I read an ad in the local news paper offering guaranteed loans if I paid $750 in loan fees in advance. Should I be concerned about this offer?
Yes, you have just encountered an advertisement for an advance fee loan scam and the party offering the loan is a criminal. You will be instructed to complete and return by fax, a loan application which requires you to divulge your personal identifying and financial information. It may also require you to send copies of your driver’s license and social security card. After the criminal has obtained all of your information, they will request that you wire the $750 to them. The criminal has just stolen $750 and your identity simultaneously. If you suffer a loss, the crime should be reported to your local law enforcement office.