| | 1: | | Title: | | | | | Volume/Number: | | | | | Issuing Agency: | | | | | 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: 11954 FIRST WORD: Things | |
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