Protect Yourself Against Payday Loan Scams

By Shawn Martin

Christopher James Malik
Christopher James Malik

Seems the less than honest population has found a new angle to work in ripping people off, payday loan scams.

Let’s start with this fine gentleman pictured here.

He decided to write all kinds of fake payday loans in customers names, to the tune of $20.288.89 where he worked at a pawn shop.

Christopher James Malik was released from jail on a $5000.00 bond after being charged and accused of theft over $20,000.

Customers who did not take out payday loans at the Cash America Pawn in Waco started getting collection notices and complained to the store manager, who discovered the loans.

Allegedly Malik would write the loans and keep the money.

Could anyone possibly think they would get away with this?

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It gets worse

Crime SceneThere is a whole batch of scammers posing as police officers, collection agents, bankers, and payday loan company representatives.

They are approaching customers in default on their loans and trying to collect money from them.

These scammers are getting legitimate information off of the internet and convincing many customers to pay up or go to jail.

People need to understand while payday loan companies and banks can take legal action for not paying your loans, they can not jail you, and threatening to do so is actually a crime in itself.

How to protect yourself

pawn shop worker arrestedThere are ways to combat this kind of activity.

We went to the National Consumers League for some answers, and we found this is a huge problem and it is growing daily.

The NCL has received quite a few complaints from customers who have been approached by these scammers. They have a few tips to help people combat this kind of activity.

  • If you have been threatened in any way or have fallen victim to these scammers already, please contact your local police and visit NCL’s fraud center at and file a complaint.
  • If scammers have gotten information about your loans they could be charged with identity theft.


Using these loans just gets more and more complicated, and as long as they are around we will be here too, to help you out of the payday loan traps these companies work so hard to put you in.

If you have payday loan debt and need help call us at 1-877-280-5100 or fill out our form for a free no-obligation quote on how we can help you out of the payday loan trap.

Remember, the best way to protect yourself is not to mess with these loans at all.

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