This Summer the cost of living crisis is exerting more pressure than ever on people’s finances, with 55% of UK adults more worried about money this year than last year*. This is pushing people into borrowing more money than they did this time last year, with searches for instant loans up 250% in the last year**.

With the strain of the summer holidays, the FCA predict more people will be looking for loans from unregulated providers. Our concern is that these people may be vulnerable to loan fee fraud, one of the most common types of scam reported to the FCA. Loan fee fraud happens when consumers pay an advance fee in order to get a loan, but then the scammer takes that fee and the person never receives the loan.  

The campaign encourages that if you or someone you know is looking for a loan this Summer make sure you stop and do the 3-step check to protect yourself.


  • Have you been cold called or emailed?
  • Have you been asked to pay an upfront fee?
  • Have you bee pressured to pay quickly or unusually?

Answered yes to any of the above? STOP and protect yourself from loan fee fraud.


*FCA Research conducted July 2023

**Google Trends data