Advance Fee Loan Scam Alert: MONTANA MUTUAL of Billings, MT
Cold Calling People, Offering Loans for Advance Fee
ADVANCE FEE LOAN SCAMS ARE ONE OF THE BBB’S TOP TEN SCAMS OF 2010
2825 3rd Ave. 6th Floor, Billings, MT 59101
(No such address in Billings, MT)
877-810-7024 or 406-206-4787
(406# traces to phone booth)
Today, the BBB was made aware of an advance fee loan scam using Montana information (including phone number, address and names) to purport the scam. A PA resident contacted BBB to report that he had received a random call on his cell phone offering him a loan. When he received the paperwork, it required him to make three upfront monthly payments “as collateral” prior to securing the loan and releasing funds. This activity is illegal in the United States.
BBB has received inquiries regarding this group, and has confirmed with the Montana Department of Banking and Financial Institutions that this is a scam, and that their office, too, has been receiving calls regarding this group. MT Department of Banking and Financial Insitutions was able to confirm that the address being used does not exist, and that the 406# being used does not trace to a legitimate place of business. Also, this company is not properly registered to offer loans in the state of Montana.
The BBB and FTC offer the following tips on what to watch for when seeking a loan:
If you have fallen victim to this scam, report it ASAP to the following: FBI, Internet Complaint Center www.ic3.gov and the Federal Trade Commission at www.ftc.gov Make sure the loan company you work with is properly registered as a legitimate business PRIOR to agreeing or signing a contract. Contact the Montana Department of Banking and Financial Institutions at 406-841-2918 to check on proper licensing for any Montana lender.