The CTV News segment, “Consumer Alert,” warns viewers about advance fee loan scams. Reporter Pat Foran highlights the story of Linda Bailey, a woman struggling financially who sought a $20,000 loan online. She contacted a company called Dynamic Resource Solutions, which appeared legitimate with positive reviews.
However, the company required a $4,000 upfront fee to secure the loan. After paying, Bailey never received the loan and lost her money, worsening her financial situation. The Better Business Bureau advises that requesting upfront fees for loans is illegal in Ontario and warns that scammers often target individuals with poor credit by guaranteeing loans without credit checks.