Advance Fee Loan Scam
Ontario Woman Loses $4,000!
If you do take out a loan, watch out for the advance fee loan scam.
Lynda Bayley, of Pickering, Ont., said she needed a loan to try and get her finances back on track and she found a company online that said it could loan her $20,000, but she had to pay $4,000 in advance.
Once Bayley paid the company $4,000 in advance, she never got the loan.
The company Bayley gave the money to was Dynamic Resource Solutions. CTV News Toronto emailed and called Dynamic Resource Solutions but did not get a response.
“It’s illegal in Ontario to ask for advance fee for any type of loan,” BBB President of South-Central Ontario Angela Dennis said.
“When people are paying these fees, they are told it’s for insurance purposes or an administration fee and consumers are sending in their money and they are not receiving the loans,” said Dennis.
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