Advance Fee Loan Scam
May 27, 2009
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.
PSE Lending appears to be conducting an advance fee loan scam.
PSE Lending has advertised using a Web site, www.pselending.com, although this Web site is no longer operational. They have listed an address of:
100 Simcoe Street Suite 100
Toronto, Ontario M5H 3G2
Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that PSE Lending is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions. PSE Lending does not appear to have any physical presence in Washington State.
How The Potential Scam Works
- “PSE Lending” advertises offering personal loans
- Consumers calling the phone number provided by the company are asked for their personal information
- Upon providing their information, consumers are told that due to their credit they must either send money for a “deposit” for the loan
- Consumers are directed to send funds by money gram and that once these funds are received PSE Lending will provide the loan funds
- Once consumers send the money no loan is ever made
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.