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Asked to pay an upfront fee for a loan? It could be an advance fee scam.
Advance fee loan fraud is one of the most common types of scam reported to the Financial Conduct Authority.
This type of scam often targets people who are searching for online loans, where individuals are asked to pay an upfront fee for a loan, and the balance is never received. Often, the people that are targeted have limited access to mainstream credit, have a low income or a low credit rating.
Some people have been persuaded to make several fee payments, before realising it is an advance fee scam.
If you take out a loan with an unauthorised firm, you won’t be covered by the Financial Ombudsman Service if things go wrong, so it's important to follow the following steps:
If you have been targeted by a scam, please call Action Fraud on 0300 123 2040 or visit www.actionfraud.police.uk.
Please note: If debit cards, online banking or cheques are involved in the scam, your first step should be to contact your bank or credit card company.