Washington State Department of Financial Institutions

Consumer Alert:
Federal Cash Loan

Advance Fee Loan Scam

April 17, 2014

DFI has received a report of what appears to be an advanced fee loan scam. A Washington State consumer reported that, he received a phone call from Federal Cash Loan. Federal Cash Loan offered a loan to the consumer if the consumer first made a payment of $100 using a prepaid card. After the consumer made the payment, Federal Cash Loan demanded additional payments of $135, $189, and $280. The consumer did not receive the loan and Federal Cash Loan has not refunded the payments.

The following phone number is related to this apparent scam:
415-666-2923

DFI obtained records from a company providing service to the above telephone numbers. The records obtained suggest that the individuals operating Federal Cash Loan are in India. Federal Cash Loan is not licensed by the Washington State Department of Financial Institutions to provide loans, or conduct any business in Washington State.

Verify License

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 the DFI’s website at www.dfi.wa.gov/consumers/findcompany.htm.

Report Fraud

Washington State residents, if you are suspicious of unlicensed activity by a payday lender please contact the Washington State Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you live in another state, find your state regulator.

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357) or online at www.ftc.gov; or contact the Consumer Financial Protection Bureau (855) 411-CFPB or online at www.consumerfinance.gov. Because the scammers have access to bank account information and social security numbers, victims should consider themselves victims of identity theft and take appropriate precautions. The Federal Trade Commission has information for victims of identity theft available online at www.ftc.gov.

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

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

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