Washington State Department of Financial Institutions

Consumer Alert:
ILoan90.com

Possible Advance Fee Loan Scheme

June 11, 2012

The Washington State Department of Financial Institutions (DFI) received a report indicating a consumer attempted to obtain an online loan. The consumer was contacted by a representative of ILoan90.com who stated that the consumer was approved for a loan but had to make a down payment. The consumer was asked to wire money via Western Union; however, once the money was wired no loan was provided.

A representative for ILoan90.com said that it has a physical location at 107 Rita Blvd., Bristol, Virginia; however, this does not appear to be a valid address. The company may also be doing business as myloanlenders.com.

The company is not licensed by the Washington State of Department of Financial Institutions, the Washington State Department of Licensing, Washington State Department of Revenue, or the Washington State Secretary of State.

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 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 loan scam involving the Internet, contact the Internet Crime Complaint Center 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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