Apply

How to Avoid Loan Scams

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 many 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 upfront “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.

Share this Page

Written/Reviewed by: