FTC Offers Advice to Consumers on Scams





The Federal Trade Commission is offering the following advice as part of its ongoing effort to educate consumers about potential scams.


According to Paula Kurtzweil Walter of the Office of Consumer and Business Education, fraudulent loan brokers guarantee a loan or other type of credit but require the consumer to pay a fee before they apply. This practice is illegal.


It is unlawful for companies doing business by phone to promise a loan and ask you to pay for it before they deliver. In other words, companies that do business by phone cannot ask you to pay for credit before you get it.


For more information about advance-fee loan or credit offers by companies doing business by phone, please call toll-free 877-FTC HELP



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