Electronic Documents of Illinois
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Things You Should Know About...Advance Fee Loans
- Although most lenders are owned and managed by legitimate professionals, a number of fraudulent lenders misrepresent credit terms. One of their favorite strategies is the advance fee loan. A common advertisement for advance fee loans guarantees that you will obtain a loan or some other type of credit, but you must pay before you apply. Charging advance fees for a loan is illegal: companies cannot ask you to pay for a loan before the loan is made. Consumers should be wary of and ignore offers that guarantee a loan for a fee that must be paid in advance. Legitimate lenders never guarantee or promise a loan before you apply, especially if you have a poor credit history or no credit record at all.
Originally Deposited as: 11954
Phone Number: Language(s): EN-English Volume or Year:
Number or Issue: Date Created: 11 06 2004
Date Last Modified: 11 06 2004 Librarian Remarks:
Access This Publication1. Things You Should Know About...Advance Fee Loans (adv_fee_loans0204.pdf).
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