The firm, Cloud 9 Loans, has issued a warning on its website which reads:
"People are being contacted by a company saying they are Cloud 9 Loans and asking you to pay a fee to obtain a loan. This is a scam, do not hand over any money. Cloud 9 Loans does not charge an upfront fee"
"Feel free to string these people along and waste as much of their time as possible."
The Financial Conduct Authority has issued a consumer alert to warn borrowers of the clone firm.
The correct details of the real firm, Piggy Finance Limited trading as Cloud 9 Loans, are; interim permission number: 652989, Garthwen, Lower Moor, St David's, Haverfordwest, Pembrokeshire, SA62 6RP, www.cloud9loans.co.uk.
The FCA has advised anyone who thinks they have been approached by an unauthorised or clone firm, or who has been contacted about a scam, to contact the consumer helpline on 0800 111 6768.
