Consumer Credit Counseling Dc
Advance-Fee Loans
Have you come across someone asking you to pay a fee in advance against a guarantee of getting you a loan? Almost everyone comes across these guys once. They offer “Advance-Fee Loans” – mostly fraudulent – as compared to the authentic lenders generally owned and managed by genuine professionals.
How do you Identify Advance-Fee Loan Scam(s)?
You are always attracted by advertisements that guarantee loans or credit cards, regardless of your credit history. Few things to look out for in these advertisements that could be fraud:
- Generally appear in the classified section of newspapers, magazine and on internet
- May also appear in radio advertisements, on local cable stations, and in flyers circulated in neighborhoods, shopping centers and at military bases.
- Asks for a minimal charge (approx $100) for a guaranteed loan
- Has a contact number given for your reference
- Delivery systems include services other than USPS
Unfortunately, advertising in recognized media outlets or on the Internet does not guarantee the legitimacy of the company behind the ad.
Advance fee loan scammers primarily target those who have been turned down from a banks loan or denied a credit card due to their poor credit history, or those in immediate need of money for emergencies. They ask to pay fees in advance for loan or credit cards. As mentioned above, the fee may range from $100 to several hundred dollars. And once they get your money, they disappear!
What should you do?
Irrespective of you being may be a civilian, army personnel, military personnel or a retired person, report the advance-fee loan scam offered to you to your local consumer protection agency or state Attorney General. You could alsocontact local Better Business Bureau (BBB) or Federal Trade Commission (FTC) to report about the company offering you such scams.
Finding Low-Cost Help for Credit Problems
The first thing advisable in case of credit issues is to try and solve your credit problem with your creditor directly – if and when you are not in the condition to make payment. If that does not help, try contacting nearby Credit Counseling Services. Universities, military bases, credit unions, and housing authorities may also offer low or no-cost credit counseling programs. For navy, army and military personnel, there are dedicated military lending companies that help with army military loans. There are also genuine private lenders who do not ask for anything (advance-fees) to provide such loans.
For Detailed Information:
- Consumer Response Center, Federal Trade Commission, 600 Pennsylvania
Avenue, NW, Washington, DC 20580; toll free, at 1-877-FTC-HELP (382-4357);
TDD 202-326-2502 - American Financial Services Association Education Foundation:
919 18th Street, NW, Washington DC 20006 - National Association of Consumer Agency Administrators;
1010 Vermont Avenue, NW, Suite 514, Washington, DC 20005 - Navy Personnel Command
Personnel and Family Readiness (PERS-622C3);
5720 Integrity Drive, Building 768 Millington, TN 38055-6620
About the Author
Omni Financial®, a leader in the US military loans market, has offices and representatives at major military installations across the United States and also representatives across Europe. Omni also makes
army military loans to service members around the world via the World Wide Web. We are a consumer finance company – NOT A PAYDAY LOAN COMPANY. We make traditional consumer loans ranging in amounts up to $10,000 with loan repayment terms from 6 to 36 months.
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