What is an advance fee personal loan ? Page 2

Direct mail, radio, and cable TV spots are other favorite advertisers. The newspaper, radio or TV

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station does not have any more information than you do. They will not find out for some time that the ads are fraudulent and you cannot rely on them to screen their advertisers or do background checks.

Legitimate lenders do not require advance fees, and in fact advance fees are illegal in most states. That is not to say that application, appraisal, broker, or credit report fees are not part and parcel of legitimate lending practices. They are. But these ( mortgage quotes ) fees are almost always taken from the proceeds of the loan after the money has been funded.

Often the advance fees are supposedly going to third-party credit insurers. If anything this claim makes the unsecured personal loan sound legitimate. The story is ( mortgages ) that the lender can guarantee that you will get the loan because the third party insurer will guarantee payment to the lender and the lender has no risk. The slicker lenders will even fax you professional looking insurance company letterheads. Most are fictional companies or forgeries of real insurance company letterheads with phony telephone numbers.

If you do get involved in an advance unsecured loan ( secured loans ) scam and do not catch on until the very end here is the tip that almost guarantees the lender is a crook - he will ask you to pay the advance fee by Western Union money transfer. The more brazen will give you a person and not a company name to pay, or will ask you to use a password code which allows him to hide his identify.