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Pennsylvania Banking Department Warns of Advance Fee Loan Scam

The Pennsylvania Department of Banking today warned the public about an advance fee loan scam being carried out on the Internet under the name Ridley Creek Financing Group.

According to the Department of Banking, the company’s Web site solicits personal loans and asks for personal financial information, such as Social Security numbers, which could be used to commit identity fraud and drain victim’s accounts. The company also asks for funds to be wired to process the loan.

The Pennsylvania Department of Banking today warned the public about an advance fee loan scam being carried out on the Internet under the name Ridley Creek Financing Group.

According to the Department of Banking, the company’s Web site solicits personal loans and asks for personal financial information, such as Social Security numbers, which could be used to commit identity fraud and drain victim’s accounts. The company also asks for funds to be wired to process the loan.

Ridley Creek Financing Group represents itself as a Philadelphia-based lender. However, the Pennsylvania Department of Banking says there is no such company located at the address listed on the Web site or licensed by the Department.

Advance fee loan scams typically target individuals with poor credit histories using promises of guaranteed approvals and no credit checks. After being “approved,” the victim is asked to pay a fee in order to receive their loans. Ultimately, the scammer pockets the fee and the victim receives nothing.

Victims of these or any other advance fee loan scam are urged to notify the Pennsylvania Department of Banking at 1-800-PA-BANKS (1-800-722-2657).

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