Central Bank issues 'scam' warning over unauthorised lender 

Bank says Imperial Trust Loans, which purports to offer loans up to €500,000 with 'zero credit checks', seeks an upfront payment but does not provide the loan

The Central Bank said Imperial Trust Loans operated an 'advanced fee fraud' scam. Picture: Leah Farrell/Rollingnews.ie

The Central Bank of Ireland has issued a warning to the public about using the firm Imperial Trust Loans, which is operating on the pretence of offering loans to customers but is instead an example of an “advanced fee fraud”.

On its website, Imperial Trust Loans purports to offer loans up to €500,000 with “zero credit checks” and no guarantors.

In its warning, the Central Bank said Imperial Trust Loans was “not authorised” to provide retail credit services in Ireland.

“This scam is an example of an ‘advanced fee fraud’, where a payment is sought upfront prior to providing a loan. The loans are never provided,” the Central Bank said.

“Imperial Trust Loans used the names of two Central Bank authorised firms and has been seeking to pass itself off as the legitimate firms E & L Credit Ltd, and Optal Financial Europe Limited, in order to deceive consumers,” the bank said.

“It should be noted that there is no connection whatsoever between the Central Bank-authorised firms and this fraudulent entity.” 

These “advanced fee frauds” occur when the victim applies for a loan through a website that offers loans with claims it will be processed quickly. The victim will shortly thereafter receive confirmation of their loan application and details will be provided of the amount of the loan and the monthly repayment.

The victim is then asked to send an amount of money to the lender in advance of the loan amount being issued. No loan will then be issued to the victim and the advance fee will be lost.

Gardaí have previously issued warnings to the public over these types of fraud, and have advised people to look for warning signs such as claims on the website for fast and easy ways to apply for loans, quick approvals, and the lender seeking payment in advance of the loan being given.