Loan Scam

To whom it may concern,

I’m writing to inform you of a scam that I unfortunately fell victim to. I write because I want others to know how easy it is to fall prey to these con artists. Please know that it’s really hard for me to write about this as I never thought I would be the naive and susceptible victim I always read about in papers. But I guess the statistics are right; it really doesn’t matter how much education you have, because in a pinch you’ll do anything to get your hands on more money.

About eight months ago, I applied to my local bank for a loan. I was denied because I had multiple credit cards, some of which were maxed out, and no savings. Then one day, I saw an ad online for a loan company that helps out new and start up businesses. I filled in the application and sent it through.

A few days later I got a letter from the company stating that I am an ideal borrower with a good prospect, and that I will be eligible for a loan. But, I would have to send in two cheques each in the sum of $750 to prove that I was serious about the offer, and that I will be getting into the habit of making regular payments eventually. That sounded like a reasonable request to me, and it made me believe the company was looking out for its financial security as well as mine.

I sent the first cheque as requested and received a letter of acknowledgment from the company indicating that the funds would be transfered into my account as soon as the second cheque cleared. I sent the second cheque shortly waited patiently for my loan to come through.

Two weeks later, I called the company only to discover that the number was disconnected. I tried it again and again to no avail. I mailed several letters to the company with each letter coming back as a “return to sender”.

I went to the police, but there was hardly anything they could do. They said this was clearly a scam and I was the typical target. I had to hide this from my family, because I was sure they would ridicule me for being so gullible. I contacted my bank and had to close my accounts, transfer my credit cards and go through a lot of work to make sure that whomever had cashed my cheques, didn’t have any more ways to steal from me.

I was looking to generate some side income, live a little freely and eventually start perusing my own aspirations. What I ended up with was crushed dreams, a deficit of $1,500 and a nagging sense of embarrassment.