You are here

People in debt conned out of cash in fake loan scam

18th June 2010

National charity Citizens Advice is warning people to beware of companies offering fake loans for a fee. The companies often prey on people who are already in debt and desperate for a way out.


Citizens Advice top tips on fake loans:
• Never pay money up front
• Never give out bank account details to cold callers
• Be very wary of cold calls offering loans, and internet sites offering quick and easy credit
• If it looks too good to be true it usually is
• If you need credit, shop around, use a trusted source and always check the paperwork
• If you’ve already paid money up front for a non-existent loan, inform Trading Standards ( The Consumer Credit Act says that all but £5 of any brokerage fees should be refunded if no loan is taken up within 6 months.

Read more on the Citizens Advice website

Please note: Action Fraud is not responsible for the content on external websites.


To report a fraud, call Action Fraud on 0300 123 2040 or use our online fraud reporting tool.