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Guaranteed Loan Approval Scam

May 4, 2008
The other day while browsing the internet I happened across a website offering a guaranteed business loan. Though a little apprehensive at first I filled out the form and received a call a couple days later. The lady on the other end of the phone explained that I had been appoved for a loan in the amount of $5,000. She also went on to explain the reason why the loan amount was so low (my credit score). I didn't even recall giving them my social but because I needed the money I kept listening.

Shortly, after my conversation I received a fax with a contract requesting that I fill it out and fax it in with my loan down payment of $787.50. The contract was well formatted and written by a lawyer from what I could tell. So, I filled out the paper work went to the store to buy $100 worth of ink for my printer and faxed the paperwork back.

The next day when I woke up I called the place and asked if they had received my fax. The lady told me yes and that everything looked OK. Still needing the money I didn't ask about the issue with my DL# as it had a different address. I asked the lady to confirm the routing/account number for the direct deposit. She said that the accounting department had that information and would try to connect me with them. When she got back on the phone she said they told her to have me give her the information again (I didn't do this).

We went back and forth for a while longer then finally I spoke to a manager because I was concerned about the wire transfer they were requesting. The manager assured me that this was standard operating procedure, and I would have a method of recourse if the money was not deposited as stated. I knew for sure that once the money order is gone and the money is received there is absolutely nothing you can do to get a refund.

Upon, finishing the conversation I went to the bank to withdraw the money that was needed to wire to them. I was told that I would get the information for the wire transfer after I got to the transfer spot. When I got to the wire transfer place I called back and was told where to wire my money CANADA! Still focusing on the fact that I needed the money I wired the money. After, I wired the money I called to speak to the lady again, and she asked for the reference number for the wire transfer. I gave her the number and she stated the money would be deposited on Saturday or Monday if my bank isn't open on the weekends.

I came home and did a reverse lookup on the fax number that was received. I found that a lot of other people had been scammed by these individuals before under various lending institution names. I knew from that point that I would never receive my money, but as I reflect back on everything that happened I know that all the warning signs were there I was just too focused on needing the money.
About the Author
Lester J. Privott http://www.pcworkz.net
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