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Advance Fee Loan Scam



Advance fee loan scams come in different variations, but they all share the same goal: to trick you into paying money upfront for a loan you’ll never receive. Here are some common examples:

  • The “Guaranteed Approval” Lie: Scammers advertise loans with slogans like “Bad Credit OK!” or “Guaranteed Approval.” Legitimate lenders consider your creditworthiness before approving a loan.

  • The Upfront Fee Trap: The scammer will say you need to pay a fee for processing, insurance, or application. Once you pay, they disappear with your money, and there’s no loan.

  • The Phishing Scheme: You receive a call, email, or text message about pre-approval for a loan. The scammer will try to get your personal and financial information, which they can then use for identity theft.

  • The Fake Cashier’s Check Scam: The scammer sends you a fake cashier’s check as part of the loan approval process. They ask you to deposit it and wire back a portion of the money. The check turns out to be fake, and you’re liable for the full amount.

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