White Oak Finance UK possible Scam Report asking for upfront fees

Loan scams happen when a victim is asked to pay an upfront fee for a loan.

This has typically happened with White Oak UK Finance

A person will typically reply to an advert for a fast loan and will have their application approved regardless of their credit history. Before they receive the loan, they are told them must pay an upfront fee to cover insurance for the loan.

Once this fee is paid, the victim does not hear from the company again and the loan is never received.

Loan scams are a type of advance fee fraud and White OAK UK have been known to do this, in addition to offering their crazy interest rates.

A growing number of people are getting caught out by bogus loan companies - particularly "advance fee" loan scams. These are becoming more common because of the tight credit policies being implemented by traditional lenders. Those who don't qualify for loans will look elsewhere - while there are legitimate specialist lenders (and Solution Loans has relationships with some of these) who could help, there are "lenders" who seek to do no more than take your money.

How do Fake Loan Scams Work?

You'll be asked to pay an up front "set up" fee and potentially "transfer fees" or "no guarantor" fees. After sending this cash and being promised that your loan would be deposited immediately nothing will happen. You will chase and then you may receive further calls requiring further payments. The scammers may also use the trading name of a legitimate lender or broker to convince you of their authenticity (referring you to websites they don't run simply to enhance their credibility), but it is likely that any office address they give you will be false and any phone numbers they give you simply re-routed to take you off the scent as to where they really are. If you are asked to pay by Western Union money transfer (or similar service) you won't even have a record of exactly where your money ends up - it often heads out of the UK.