How to Track a Private Lender Scam
Fraudulent lenders typically target those in emergency situations. These lenders also prey on young consumers not sophisticated in financing and those with poor credit ratings who are unable to secure a loan through a traditional lender such as a commercial lender, bank or credit union. These scams generally require the borrower to deposit a down payment or advance approval fee.
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Instructions
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Document any and all contact with the lender. Write down the date, time and a summary of the conversation. Make additional notes about promises to repay any fees or any other promises the lender claims. Make recordings of any voice mails and print copies of all emails between you and the lender.
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Gather all pertinent documents such as bank statements, canceled checks, the loan agreement, any statements provided by your bank or credit union demonstrating funds were not transferred or lender checks that were returned for insufficient funds. Also gather any checks you had written -- in anticipation of the loan -- that were returned for insufficient funds. Ask your bank for the routing number of the lender's account if applicable.
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Instruct your bank or credit union not to accept any money deposited by the lender or to approve any payments or transfer requests to the lender.
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Hire a private investigator. Speak with a licensed private investigator about the incident and learn how he would document the lending scam. If the private investigator can gather enough evidence to establish a fraud was committed against you, phone the authorities and report it.
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