Money Network, LLC – Advance Fee Loan Scam

Date Posted: Monday, March 14, 2016

BE ADVISED, Money Network, LLC SHOULD NOT BE CONFUSED WITH Adworkz Inc. d/b/a Personal Money Network which is currently licensed with the Washington State Department of Financial Institutions. In addition, Money Network, LLC SHOULD NOT BE CONFUSED WITH Money Network Financial, LLC, a company listed by the Department of Revenue through Business License Services.

Money Network, LLC is not licensed with the Washington State Department of Financial Institutions (DFI) to make loans. They are not registered to do business in Washington by the Department of Revenue, Business License Services or the Secretary of State.

DFI received a report indicating a representative from Money Network, LLC called a consumer and informed her that she was approved for a $5,000.00 loan. The consumer was told to wire funds as a good faith payment prior to receiving the loan. Subsequently, the consumer was told to wire additional funds in order to raise her credit score. The consumer wired funds as instructed. However, she did not receive the loan.

The same consumer reported that she received an email containing a loan application. The following information was contained in the email attachment:

Entity named: Money Network LLC (as the lender)
Individual named: Daniel Andrews, “Sr. Loan Officer”
Phone number: (312) 488-1873

Verify Licenses

DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the “Verify a License” feature on DFI’s website at www.dfi.wa.gov.

Report Fraud

If you are suspicious of unlicensed activity by a lender, report directly to your state regulator: find your state regulator(link is external).

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357) or online at www.ftc.gov(link is external); or contact the Consumer Financial Protection Bureau (855) 411-CFPB or online atwww.consumerfinance.gov(link is external). Because the scammers have access to bank account information and social security numbers, victims should consider themselves victims of identity theft and take appropriate precautions. The Federal Trade Commission has information for victims of identity theft available online at www.ftc.gov(link is external).

If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov(link is external).

If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.

Leave A Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.