Banking Department Warns Consumers about Suspected Scams
The Department of Banking has warned consumers about several suspected financial scams by companies claiming to be based in Pennsylvania.
The department has received inquiries regarding Power Loans, which claims to be located at 210 W. Hamilton Ave., State College, offering mortgages, personal, and debt consolidation loans. There is no company by this name located at the address or licensed by the Department of Banking. In addition, the Power Loans Web site contains an electronic loan application that requests personal information including Social Security number and bank account numbers, which can potentially be used to commit identity theft or withdraw funds from a victim's accounts.
The department continues to receive inquiries regarding First Star Lending Services and First Star Credit Union. Both claim to be located at 1800 Loucks Rd., Suite 850, York, offering a wide array of credit products including mortgages and personal loans. First Star Lending Services is not licensed by the Department of Banking and First Star Credit Union is not chartered by the department or the National Credit Union Administration.
In all of these cases, consumers were asked to send money (advance fees) to the so-called lender prior to receiving a loan.
Victims of these or any other advance fee loan scam are urged to notify the Pennsylvania Department of Banking at 1-800-PA-BANKS (within PA) or 717- 787-1854.