According to the Citizens Advice Bureau more and more people are being scammed out of money by dishonest loan companies that demand an upfront fee for loans which seldom materialise once the money has been paid to the conmen.



This has become more prevalent since the credit crunch has caused loans to become less available, and quite often these unscrupulous loan companies will target the people who can least afford to lose any money i.e. People who would struggle to find a loan elsewhere like those that have a bad credit rating or low incomes.

The most recent one is a company trading under the website quick247loan.co.uk. They are asking for the applicant to make a month's payment in advance, demanding the applicant pays money into their bank account before any funds can be released.

To compound the issue, in order to add credibility to their company, they are displaying the credentials of a reputable and respected online loans broker on their website and also on their loan agreement form.

This company is obviously trading without a valid Consumer Credit Licence or Data Protection; otherwise it would not be publishing the details of Interfinancial Limited, one of the internet's most respected loans brokers.

For the victims of this scam it will be almost impossible for them to get their money back once they have sent it to the scammers.

Stuat Pike of Interfinancial Limited commented "These criminals are of the lowest form, they are preying on people who are unable to afford to be conned out of money. I would strongly advise loan applicants not to pay any fee upfront in order for their loan application to be processed."

He also said "Changes need to be made to legislation bringing in tougher penalties for these people, it appears that more and more of them are giving their companies names that sound like well know or respected brokers in order to add credibility."

He went on to add "I cannot believe how disinterested the various governing bodies seem to be when anybody tries to report such a scam, and unfortunately until the likes of the Office of Fair Trading, Trading Standards or even the Police start to act this situation is not going to get any better."

Apply for a safe loan with a reputable and honest broker online today!