Scam Alert: Payday, Title, and Signature Loans
Advance Fee Loan Scam Falsely Uses Memphis Address
The BBB of the Mid-South is warning consumers about an advance fee loan scam operating with a Memphis address. Dewitt Lending Center offers a personal loan with one stipulation -- the customer must pay an up-front fee in order to receive the loan.
BBB Warns Against Deceitful Online Payday Lenders
Better Business Bureau is warning cash-strapped families to beware of some online payday lenders that claim they are not beholden to state or federal laws regarding licensing requirements, debt collection practices or caps on interest rates.
Consumer Alert: Another Advanced Fee Loan Scam with Western Michigan Address
Who doesn't need a loan in these uncertain times, hence "advance" fee loan scams continually pop up. The Better Business Bureau of Western Michigan has been bombarded with phone calls, inquiries and complaints about a local address in Grand Rapids.
Extortion Scam Related to Delinquent Payday Loans
The Internet Crime Complaint Center has received many complaints from victims of payday loan telephone collection scams. Callers claim the victim is delinquent in a payday loan and must repay the loan to avoid legal consequences. The callers purport to be representatives of the FBI, Federal Legislative Department, various law firms, or other legitimate-sounding agencies. Along with not paying follow the tips provided in the article.
New Loan Scam Directed at Homeowners
The Federal Reserve has received inquiries and complaints from recipients of direct mail solicitations that suggest there is a "Community Reinvestment Act (CRA) program" that entitles certain homeowners to cash grants or equity disbursements. No such federal programs exist and these programs are not required by the CRA.
No Credit? Bad Credit? Beware of Loan Scams
According to complaints filed with the Better Business Bureau, victims across the country have lost a total estimated quarter million dollars to advance fee loan scams this spring. Advance fee loan scams target individuals and small business owners who are desperate to get a loan and often take the victim for thousands of dollars.
Predatory Lenders Drive Borrowers into Debt With High-Cost Loans Secured by Cars
Loans for car titles are the latest form of extremely expensive high risk credit targeting cash-strapped consumers. Title loans for up to half the value of the consumer's car cost ten times more than it would to get an auto loan to finance the purchase of the same car.