Loan website scam warning
BOSSIER PARISH, LA (KSLA) – Bossier’s Financial Crimes Task Force advises residents on a website that promises help getting a personal loan but has left at least one local person in financial loss.
They say www.pinevalleyfinancial.com may sound legitimate enough, but the site has become the target of recent complaints from online consumers, including one from a Bossier City woman who contacted the task force after her dealings with the site made him lose hundreds of dollars.
The victim says she was contacted by email by Pine Valley Financial after being turned down for a $ 5,000 loan by an online lender with a different name. It is not known how Pine Valley Financial obtained the victim’s email or how she found out she was trying to get a loan. Pine Valley Financial told the victim they could give him the loan, but was ordered to wire them a “security payment” of nearly $ 800. The victim was informed that his loan would then almost immediately be transferred to his bank account. The victim wired the money to Pine Valley Financial almost two weeks ago and never received the loan.
Detectives say you should never have to submit a large amount of money before receiving the funds for a loan and never wire money to a lender.
The Louisiana Attorney General’s office also recommends that consumers watch for these other red flags that can signal a loan scam:
- A lender who doesn’t care about your credit history. Ads with phrases like “Bad credit? No problem ! Often indicates a scam.
- Charges that are not clearly or prominently disclosed. A bogus lender may say you’re approved for a loan, but charge a fee before they can get the money. Legitimate lenders often charge an application or credit file fee, but these fees are clearly disclosed.
- A loan offered to you over the phone.
- A lender who uses a name similar to that of an established and legitimate lender.
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