Scanlon Lending Group: It's Not a Business, It's a Scam!

September 24, 2009
The Better Business Bureau was contacted this week by a consumer who was "approved" for a $5000 loan at 7% interest, to be paid back with monthly payments of $99.01 over 60 months.  The loan was offered by "Scanlon Lending Group," which has a website at www.scanlonlendinggroup.comCLICK HERE to view the fraudulent loan documents which were e-mailed to the consumer.

Problem is, this is an advance fee loan scam.  The business asked the consumer to wire an advance "collateral payment" of $875 "to secure the loan."  According to the loan documents, this advance payment would be applied to the loan balance "after consecutive payments of six months." Truth is, no loan will ever be made once this money is wired.  Instead, the consumer is likely to be asked to wire even more money, because of some problem (such as "a lower credit score than expected") that has arisen during the loan processing.

Fact is, Scanlon Lending Group has no intention of making a $5000 loan.  The only goal of this non-existent business is to steal as much money as the schemers can convince a consumer to wire to them.

The Scanlon Lending Group website and loan documents state that the business is located at 400 W. Market Street, Suite 1205, Louisville, KY 40202.  This is the address of Aegon Center, a high rise office building in Louisville, KY which houses law firms and other businesses. However, the building's management has advised the BBB that there is no Suite 1205 and no tenant by the name of Scanlon Lending Group.

The BBB's advice stands:  never wire money, for any reason, to someone you don't know well and trust completely.