Washington State Department of Financial Institutions

Consumer Alert:
Charter Loan and Investment

Possible Loan Scam

December 26, 2012

The Washington State Department of Financial Institutions (DFI) warns consumers to verify the license of any lender with whom they consider doing business.

DFI received a complaint from a consumer who alleged he had applied for a loan with a lender by the name of Charter Loan and Investment. The consumer indicated he had contacted this lender by phone and communicated with a loan officer by the name of Yvette Martin. The consumer applied for a $5,000.00 loan and faxed his financial paperwork to this lender’s fax # 718-663-7155. The lender provided the following information to the consumer regarding its identify and contact:

Charter Loan & Investment
10 "Rock feller" plaza, NY, NY 10020
1-877-359-5533
Fax # 718-663-7155

The consumer indicated the lender required him to pay a "loan premium" of $617.59 to obtain the loan and after it was paid, the lender would supposedly deposit the money into the consumer’s bank account within 24 hours. After wiring the premium to the lender, the lender did not provide the consumer with the loan. Instead the consumer was informed by the lender he would need to wire additional money for "insurance" on the loan before it would be deposited in his account. The consumer reported after wiring his money to the lender, he called the lender who would answer their phone only on occasion, but his request for a refund of his money was denied.

Charter Loan and Investment appears to be a fictitious business defrauding consumers on an advance fee loan scam. Their phone number no longer appears to be a working number.

Charter Loan and Investment is not licensed by DFI to conduct the business of a consumer lender. DFI could not verify the identity or contact information for the company and it appears to be a fictitious, illegitimate business entity.

Verify Licenses

DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the “Verify a License” feature on DFI's website at www.dfi.wa.gov.

Report Fraud

If you are suspicious of unlicensed activity by a lender contact DFI at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam, contact the Federal Trade Commission at 1-877-FTC-HELP (1-877-382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a scam involving the Internet, contact the Internet Crime Complaint Center at www.ic3.gov.

If you feel you have been the victim of a scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.

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