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Things You Should Know About...Advance Fee Loans[X]
Attorney General's Office[X]
000000024263 (1)
11 06 2004 (1)


Things You Should Know About...Advance Fee Loans

 Time Period Covered:    
 Issuing Agency:  Attorney General's Office 
 Description:  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. 
 Date Created:  11 06 2004 
 Agency ID:   
 ISL ID:  000000024263   Original UID: 11954Control Number: 0261 
  Documents:  adv_fee_loans0204.pdf