“Your Loan Is Almost Approved,” Except You Never Applied

By Greg Collier

The Better Business Bureau is warning consumers about a phony loan scam that is showing up in reports across Connecticut, and it’s the kind of scheme that can easily spread beyond state lines.

These operations routinely rotate phone numbers, target new regions, and reuse the same scripts nationwide.

What’s Going On

According to the BBB, nearly two dozen complaints have been filed in a short period of time involving a caller claiming to be from a financial institution whose name closely resembles a well-known bank.

That similarity is intentional.

Consumers report receiving repeated calls and voicemails from a supposed “underwriting department,” claiming the recipient has a personal loan nearly approved for around $60,000 despite having no memory of applying.

The Script (Straight From the Scam)

The voicemail typically follows a familiar pattern:

The caller says they are following up on a prior loan request, claims your file is nearly approved, and urges you to respond quickly. They may suggest you applied months ago but were previously denied, and that underwriting standards have now “opened up,” especially for people with lower credit.

The intent is to create confusion, urgency, and just enough plausibility to get you to call back.

Scam Breakdown

This is a classic advanced-fee loan phishing scam.

The outcome is usually the same:

  1. You return the call
  2. You’re told a fee is required to finalize or “lock in” the loan
  3. You’re asked for payment and personal information
  4. The caller disappears, and no loan ever materializes

Red Flags

The BBB highlights several warning signs that consistently appear in these scams:

  • Loan guarantees without reviewing your credit history
  • Up-front fees before any money is delivered
  • Vague or shifting explanations about costs
  • Pressure through repeated calls and deadlines
  • Names designed to cause brand confusion

Quick Tip: It’s also important to know that it is illegal for companies doing business by phone to promise a loan and require payment before providing it.

If You’ve Been Targeted

The BBB recommends several basic protections:

  1. Never pay an up-front fee to receive a loan
  2. Avoid guarantees and unusual payment methods
  3. Verify independently

If someone contacts you about a loan you don’t remember applying for, pause and verify before engaging. Legitimate lenders do not cold-call consumers with nearly approved loan offers.

Final Thoughts

This scam is being reported in Connecticut now, but its structure is common and easily reused elsewhere. Geographic boundaries don’t stop phone-based fraud, and a familiar-sounding name doesn’t mean a legitimate business.

If you receive one of these calls, don’t engage. Report it to the Better Business Bureau Scam Tracker so others can be warned before they lose money or personal information.

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