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These fraudsters target people who have been unable to obtain loans through normal channels, such as banks, savings & loan associations and finance companies.
They claim that if the victim pays an advance fee, the fraudster can guarantee them a loan from a legitimate lending institution. Once this fee is paid, however, the fraudster simply keeps it and no loan is made available.
Often these scam artists require a percentage of the desired loan as their fee. For instance, they may ask for 5% or even 10% so if the victim is attempting to obtain a $10,000 loan, this advance fee would be $500 or $1,000.
At Loss Prevention Concepts, Ltd. we recommend that consumers regard all advance fee propositions as probable fraud schemes, and at the least, have such propositions checked out by a competent attorney. If you have been unable to obtain a loan from a legitimate lending institution, it is unlikely third parties acting on your behalf would have any better luck.
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