Trading Standards warn about loan scam

The Lincolnshire Trading standards are warning residents to be vigilant after a spate of bogus loan companies have targeted individuals in Lincolnshire. The companies, who claim to offer low rate loans, target the elderly as well as those currently in business, and request a deposit of anywhere between £100 and £200.

From there they will normally explain that there is a discrepancy in terms of a person’s credit history and request a further amount to fully secure the loan. As is to be expected, there is no loan and the person will not see their money returned.

Trading standards have warned residents that no loan companies would ever demand a fee before offering money, and that residents should be wary about making payments over the phone by card, unless they have familiar dealings with the company.