Loan Scam Alert: Golden Mill Lending
by Emily Peters on 12/09/2008
Ugh. It makes me sick to report that a new advanced fee loan scammer is on the prowl. At least this time I stopped the victim before she sent her money.
The lastest loan scammer goes by the name Golden Mill Lending. They offered our victim a $7,500 loan in exchange for a $975 collateral payment. Here are the details:
Fraud Lender Name: Golden Mills Lending
Website: Now deactivated. http://goldenmilllg.com/
Phone Number: 866-884-5750 ext. 100
Fake Loan Amount: $7,500
Requested Payment: $975
Contact Method: Email targeted to a subprime borrower.
This is not a legitimate offer. It is what is often called “advanced-fee loan fraud”
– a common scam in these tough credit times. Do not send a loan scammer company
money under any circumstance. You will never receive the loan or be able to get
your money back. A major warning sign is that the lender will ask you to wire the funds. No authentic business would ever ask a customer to wire transfer money. You can read more about loan scams like these here.
Here's the original email we received:
I applied for a personal loan for people who are hard to finance due to severe credit issues. A few days later I received an email saying I had been approved for a loan in the amount of $7500. I was very surprised to say the least, then I was told I needed to send the loan company $975 as collateral before they could fund my loan. Is this a legitimate offer or a scam?I applied for a personal loan for people who are hard to finance due to severe credit issues. A few days later I received an email saying I had been approved for a loan in the amount of $7500. I was very surprised to say the least, then I was told I needed to send the loan company $975 as collateral before they could fund my loan. Is this a legitimate offer or a scam?
Emily Peters – Credit.com's personal finance expert and former TransUnion credit expert. Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com moderator.
Tagged as:
credit expert,
credit experts,
credit scam,
loan collateral,
loan company,
loan fraud,
loan rip-off,
loan scam,
subprime borrowers
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I almost sent $1500 to these people but something told me not to they told me i was able to get $10,000 and only pay $198 a month to everybody out there dont do it