The Better Business Bureau warns consumers to be wary of an advance fee loan scam. Its attempting to hijack the reputation and address of Liberty First Credit Union, the reputable Lincoln, Neb. institution.
The BBB serving Nebraska, South Dakota and southwest Iowa is warning consumers about an Advance Fee Loan Scam that is falsely using a Lincoln Nebraska address as well as a name that is very similar to a legitimate Lincoln financial institution. The scam company, Liberty First FG, which claims to be located at 501 S 46th St in Lincoln, is apparently attempting to hijack the name of Liberty First Credit Union, a well-established and reputable firm that is actually located in Lincoln at 501 N 46th St.
BBB was recently contacted by a consumer from Dalton, Georgia who reported, “I was told I had a loan for $3,000 and was asked to wire $341 and then $310 for insurance. After I had paid $651, a Liberty First FG representative told me that they were sending the money to my bank, but now I had to pay an additional $341 to get the loan.”
A BBB investigation of Liberty First FG revealed that it was using the BBB logo on its website, but the company is not and has never been accredited by the Better business Bureau. Their website also has an image of a magnificent high-rise building which is not located in Lincoln, NE. Its website, libertyfirstfg.com, originates from the province of Ontario, Canada and the company has an “F” rating with the BBB.
“Advanced Fee Loan Scams require that consumers pay money up-front to secure a loan, which is illegal,” said Jim Hegarty, BBB President. “Once they wire the funds to the company, the loan money never arrives, and the victim is out any money they wired. The BBB knows of no legitimate company requiring an advance fee prior to providing a loan and urges extreme caution when dealing with any company that asks for money in advance.”