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Northwest North Carolina Better Business Bureau warns about loan scam.
Byline: Fran Daniel
Jul. 8--The Better Business Bureau of Northwest North Carolina is warning consumers that advance-fee loan scams are on the rise.
This is an old scam. A consumer receives a call or email or sees an ad in a publication for a pre-approved loan or credit card and requests an application. The company offers the consumer a loan regardless of their credit history if they pay an up-front "insurance," "security," or "processing" fee in advance.
Typically, people with bad credit and those who can least afford to pay, end up losing their up-front fee, ranging from $300 to more than $700, and never hear from the company again, the bureau said …
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