The Fairway Lending Group Advance Fee Scam
Last month, hundreds of internet users from places right across US were done in by a scam perpetrated by a company calling itself The Fairway Lending Group. The company gave a false address and claimed to be operating out of 1699, Wall St., Mt. Prospect.
It was careful to leave out local residents. The scam would have blown apart if any of the locals had found out that it was not occupying the said premises.
The company was especially targeting those with a poor credit rating. It offered a loan that was actually a scam molded on the advance fee type of scams. The scam started when people responded to mails from the company that promised them easy loans. They were then asked for their bank account details presumably for processing of the loan request.
The victims were next asked to make a payment as collateral for the loan. They were asked to make the payments through Western Union money transfer. The amount people paid ranged from $900 to $5000.
Users should have been warned when asked to pay any amount upfront before receiving a loan. Such loan schemes are actually banned in the US and in Canada. Any such loan offer would be illegal if offered in the first place.
Apart from money lost, the victims in this case, might also be exposed to identity theft, having revealed their bank account details to the fraudsters. The thing for them to do would be to either close the account or to give instruction to the bank if possible to temporarily suspend it.
You should not entertain such an offer now if you happen to receive one. Throw them outright as junk mail or better still, pass it onto local law enforcement agencies.
As of now, there is no trace of the company. Local authorities claim to have no clue about their whereabouts. Being an internet based scam, the fraudsters found it easy to hoodwink the police by covering their tracks.
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I was also victim of this scam and am now in serious debt more than was before.
March 17th, 2008 at 10:00 amI lost 1350.00 for a personal loan of 10k for home improvements.
I have a low credit score and am trying to consolidate and also do 2 bathroom remodels that are seriously needed.
Shawn Snyder
Feel extremely sorry for you. My sympathies are with you. Apart from reporting the matter to local authorities, there is precious little that can be done in such cases.
I only hope others learn from this.
March 20th, 2008 at 12:21 amThere is help out there!
If you have been a victim or contacted by a firm regarding a bad credit loan, contact us first!
http://www.badcreditloanwarning.com/
Jill: 248-673-0531
I was contacted by Certified Lending Group Monday May 12th. I was contacted by a Robert Miller ext 129. He informed me that I was approved for a loan amount of 35,000 and needed to verify a few details. Robert then proceeded to tell me that the private lender that was backing the loan required collateral to secure the loan. Robert emailed me a promisorry note containing the terms and conditions of the loan and repayment. After reviewing, I faxed it back. I was then instructed to send a money gram in the amount of $2,100 to secure the loan to a Arnold McKiney in Oakville, Ontario Canada. Money Gram Order Confirm: 87782263 I proceeded to then call back Certified Lendings Group customer service and relayed the confirmation number on to them so they could release the funds into my bank account via direct deposit.
The next morning, the funds were not deposited. I called Robert Thursday May 15th, 2008, and he advised to contact customer service. I did so, learning that an additional colatteral payment was required to secure the loan proceeds within 4 hours. Again, I transacted a Money Order Payment to an Arnold McKinley in Oakville, ON Canada. Confirmation 61156023.
Friday May 16th, 2008, I called Certified Lendings Groups cusotmer service, informing them that my direct deposit had not occurred. I was informed that I was entitled to a refund due to the additional closing costs required by the lender and would have it by no later than May 30th, 2008
I found no funds had been deposited into my account. I then found the Better Business Bureau of Maryland, and learned this was a known fraudulent company.
May 29th, 2008 at 12:06 pm