I received a voicemail from Jacob Monroe at Alpha Capital Group stating my loan had been approved. Knowing that I had not applied for a loan for quite a while, I called Jacob back to find out what this was concerning. Jacob informed me that I was approved for a $5000 loan with an interest rate of 9% for 2 years. All I would need to do is fax him my verification information (Driver's license, SSN, proof of address and income). OK—I'm thinking—this doesn't sound too bad and I could use the extra money since we just got back from vacation.
Then...
Jacob informs me that this loan also comes with payment insurance (he explains it like life/disability insurance in case you can't work or pass away). That said, Jacob then informs me that once I fax the verification information, my loan check will be sent via Fed Ex, after they receive my insurance payment. Wait—hold on—what do you mean insurance payment? Well, this is 3 monthly payments paid up front then you don't pay anything until the 4th month or you can start paying from day 1 and pay off the loan 3 months early.
The funny thing is that I received another offer almost identical to this awhile back and found that company name on here stating that this is a scam and once they get your initial payment, they either ask for more money or decline the loan. (I can't remember the name of that other company).
I simply told Jacob, that I wasn't interested in this scam and hung up.
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