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Operating under names including Ameriloan, Cash Advance, One Click Cash, United Cash Loans, and 500 FastCash, Tucker's organization employed approximately 600 people and made loans with terms that included renewals and fees, as well as interest rates as high as 700% per year. The majority of these loans were issued to low-income individuals. [17]
Consider the following tips to avoid potentially damaging scams. 1. Unrealistic guarantees for approval. One of the easiest ways to spot a loan scam is the promise of guaranteed approval.
A fraudulent loan, however, is one in which the borrower is a business entity controlled by a dishonest bank officer or an accomplice; the "borrower" then declares bankruptcy or vanishes and the money is gone. The borrower may even be a non-existent entity and the loan is merely an artifice to conceal a theft of a large sum of money from the bank.
Homeowners across the U.S. are being targeted in a sophisticated scam in which callers pose as mortgage lenders to defraud people out of hundreds of thousands of dollars, the Federal ...
Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
8 warning signs of a debt collector scam Receiving a call, email or letter from a company purporting to be a debt collector can spark alarm. Before disclosing any information, look for these eight ...
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