Kentucky Title Loans Scam

By: Ryan Dearbone Email
By: Ryan Dearbone Email

Over the years, you may have seen commercials for "Kentucky Title Loans," a company that grants loans in return for a lien on your car title.

However, you might not be aware that the company is really a scam that has left many Kentuckians feeling lighter in the wallet and angry.

We have more on just how this company has defrauded Kentuckians out of thousands of dollars.

Kentucky Title Loans has been a well-known name throughout Kentucky for close to a decade.

"They ask for money up front that's supposed to be for an insurance policy, or to fix their loan," said Linda Chambers, of the Better Business Bureau.

But now the company seems to have vanished along with many customers' money.

Many people say they never received any type of notification from Kentucky Title Loans after they sent in their money.

Customers were instructed to send payments that range from $250 to $5000 to a location in Canada.

That's the last they would see of their money.

Anytime a company asks for money up front to do something, it's usually not legitimate." Chambers said.

Kentucky Title Loans also gave a physical location to customers in Lexington, which also turned out to be false.

And if you tried to look up the company's website, you'll find its been removed, as well as any other trace of the company online.

These weren't the only lies however.

"They said they were members of the Better Business Bureau, which they were not. They also said they were licensed as a mortgage loan company and a broker, which they were not licensed as such," she explained..

The state, FBI and Canadian officials are now working to recoup the money that people were swindled out of as well as those who ran the fake operation.

Linda Chambers of the Better Business Bureau said it's extremely important to know who you are doing business with.

She said you can do this by checking to see if the business is registered with the state.

Chambers also warns against companies that'll give you verbal "guarantees."

If you or someone you know has been ripped off by Kentucky Title Loans you can call the Kentucky Office Of Financial Institutions at 800-223-2579, or you can call the Canadian Task Force at 888-495-8501

You can also check out the links below.

Warning Signs of a Loan Scam

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