The pandemic has resulted in thousands of Canadians strapped for cash and looking for loans. Fortunately, the government has several programs in place to help. Consumers can also turn to quick loans like car finance Ajax Ontario. But according to news agencies, the need for quick cash also means that dubious lenders are once again on the rise.
BBB Reminds Consumers to be Wary of Advance Fees
The Better Business Bureau (BBB) of Ontario has reminded consumers to stay away from lenders offering “advance-fee loans.” These loans require the borrower to pay a fee upfront before they can borrow money. According to the BBB, some companies are using terminologies like “credit protection” or “administration fee” to cover these illegal charges. Once the upfront fee has been paid, the company would then disappear. Based on the BBB’s ScamTracker, hundreds of Canadians have already fallen victim to this practice.
What can consumers do? The BBB advises consumers to walk away from any fast loan that has an upfront fee or guarantees approval even before any documents have been submitted. The agency also said borrowers should check the registration dates of online companies and pay attention to details (ex. phone number from one city but address in another area). They can also use the BBB’s ScamTracker to look for information on the lender. Lastly, they should report any dubious offers or documents to the BBB so they can investigate and inform the public.
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