MEMPHIS, Tenn. — An Arkansas man is sounding the alarm after he says he was defrauded out of hundreds of dollars in a loan scam. The Better Business Bureau calls it an advance fee loan scam.
These scams are on the rise, and Millis Price doesn’t want anyone else to be a victim.
“Well, you learn from your mistakes,” Price said. “I won’t ever let that happen to me again.”
Price said he lost $700 in an advance fee loan scam.
“It put me back on all of my bills,” Price said. “Everything that was due is going to be past due now.”
Price went online looking for a loan. He wanted to make improvements to his home. So, he applied for several loans.
But then, he got an unsolicited call from a company. In order to get the money, they told him he needed to buy hundreds of dollars in Ebay gift cards.
Price followed directions. He was then sent an agreement.
“I signed that and sent it back to him. He said he needed $200 more to release the money to my funds, ‘I told him well sir I don’t have that much money, I’ve already given you $200. I said ‘you told me the money would be in my bank account 15 minutes after I done that,” Price said.
Needing the money, he sent more gift card information.
“I was already so far in there was no backing out,” Price said.
He realized it was a scam when the so-called lenders told him they weren’t sending him any…
