Sahara Limited Assurance
Advance Fee Loan Scam
April 14, 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.
Sahara Limited Assurance appears to be conducting an advance fee loan scam.
Sahara Limited Assurance has advertised using classified ads. They have also used the name Sahara Marketing Application Services. They list a telephone number of (800) 435-5314. They have listed an address of:
3900 Aurora Ave. N. Ste. 153
Seattle, WA 98103
There is no building at this address. King County property records do not contain a record of any building at this address. Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that Sahara Limited Assurance is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions. Sahara Limited Assurance does not appear to have any physical presence in Washington State.
How The Potential Scam Works
- “Sahara Limited Assurance” advertises in classified sections offering business, personal, and mortgage loans;
- Consumers calling the phone number provided by the company are asked for their personal information.
DFI has been unable to verify the exact nature of this potential scam. Similar scams involve an advance payment for “collateral” or “insurance” by the consumer to the scammers. Once the payment is made, no loan is provided. Consumers should never pay money up front for a loan.
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.