The Federal Trade Commission has created a "teaser" Website for a fictitious lending company that warns consumers of just how easy it is to be fooled by scammers charging up-front fees for bogus loans. The site also explains how to spot and avoid loan scams.
As part of a consumer education campaign, the Website is aimed toward helping consumers manage their money and learn to recognize scams.
When they visit it, consumers will enter the fictitious world of Esteemed Lending Services, where a loan for every situation is guaranteed.
The site then claims that qualified loan specialists will help you find a loan for any purpose, or consolidate your high-interest debt - regardless of your credit history.
But when consumers click to learn more, or to apply for a loan, they will discover that Esteemed Lending is not a real company - but a fake! The Website reached provides information warning consumers of scammers masquerading as lenders; where these scammers start by promising loans and ultimately reveal an up-front fee [fees the consumer must pay "before a loan is considered"]. If they pay the fee, it's unlikely they will see the promised loan; while running the risk of their personal information ending up in the hands of identity thieves.
Visit Esteemed Lending Services.
The site also gives consumers tips to help spot an advance fee scam, and includes links to more information from the FTC.
