Are you looking to borrow a little extra cash? Have you read an ad or online pop-up window that gives you the opportunity to borrow thousands despite your credit rating? If so, did it also state that it will only cost you a small fee to do this?

Before you send in the processing fee or security deposit, be warned that this is likely a scam. Advance fee loans are illegal in Canada. Many consumers have completed the loan application, sent in their money and never heard back from the company. Now they are out both the anticipated “pre-approved” loan and the processing fee.

Remember, if the loan or lender is legitimate, you should never have to pay cash in advance for a loan.

Consumer Protection BC encourages you to make informed decisions before entering into a transaction. There are many reputable companies out there selling valuable products and services, but there are also people waiting to scam unsuspecting consumers. Do your part to recognize fraud and report it. If you need information about disclosure requirements when you are applying for a personal loan in BC, contact Consumer Protection BC at 1 888 563-9963 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it .