A & P Financial Loans: Advance Fee Loan Scam

Everyone seems to need extra cash these days. But we warn you not to ask for a loan from a business called A & P Financial Loans. According to information BBB has received from consumers, it appears to be an advance free loan scam. 

A & P Financial Loans claims they will provide you with a loan if you wire money to pay for the insurance on the loan in advance. However, the business never sends you the money. The promise of a loan is merely a ploy to get you to wire untraceable funds to scammers across international borders.

loan 150x150 A & P Financial Loans: Advance Fee Loan ScamOne consumer tells us she was asked to wire 500.00 upfront to get a $5,000.00 loan. Another consumer applied for a loan and they told her to send $720.00. And one unfortunate consumer wired $620 to the business and deeply regrets what happened afterward.

“They did not send the money as promised nor would they refund the amount I sent them back to me for canceling the insurance.”

The business claims they are operating here in downtown Cincinnati. But BBB contacted the building administrative offices at 312 Walnut Street and found that was not the case. No business by the name A & P Financial Loans is operating at that address.

BBB found that this business is not registered as a lending institution with the Ohio Department of Commerce or registered as a legal entity with the Ohio Secretary of State.

Any individual or business owner who suspects that he or she may have been victimized by this scam should file a complaint with the BBB. Victims are also strongly urged to contact their state’s Attorney General’s Office, their local police and the Federal Trade Commission at 877-382-4357 to file a complaint. If instructed to wire funds to Canada, victims can also contact the Canadian Anti-Fraud Center, otherwise known as PhoneBusters by calling 1-888-495-8501.

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About Trisha Sefakis

I started at BBB|Cincinnati in 2004 as the Database Coordinator, I am now the Manager of Digital Media.