Another Scummy Payday Loan Scam

A Marshfield man came into the Marshfield Police Department at 3:16 p.m. to report a possible fraud. The man had applied to several payday loan online loan businesses but had been denied by all of them until he was contacted via email by an alleged loan company calling itself “Speedy Cash.”

The man said the email already had his information, and when he called he spoke with a male with a strong accent. The man said he would be approved for a loan of $5,000 even though he only needed $500.

He was then instructed to obtain $500 worth of gift cards to begin the loan process. He did so and sent a picture of the gift cards’ pin numbers. The man did not receive any payment to his bank account, and the so-called “Speedy Cash” representative now needed $200 more.

Police informed the man that this so-called “Speedy Cash” lender was indeed a fraudulent business. The man then called “Speedy Cash,” and when he explained he was at the police department, the representative dropped the accent, cursed at him, and hung up the phone.

The man was advised to contact his bank as he gave out his account number as well as his Social Security number and was instructed on identity theft protection.

Note: There is indeed a legitamate lender called “Speedy Cash.” They have a good reputation and are active members of The CFSA.

Consumers who simply must get their hands on quick cash MUST be careful. Payday loan scammers are everywhere…

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