Loan scams

Belleville, Ontario; Belleville Police have been receiving complaints about fraudulent on-line loan applications.  Police are reminding the public to we weary of on-line 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 sties on-line 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 at    http://www.antifraudcentre-centreantifraude.ca/