Gardaí have issued a warning to the public over a new loan scam that targets people who are unable to get loans at offical banking institutions.
It is understood the warning comes as a number of websites have appeared online claiming to be lenders that are regulated by the Central Bank.
The scam works by tricking the public into handing over cash as proof that they can repay their already approved loan.
Gardai say the scam targets people who are trying to obtain a loan via non traditional routes.
It is understood that applicants are persuaded to hand over a fee by the scam lender who contact them via the phone once their application is approved.
However those who had over the fee never receive any money from their application and cannot trace where their fee was paid.
Gardai say people should avoid using such websites and if they are applying for a loan online, they should check the official Central Bank register before submitting their application.