Phony Loan Scam
The ad is flashy, catching and if you have less than perfect credit, you are just what they're looking for. But Call For Action uncovers a phony Credit Union that won't actually lend you any money....it will only put you deeper into debt.
The name of the company in the ad is, "First Rate Credit Union" , we call it a first rate scam!
Steve Cayouette, Chief Banking Inspector, Dept. of Business Regulation
"Oh, it's very frustrating..."
Steve Cayouette with the Department of Business Regulation says this business is bogus and consumers need stay away.
Steve Cayouette
"Usually it's the desparate people who will turn to things like this and that's unfortunate."
No doubt! When companies advertise phrases such as, "you are approved," or "hassle free" chances are they're only pulling your leg, because no company can guarnatee your approval, and check this out...they also offer free credit counseling..yeah, you'll probably need it after shelling out hundreds of dollars for something totally bogus.
Steve
"A lot of times we don't find out about this until people have made the mistake and deal with these, it's unfortunate."
Call for Action has learned that the Department of Business Regulation has issued a cease and desist order and the paper carrying the ad, has pulled it. If you've been ripped off, or know about a scam, let us know! contact our hotline Monday thru Thursday from 11:00am until 1:00pm. The hotline # is, 228-1850.
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