How Online Loan Scams Work
The common used strategy by online loan scams is to ask borrowers an upfront fee for a credit that they will ultimately never receive anyway.
Scammers like Virtual One Credit Union will usually contact you out of the blue by mail or phone and offers you a loan. You will then be put under pressure to pay the fee as fast as possible. Once you paid the fee, online loan scam firms will usually try to get some more “fees” out of you until you smell the scam and ultimately refuse. At that point you won’t hear from them anymore.
Many scam firms fraudulently claim to be based in a regulated juridiction using fake addresses and regulation licences in order to look truthfull in the eyes of future clients.
Don’t fall into their trap.