Business ProfileforLoan Market Association LLC

BBB records indicate this is an advance fee loan scheme exploiting the name of a legitimate organization based in London, England. Loan Market Association LLC of London is a trade association whose members are commercial and investment banks, institutional investors, law firms, service providers and rating agencies. It does not offer or provide loans or loan management services to any individuals or institutions. The association has no office locations in the United States.

Complaint records allege this scheme requires individuals and small businesses to pay an upfront fee of $1000 or more for payment protection insurance in order to secure a loan. Applicants are instructed to pay the upfront fee by Western Union to Money Insurance or Financial Insurance Company before the loan can be disbursed. Complaint records further allege that once the fee has been paid, the primary contact at the company ceases all forms of communication with the applicant. BBB has made attempts to contact this company by mail, but as of July 25, 2013 it has not received a response.

BBB wants you to know advance fee loans are not legal and are a scam. Do not ever use Western Union, Money Gram or any other type of wire transfer service to wire cash in advance of a loan. Once funds have been wired it is virtually impossible to reverse the transfer, trace the money, or track the recipients. The BBB also warns consumers to not provide personal information including banking information or social security numbers to a company they are not familiar with.