Washington State Department of Financial Institutions

Consumer Alert:
Fast Loan Services

August 27, 2012

The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer who alleged he applied for a loan online to an entity known as Fast Loans Services a/k/a Fast Loans (“Fast Loans”).

The consumer alleged that Fast Loans requested he pay an advanced fee in order to obtain the loan; and that he paid the advanced fee but did not receive the loan funds. Fast Loans appears to be in the business of defrauding consumers.

Fast Loans is not licensed by DFI to conduct the business of a consumer lender.

DFI could not verify the identity or contact information for the company and it appears to be a fictitious, illegitimate business entity. Its principal(s) may have operated out of the Seattle, Washington area.

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/consumers/findcompany.htm.

Report Violators

If you feel you are in immediate danger contact local law enforcement.

If you are suspicious of unlicensed activity by a mortgage broker, consumer lender, money transmitter, or escrow agent; contact 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, 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, contact the Internet Crime Complaint Center 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.

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