Brookfield Lending: Portrait of a Loan Scam Company

If you stumbled across the Brookfield Lending website while searching for a loan, you probably wouldn't think twice.

It's nicely designed, with flash navigation and lots of photos. There's all sorts of warm and friendly text, including a reference to them being "one of the fastest growing credit brokers in North America."

But if you were to apply with this seemingly authentic lender, it would be a nightmare. Brookfield Lending is a cover for an advanced-fee loan scam. If you contacted them, they supposedly approve your loan and would ask you to wire a deposit or insurance payment. After you sent your hundreds or thousands of dollars, you'd never hear from them again.

We heard about this latest loan scammer directly from a branch manager with the Better Business Bureau. He had called our offices to warn us about this particularly convincing scam. A quick Google search turns up the real story of Brookfield lending. The Ripoff Report has 13 reports from consumers about these fraudsters. 

The Brookfield website offers a rare opportunity to study an advanced-fee loan scammer up close. When you start digging around the site in more detail, it is easy to spot some warning signs:

• No VeriSign or Trust-e security seals at the bottom of the page. Check out the bottom of E-loan or Credit.com for an example. Nearly every authentic online retailer posts these important online security certification.
• No physical address. They don't even refer to being in one state or area.
• Typos in the text of the website.
• Not compatible with Firefox internet browser.
• No meta tags on the website. The page has no title in the top left of your browser window, a basic web marketing element used by established companies.
• No application. Most online lenders have actual online applications to process your request. Always check to see that these applications are on secure (https) pages.
• Only email contact. A real lender would offer multiple ways to contact them, not just an online email form.
• Better Business Report. Brookfield has a report with the BBB. It is only when you read the details that you realize the BBB is trying to warn you that they're a fake company. A closer reading shows that "It is the position of the Bureau that Brookfield Lending Service's advanced fee loan offer is deceptive and misleading."

Take a look at the Brookside Lending website for yourself. Hopefully, it can help you learn how to avoid other scam lenders in the future. And tell your friends and family about this dangerous loan fraud. If you want to read more about advanced-fee loan fraud, this FTC article is a great place to start.

And if you are contacted by a lender asking you to send money in exchange for a loan, DON'T DO IT! Instead, immediately report your case to the Federal Trade Commission, Consumer Affairs and Phone Busters in Canada (usually where the funds are sent). You may also want to share your story with your political representatives, state attorney general, local news media, friends and family.

Update: Here's another bad lender to add to the list: Kennedy Advantage Plus. We received a call from a customer who had sent these fraudsters $1,600 for a $10,000 loan.

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