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Advance Fee Loan

Scam Type

Advance Fee Loan Scam

Business Name Used

Speedy Cash

Date Reported

Aug 23, 2022

Victim Postal Code

18661

Total Dollars Lost

325

Scam Description

I received a Conditional Approval Letter for a $2500 loan by Victor Grogan with “Speedy Cash”. Then I’m told I have to send them $100 for insurance on loan via Walmart money card. I do so. Then I’m told I have to send another $225 as my credit score is low I get the card and send them front, back and receipt. Within minutes they call me to tell me someone has hijacked the card electronically, and they can’t retrieve the money. They did receive it and put PIN number on it so I couldn’t use it. They sent me texts for days telling me if I sent more money they would western union me the loan. They have the BBB logo on their loan paperwork, attached. They target people that need a loan and take whatever money they can get for what they call insurance and fees and do not follow through with the loan as guaranteed. They sent me pushy texts telling me to hurry and send them money because they only have 90 minutes to process loan which they have no intentions of lending. They don’t refund the insurance money once you stop sending them money.