If the pandemic has left you in financial difficulties and you are considering taking out a loan there is some important information that you should know about advance fee loans. Upfront fees on loans are illegal - If you have bad credit and a loan broker offers to secure a loan for you for a $50 upfront fee, it is illegal for a company to do that according to the Canadian Anti-Fraud Centre.
The Financial Consumer Agency of Canada has some tips about advance fee loans and some red flags to look out for.
If you have taken out a loan, paid fees upfront and believe that you might have been scammed you need to report it to your local police or contacting the Canadian Anti-Fraud Centre.
From an article by Consumer Protection BC
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