Ecapitalloans steals personal information and money from loan applicants

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BBB has received hundreds of inquiries and complaints from 11 states about credit companies, E-Capital Loans LLC. The company, which claims to be based in Dallas, TX, is stealing personal information and money from loan applicants.

According to consumer complaints, Ecapitalloans asked applicants to provide detailed bank details, passwords and security questions. They claimed it was necessary to make the loan deposit. Once this application was submitted, loan applicants were directed to send funds via Gift Cards or CashApp in order to receive their full loan amount. However, these promised funds were never deposited.

BBB of north central Texas began receiving reports from consumers in early October 2020. Their investigation revealed that the company was using an incorrect address. Your online application requires consumers to provide extensive personal information, including driver’s license number and social security number. In consumer-provided filings, the company incorrectly mentions BBB trademarks and claims to be affiliated with Better Business Bureau.

Monica Horton, BBB spokesperson, said: “BBB expects more fraud activities like this in the current economic climate as more and more consumers are looking for funding. Advance loan fraud is not new to BBB and consumers should exercise extreme caution when searching for loans online. “

Consumer complaints received by BBB include:

Patrick from New Hampsire: “I got a call from Ecapitalloans saying they approved a $ 3,000 loan for me. They had all of my information, SSN, bank details, address, everything. I had no reason to doubt it until they said they would send a small deposit and I would have to send it back through CashApp or gift cards. At that moment I knew what was happening, but it was already moving. Bank of America closed my account the day before I made my direct deposit, and now I’m broke and fucked. I called the number back and the guy who answered scolded me and said crazy things. “

Maria from Colorado: “I was told I was approved $ 3,000, but I said I was going to take $ 2,000. They made two deposits into my account. The company told me to get two Nike gift cards. One was for $ 495 and the other for $ 400. They said I would get my $ 2,000 as soon as I got the two gift cards. I didn’t get the loan. I closed my bank account and reopened a new one, to avoid further problems. They told me they were with BBB. I should. I knew better. I lost $ 895 and have to pay it back to my bank. “

Barbara from Chicago: “I applied for a loan. The company asked me to buy eBay gift cards for them, and they would put the money into my bank account. I bought the gift cards over several days for a total of $ 2,001.27. You made me believe they paid. ” me back by making fake deposits into my checking account. Needless to say, those checks have bounced! I spent over $ 300 in bank charges. Needless to say, I never got a loan from them … “

Renate from Alabama: “You received my entire Social Security Disability Check on Friday, October 2nd, 2020. I had $ 1,012 deposited into my account. They left me $ 14.00 and some change and I had no chance to pay a bill. “

Tips to avoid advance loan fraud:

  • Avoid guarantees and unusual payment methods. Real lenders never guarantee a loan in advance. They will check your creditworthiness and other documents before listing an interest rate and / or loan amount and will not ask you to pay an upfront fee. Fees are never paid through Green Dot MoneyPaks, iTunes cards, or money transfers. Unusual payment methods and payments to an individual are great indicators.
  • Legitimate lenders never ask you to pay to process your application. Real estate is an exception; It is accepted and common for lenders to request payment for a credit report or rating.
  • Never give out your credit card number, bank account information, or social security number over the phone or online unless you know who you’re doing business with.

For more informations

If you are a victim of this scam, help others not to become a victim by reporting what happened BBB scam tracker or fill a BBB complaint.

Before submitting any personal information, make sure you know who you are dealing with by checking the company below BBB.org.

cash BBB tips how to spot loan advance fraud.

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