Loan scams

Any false, deceptive, misleading or fraudulent solicitation involving the advertisement of a loan. Commonly, the ads are found in publications such as newspapers, classified ads, magazines or through online ads and websites. A victim responds to the ad and is required to send an advance fee in order to receive the loan, but never receives it.

Warning signs - How to protect yourself

  • Beware of companies offering a guarantee on your loan even if you have bad credit or no credit.
  • Advertising through a recognized media outlet does not ensure that the ad was placed by a legitimate company.
  • It is illegal for a company to request an upfront fee prior to obtaining your loan.

Were you a victim?

Canadian Anti-Fraud Centre
Toll-free: 1-888-495-8501

Competition Bureau of Canada
Toll-free: 1-800-348-5358

Ontario Provincial Police
Toll-free: 1-888-310-1122

Financial Consumer Agency of Canada
Toll-free: 1-866-461-3222

Better Business Bureau
(BBB Locator Tool)

Fraud: Recognize, report and stop it!

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