Could not subscribe, try again later Invalid EmailBogus payday loan ­companies are conning the elderly and vulnerable out of £3.5million a year, a Sunday People probe can reveal. The cheats simply pocket the fee without handing out the loan, leaving victims hundreds of pounds out of pocket. Scam firms have internet addresses hosted abroad but disguise themselves by cloning details of respectable financial companies based in the UK. In 2017 there were over 4,700 reports of loan fee swindles made to Action Fraud. A spokesman said: “Anyone who is asked to pay an upfront fee when ­applying for a loan or credit is at risk of loan fee fraud.

Source: Daily Mirror May 12, 2018 19:41 UTC