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Unfortunately, we are back writing about loan scams again. This is the third time (please read our first two warnings, here and here) we’ve felt that it’s necessary to speak out about scammers who are prying on Canadians. The scammers, working under the name Raymond Credit, have outright copied the loanscanada.ca site and are asking applicants to provide some form of upfront fee, deposit, insurance etc. These scammers are also convincing borrowers that they are the “sister site” to loanscanada.ca.
Raymond Credit is not our sister site and they have no affiliation with loanscanada.ca what so ever.
No Legitimate Lender Will Ever Ask For Upfront Payment
We need to be very clear here, no legitimate lender will ever ask for a borrower to make any form of payment upfront before you receive your actual loan. Whether you are being asked to provide an upfront payment, security fee, or insurance fee, it is a scam and do not provide them with the money or access to your bank account.
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.
Loan Scams to Watch Out For
Loan scams are unfortunately everywhere, this is why it is so important that all Canadian consumer know exactly what to look out for.
- Being asked to transfer money to the lender, before you get your loan, via a prepaid credit card, or Western Union transfer
- Being asked to give access to your bank account through your online banking
- The promise of guaranteed approval
- 0% interest rates
- Lenders with no contact information
- Being pressured into making a decision before you’re ready
- The feeling that it’s too good to be true
Trust Your Instincts
If you need to be convinced that a website is legitimate even though it looks sketchy to you or if anything seems slightly off to you, please trust your instincts. If a loan offer or a “lender” seems too good to be true, they probably are.
The only way we can stop scammers like Raymond Credit is to work together and to be vigilant. Ask questions and make sure you understand exactly what is going on before you sign a contract or provide a payment.
Again, if you or anyone you know has dealt with this type of fraud, please get in contact with the CAFC right away.
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