US Loan Services LLC - Advance Fee Scam



Date Posted: 
Thursday, November 1, 2012

The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer who reported they applied for a loan through US Loan Services LLC.

Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that US Loan Services LLC is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions.

How the Potential Scam Works

  • Consumers are advised that they have been approved for a loan and must send money through Money Gram or Western Union to prepay a few months of loan payments;
  • The consumer is told that additional payments must be made (for fees, interest, taxes, etc.);
  • US Loan Services LLC may send letters that appear to be from a legitimate bank guaranteeing the money for the loan;
  • US Loan Services LLC may also send letters that appear to be from Western Union or Money Gram stating a deposit is required to get the loan released;
  • A loan is never provided.

Verify License

DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the “Verify a License” feature on the DFI’s website at www.dfi.wa.gov.

Payday Loan Debt Collection Laws

Collection activities are subject to the federal Fair Debt Collection Practices Act. Therefore, if you have questions regarding debt collection laws please contact the Federal Trade Commission at 1-877-FTC HELP, or online at www.ftc.gov.

Debt collectors cannot state or imply that failure to pay a debt is a crime. They cannot call before 8:00 a.m. or after 9:00 p.m. They cannot harass or abuse consumers, or contact consumers' places of employment.

Report Fraud

If you are suspicious of unlicensed activity by a payday lender please contact the DFI at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov.

If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.