Crime File: Gardaí warn Limerick public as online loan scam targets would be borrowers

Gardai are looking to caution the Limerick public about Advance Fee Fraud.

"A number of fake websites are offering un-secured loans and are targeting vulnerable persons who have had difficulty obtaining loans from established financial institutions. A person applies for a loan through a website that offers loans which will be processed quickly. The person provides lots of details including contact details. Within a very short time, often minutes, the person will receive a call or communication informing them that their loan application has been approved and providing details of the monthly repayment. The person will then be asked to send an amount of money to the lender and different reasons given for this" admitted Sergeant Ber Leetch

Gardai received a report of an advance fee fraud this week where a lady applied for a loan on-line from a site that appeared to be a legitimate loan site. She was informed by phone that the loan had been granted and was asked to pay €699 to guarantee the loan. She paid that amount into a Revolut account. A short time later she received another call from this loan company, looking for a further deposit to pay for administration fees. This time it was for  €950 and unfortunately she also paid this amount into the same Revolut account. When she didn’t receive the loan amount she contacted her bank who informed her that this was a scam. 

What should a person do if they intend applying for a loan on-line?

Always check the official Central Bank website to see if the firm is authorised by the Central Bank. The register of authorised firms can be accessed at http://registers.centralbank.ie/ 

Never apply for a loan from an entity that is not authorised by the Central Bank.