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fee fraud!
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Esteemed Lending Services is not a real company. This website is a fake, created by the Federal Trade Commission (FTC), the nation’s consumer protection agency, to warn people about scammers pretending to be lenders.
These scammers may create professional-looking websites, use trustworthy-sounding names and promise you loans to help meet your needs or live your dreams, even if you’ve had credit problems.
The catch comes when you apply for a loan or credit card and find out there’s a fee you have to pay first. If you pay, it's unlikely you'll see the promised loan, and you run the risk of someone using your personal or financial information to steal your identity.
The FTC says these red flags can tip you off to a loan scam:
- A lender who isn’t interested in your credit history. Ads that make claims like Bad credit? No problem, We don’t care about your past. You deserve a loan, Get money fast, or even No hassle — guaranteed often indicate a scam.
- Fees that are not disclosed clearly or prominently. Legitimate lenders disclose their fees clearly and prominently; they take their fees from the amount you borrow; and the fees usually are paid to the lender or broker after the loan is approved.
- A loan that is offered by phone. It is illegal for companies doing business in the U.S. by phone to promise you a loan and ask you to pay for it before the loan comes through.
- A lender who uses a copy-cat or 'wanna-be name.' Crooks give their companies names that sound like well-known or respected organizations and create websites that look slick to try to convince you they're legitimate.
- A lender who is not registered in your state. Lenders and loan brokers are required to register in the states where they do business. Checking registration does not guarantee that you will be happy with a lender, but it helps weed out the crooks.
- A lender who asks you to wire money or pay a particular person. Legitimate lenders don’t ask anyone to do that.
