Loan Scams - how to avoid being caught out
A growing number of people are getting caught out by bogus loan companies – particularly “advance fee” loan scams. These are becoming more common because of the tight credit policies being implemented by traditional lenders. Those who don’t qualify for loans will look elsewhere – while there are legitimate specialist lenders (and Solution Loans has relationships with some of these) who could help, there are “lenders” who seek to do no more than take your money.
How do Fake Loan Scams Work?
You’ll be asked to pay an up front “set up” fee and potentially “transfer fees” or “no guarantor” fees. After sending this cash and being promised that your loan would be deposited immediately nothing will happen. You will chase and then you may receive further calls requiring further payments. The scammers may also use the trading name of a legitimate lender or broker to convince you of their authenticity (referring you to websites they don’t run simply to enhance their credibility), but it is likely that any office address they give you will be false and any phone numbers they give you simply re-routed to take you off the scent as to where they really are. If you are asked to pay by Western Union money transfer (or similar service) you won’t even have a record of exactly where your money ends up – it often heads out of the UK.
Are you a Fraud Victim?
We are aware of unscrupulous people attempting to legitimise their approaches by using our brand name. We have reported this activity to the FCA and also to ActionFraud. If you believe that you have been scammed by someone using our brand name then you should report it to ActionFraud on 0300 123 2040.
You can Trust Solution Loans
When you enquire through Solution Loans’ secure forms you can rest assured that you will be dealing with a reputable company that has your best interests at heart.
- We are owned by Affiniti Digital Media Ltd, a long standing and well respected online media business:
- We are authorised and regulated by the Financial Conduct Authority – FRN 726074 – to check our authorisation go to the FCA website and conduct a search using our reference number. You will be shown Affiniti’s entry on the Financial Services Register and under the section “Trading/Brand names” you will find “Solution Loans” listed.
- Our website is registered with Nominet, the UK’s internet registry, and ownership by Affiniti Digital Media Ltd can be checked by typing “solution-loans.co.uk” into the “WHOIS” box at Nominet
- Call our dedicated Anti Scam phone line for further information – 01737 886202. Please note – this is an unmonitored phone number used solely for anti-scam purposes.
- We don’t charge any up front fees for our online service
- We are an internet-only business – we don’t have a call centre – so we won’t call you unexpectedly
- We don’t ask for any bank account or sort code information on our secure forms
- There is no obligation to follow through once you have submitted an enquiry