State issues warning of advanced-fee loan scam

The Washington State Department of Financial Institutions (DFI) has issued a warning to consumers about a company offering unsecured loans requiring a significant advanced fee.

DFI has received complaints from consumers regarding Manchester Capital Trust. Consumers allege that they received an email or a telephone solicitation advising they were pre-qualified to receive an unsecured loan.
The consumers then contacted the company, which confirmed that a term of the loan is that a certain number of months of payment must be provided to the company in advance. Occasionally, the consumers were told that an international company need to receive the initial payments before it would release the funds.

Manchester Capital Trust is not licensed with DFI as a consumer lender. DFI has been unable to contact any individuals related to this entity.

DFI strongly recommends that residents verify the license of any lender with which they consider doing business and report any suspicious activity. You can verify a license with DFI at www.dfi.wa.gov or by calling 1.877.RING DFI (746-4334).