BBB warns against online loan company

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by KMOV.com Staff

KMOV.com

Posted on December 20, 2012 at 11:32 PM

Updated Thursday, Dec 20 at 11:40 PM

ST. LOUIS (KMOV.com) – The Better Business Bureau is issuing a warning to residents about an online loan company.

Many residents turn to online loans for quick cash over the holidays, especially if they have poor credit.

Choice Loan Consulting has an “F” grade with the BBB, and reportedly scammed a St. Charles woman out of almost $2,700.

The victim followed the company’s instructions to wire the money  through a pre-paid card.

The BBB says the requirement to wire money should have been a red flag.

“They want so desperately to believe it,” said Chris Thetford with the BBB. “The reality is nobody is going to make you a loan and then require you to wire the money to pay for these things. If you’re asked to wire money to get a loan, you should back away, not proceed.”

Choice Loan’s website has been taken down as of Thursday. More than a dozen

complaints have been filed with the utah-based company in the past year.

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