All > Business > Finance > Personal Finance > Consumer Credit
A form of fraud in which consumers are asked to pay a fee up front and receive a quick loan of a large size with a very low APR. Consumers are lured to wire funds (oftentimes to Canada ) through newspaper and internet advertisements.
State of Maine, Department of Professional and Financial Regulation - Cite This Source - This Definition- Browse Related Terms: Advance Fee Loan Scam, Conforming Loan, construction loan, Credit Service Organization, Cure, Debit card, Default, Escrow Account, Jumbo, Loan/Mortgage Broker, processor, Third Party Fees