Chargeback Forum - View Single Post - Advance-Fee Loan Fraud

marigot · 04-17-2007

I was unfortunate enough to be taken by one of these up front money scams. It was about 12 years ago before anyone really knew they were scams.

I believe I received a flyer in the mail. I called the 1-800 # and told them I wanted to consolidate my debt. Of course they could find me a lender which specialized in this type of loan - one without collateral and high risk on top.

So they said it would be $500 to find the lender but don't worry because I was guaranteed the loan within a week. I had no money but I did have about $500 left on one of my credit cards. I went to the bank the next day and got a cash advance.

They were in a hurry to make the deal which at the time I didn't think anything about that. I figured it was in my own best interest to conclude the business quickly. So I stupidly sent the money order by fedex to the "loans office".

Long story short - I never heard from them. They answered the phones when I called and kept telling me it would take longer because of the high risk. Well the deal never closed. I lost my money and they were all arrested.

But that still didn't help me because I never saw one cent of my money. The lesson learned from this and the advice, I now give others:

You need to think even twice as hard if you are desparate to find a loan. Your emotions make you do stupid things that would otherwise seem illegitimate.

04-17-2007	#3 (permalink)
marigot Junior Member Join Date: Apr 2007 Posts: 16 Rep Power: 0	I was unfortunate enough to be taken by one of these up front money scams. It was about 12 years ago before anyone really knew they were scams. I believe I received a flyer in the mail. I called the 1-800 # and told them I wanted to consolidate my debt. Of course they could find me a lender which specialized in this type of loan - one without collateral and high risk on top. So they said it would be $500 to find the lender but don't worry because I was guaranteed the loan within a week. I had no money but I did have about $500 left on one of my credit cards. I went to the bank the next day and got a cash advance. They were in a hurry to make the deal which at the time I didn't think anything about that. I figured it was in my own best interest to conclude the business quickly. So I stupidly sent the money order by fedex to the "loans office". Long story short - I never heard from them. They answered the phones when I called and kept telling me it would take longer because of the high risk. Well the deal never closed. I lost my money and they were all arrested. But that still didn't help me because I never saw one cent of my money. The lesson learned from this and the advice, I now give others: You need to think even twice as hard if you are desparate to find a loan. Your emotions make you do stupid things that would otherwise seem illegitimate.