Alpha Capital Group contacted us on 07/10 that we have been approved for a secure business loan of $10000 payable over a period of 4 years at a fixed amortized rate of 9% and a monthly payment of $248.85 USD per month. We were told to send an insurance deposit totalling $746.55 USD through western union and the $10000 loan will be deposited in our account within 24-48 hours. The loan agreement was faxed to us for signature, upon signing we faxed them back and then sent the insurance deposit through western union across to their designated lender in canada. We expected deposit as agreed only to be told that the lender requires more $500 deposit before he can release the loan, we again went borrowing to send this money again to the same lender through western union the waiting game again continued for more than 48hours for the deposit. We contacted them only to discover that they require additional deposit of $500. We argued that this was not our agreement but they promised that this would be the last deposit from, they even faxed us a promissory note saying we will have the loan within 3 hours of the receipt of our deposit. For the third time we sent another borrowed $500 to the same Canada based lender through western union. We have documents to show as proves. On the 1st of August we waited endlessly but nothing came through, we decided to call them again as usual only to be told that the Lender's account has been frozen and so we will need to start afresh with another Lender with another deposit of $746.55 USD. We asked for a refund at this time to which they insisted will be paid back within 30 BUSINESS DAYS against the 30 DAYS stated in the agreement.
We borrowed the money we used as deposits with the hope that we will pay back as soon as we have the loan but right now we are neck deep in debt not knowing where to run to for help. Total insurance deposits including western union transfer charges is $1893.52 USD.
We can fax all agreements, promissory note and western union receipts across if required.
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