Considering a debt consolidation loan? If so, you better think about this first.

Among the abusive lending practices in telemarketing and on the Internet, the worse is the advance fee loan scam. The crooks who commit this fraud not only don't deliver what they promise, but they take the consumer's last dime.

In 2000, advance fee loan scams ranked 5th in both the top ten telemarketing and Internet frauds reported to the National Consumers League's National Fraud Information Center/Internet Fraud Watch, a hotline for consumers to get advice and report telemarketing and Internet fraud. Telemarketing fraud victims of these scams lost an average of $464; Internet victims lost even more, an average of $880. The pitches are made by phone, by mail, in print advertisements that provide a number to call (the most common way that telemarketing victims of the scam are solicited), by email, and by people in newsgroups on the Internet (surprisingly, this is the most common way that Internet fraud victims of the scam are solicited).

The best advice is to compare different loan programs to find the one that's best for you. Keep an eye on the fees. Take notes, and compare, compare and compare again. Then you'll make a smart decision.