consumers from falling into the same trap. The following agencies can be contacted:

Additionally, it is important to immediately contact your financial institutions to put a hold on all pending transactions to prevent further withdrawals. However, by the time that you have caught onto the fact that you have fallen victim to a scam, the damage probably has already been done.

Should I Contact an Attorney?

An experienced attorney might be able to help a victim of advance fee loan scams. A victim, if able to locate the fraudulent loan institution, can bring a cause of action and attempt to recover any money lost. In addition, a lawyer might be able to help you work with your legitimate financial institutions regarding future steps to payback or forgive some of your existing debt.

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Last Modified: 07-02-2014 01:49 PM PDT

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