The Better Business Bureau of Minnesota and North Dakota has discovered another advance fee loan company claiming to operate out of Fargo, North Dakota. Last week, our BBB issued an alert on Fraser Brokerage, a company promising consumers advance fee loans over the telephone, a practice which is illegal in the U.S. and Canada.
Earlier this week, Wakefield Financial, another fraudulent online entity offering advance fee loans -- and claiming a Fargo address -- was brought to our attention. The BBB is confident they are not actually at this address. Two U.S. consumers have fallen victim to this company so far and in each case they wired money to Spain and then did not receive promised loans.
People should be extremely wary of any website that guarantees loans regardless of credit and should also never wire money (or send it via MoneyPak) to anyone they don't know. It is the experience of the BBB that people who pay fees upfront to online entities like this never receive their loans.