Beware of Fraudulent Lenders Impersonating Loans Canada

Is Loans Canada Legit?

Loan Canada is a legitimate business that is accredited by the BBB. It was first established in 2012 and now is one of Canada’s top-growing companies according to the Globe and Mail. 

Watch Out For Fraudulent Impersonation Of Loans Canada Employees

We have recently become aware of a new tactic that fraudulent lenders are using to scam consumers. They are creating fake loan approval documents using the names of real Loans Canada employees. Unfortunately, this makes navigating scams more difficult. 

Loans Canada does not send loan approval letters. Loans Canada is not a lender. You will never receive a loan approval letter from us.

If you ever receive a loan approval letter from Loans Canada it is a scam.

How Can You Tell If You Received A Fraudulent Loan Approval Letter?

Look at the email address sending the email.

• It is suspiciously long?
• Is it from a @gmail, @hotmail, or @yahoo address?

If you would like us to verify an email you’ve received please email us at support@loanscanada.ca.

Example Of A Fake Loan Approval Letter

“Legal Notices” & “Arrest Warrants” – Loan Scam 

If you have recently received a “legal notice” or “arrest warrant” sent on behalf of “Loans Canada”, it is a scam. 

LoansCanada.ca will never send out any type of “legal notice”. Furthermore, an arrest warrant must come from an official law enforcement entity. No lender, financial service provider, company, debt collection company, debt collection officer, etc, can legally send an “arrest warrant”.  

How To Tell If It’s A Scam

• You received an email sent from an @gmail, @hotmail, or @yahoo address.
• The document or email contains images or clipart.
• There are a lot of spelling and grammar mistakes and/or aggressive over-dramatic statements (for example, “All of your bank accounts will be seized thru major credit bureaus”). 

Examples Of A Scammer Email 

What To Do If You Receive A “Legal Notice” Or “Arrest Warrant” From “Loans Canada”? 

If you receive an email from these scammers that says you’re being sued by “Loans Canada” or that there is an arrest out for your arrest because you failed to pay off a loan from “Loan Canada”, do not engage with these people. Do not provide them with any personal information or any financial information, and do not give them any money or access to your online banking. 

Other Steps To Take When You Get An Email From A Scammer

1. Don’t click on any links – Some links can be dangerous and compromise the security of your Personally Identifiable Information (PII).
2. Do not download any documents – If there are any documents attached to the email, do not download them, some can contain malware and virus that can compromise your computer’s security. 
3. Delete and block – Delete and block the user to prevent any further interaction. 
4. Report the scammer – Be sure to also report the scammer to the Canadian Anti-Fraud Centre. 

Email Addresses And Names Associated With This Scam

• canadafrauddepartment@gmail.com
• Coralia Bulhoes 
• Jason Oliva
• Donald R Summer
• Ron Clark
• Dean Queensland

Fraudulent Use Of The Name “Loans Canada”

It has come to our attention that certain companies, operating under several names, have been posing as a loan referral service. After a consumer has applied with one of these “companies”, the applicant will have a specific amount of money debited directly from their bank account. The transaction description may contain the term “Loans Canada” or similar. This has caused a lot of confusion as we operate our business using the URL loanscananda.ca. We want to make it abundantly clear that we are not associated with any of these companies at all, directly or by extension.

Please be advised that the following companies have no affiliation with loanscanada.ca and are known scammers:

A Note On Upfront Fees

We want to make it very clear that we, loanscanada.ca, do not ask our clients for any type of upfront fee, security fee, or insurance fee (read more about loan insurance scams here). This is not only an unethical business practice that greatly affects hard-working Canadians, but it is also a scam and it is illegal. If any loan company asks you to provide them with a specific amount of money before you can gain access to your loan, do not give them the money.  If you have already provided them with access to your bank account:

• Get in contact with your bank right away.
• Authorize a complete stop payment on all future withdrawals from the company in question.
• Finally, get in contact with the Canadian Anti-Fraud Centre (CAFC) to report your experience with a fraudulent lender.

Please also be advised that loanscanada.ca or any of our partners will never ask you to directly transfer any amount of money to any account under the guise of loan insurance. We have recently been provided with updated information about scammers who request that consumers directly deposit money into numerous bank accounts at the request of these so-called loan insurance providers. This is a scam. 

Red Flags To Watch Out For

Unfortunately, loan scams are extremely common. For every reputable lender, there is a fraudulent one looking to scam unsuspecting consumers out of their money. One of the best ways to help prevent these scammers from succeeding is to be as informed as possible. Here are some of the most common red flags to look out for:

• The promise of a guaranteed approval
• 0% interest rates
• Lenders with no contact information
• Being pressured into deciding before you’re ready.
• The feeling that it’s too good to be true
• Being asked to transfer money to the lender, before you get your loan, via a prepaid credit card or Western Union transfer.

For more information on how to avoid loan scams, read this article. 

Bottom Line

The only way we can stop these deceptive companies is through vigilance. No matter what type of company you’re working with, big or small, well-established or new, if you have to sign a contract, please always make sure you understand what you are signing.

Again, if you or anyone you know has dealt with this type of fraud, please get in contact with the CAFC right away.