Maple Leaf Racket - Canadian scam hits UK
A Canadian "advance fee" loans scam has hit British shores, threatening to sting borrowers for thousands. According to a warning issued by the Office of Fair Trading (OFT) this weekend, advertisements have appeared in local newspapers which offer borrowers fast loans, regardless of their credit history.
The adverts are typically placed in the classified sections of free or local newspapers. The OFT says that "Consumers who respond to these adverts are told that their loan has been agreed but before they can have the money they will need to pay a fee to cover insurance of the loan.