Any false, deceptive, misleading or fraudulent solicitation involving the advertisement of a loan. Commonly, the ads are found in publications such as newspapers, classified ads, magazines or through online ads and websites. A victim responds to the ad and is required to send an advance fee in order to receive the loan, but never receives it.
Warning signs - How to protect yourself
- Beware of companies offering a guarantee on your loan even if you have bad credit or no credit.
- Advertising through a recognized media outlet does not ensure that the ad was placed by a legitimate company.
- It is illegal for a company to request an upfront fee prior to obtaining your loan.
Canadian Anti-Fraud Centre
Competition Bureau of Canada
Ontario Provincial Police
Financial Consumer Agency of Canada
Better Business Bureau
(BBB Locator Tool)
Fraud: Recognize, report and stop it!
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