Checked
Written from official fraud-agency notices. Every figure and piece of advice is checked against the sources listed at the bottom.
What we found
Set out in the same plain format as reader reports.
- What kind of scam?
- Prizes, loans and charity
- In short
- An ad or caller promises a loan or credit card whatever your credit history, then asks you to pay a "processing" or "insurance" fee up front.
- How does it reach you?
- Online advert or phone call
- What does the message look like?
- Example advert written by us.Bad credit? No problem. Loan approved, $5,000. Pay a $150 insurance fee by crypto to release the funds today.
- How can you spot it?
- "Bad credit? No problem."
Credit with no credit check is a lure. - A fee before the loan
Labelled processing, insurance or paperwork. - An unsolicited loan call
Telemarketers cannot promise a loan and ask you to pay for it up front. - Payment by crypto, wire or gift card
Methods you cannot easily reverse.
- "Bad credit? No problem."
- Is it growing?
- It is ongoing
- Where do I report it?
- FTC ReportFraud
reportfraud.ftc.gov
- FTC ReportFraud
If this happened to you
- Walk away from anyone who asks for payment in advance.
- Check the lender is registered with your state or national regulator.
- Search the company name with "review" or "complaint".
- If you paid, act quickly. Report it at ReportFraud.ftc.gov.
Sources (1)
Sources
- US Federal Trade Commission: What to know about advance-fee loans (Checked 18 Oct 2026)