(with video below) Criminals claim to be the reps of companies that offers payday loans, which are paycheck advances of cash with a short-term payback. The danger is, you could become a victim of this scam even if you never applied for a payday loan in your life. How does the scam work?
Watch the video below to see in action the Payday Loan Scam exposed:
Payday Loan Scam in the News Video
Most of the callers identify themselves as attorneys for the loan company. They obtain credit card information, dates of birth, confidential telephone numbers and other personal information, and then proceed to victimize the residents.
Even worse, they threaten the victims with blackmailing if they don't receive the amount.
Try to stay away from business pitched over the phone, especially if they are payday loans. Do not respond to their threats. Ignore them and inform the Police or the closest law enforcement agencies.
Feel free to post below the names of the scammers, if you were contacted. If you want to borrow money from payday loans agencies, use only reputable companies.
Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:
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