The Washington State Department of Financial Institutions (DFI) is warning consumers to verify the license of any lending professional they are considering doing business with to avoid becoming victims of potential scams.
Echo Premium Lenders & Financial may be conducting a loan scam.
Echo Premium Lenders & Financial may have used the website echopremiumlf.com, but it appears to no longer be available. They have a listed address of:
1617 John F. Kennedy Blvd, Suite 1260
Philadelphia, PA 19103
This does not appear to be a valid address for Echo Premium Lender & Financial. Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that Echo Premium Lender & Financial is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions.
How The Potential Scam Works
- Consumers apply for a loan on the internet
- Consumers are advised that they have been approved for a loan and must send a “premium payment” in advance of the loan disbursement and that after funds are received Echo Premium Lender & Financial will provide the loan funds
- Once consumers send the money no loan is ever made
- When contacting Echo Premium Lender & Financial inquiring about the loan funds, consumers may be asked to provide additional funds
If You Feel You're A Victim
If you feel you have been a victim of a potential advance fee loan scam, please contact the Federal Trade Commission at 1-877-FTC HELP (382-4357), or online at www.ftc.gov. Also, victims should report their experiences to the Internet Crime Complaint Center at www.ic3.gov.