This is the first e-mail I received:
Dear Natosha McKinnon,
Thank you for applying for a loan online through American Century Financial. After carefully reviewing your application for $5,000.00, we were able to successfully approve your requested loan amount. There are details that must be finalized before this is disbursed to you. Please contact your loan consultant Ms. Jane Alexander toll free at 1-888-416-9279 ext# 345.
Sincerely Yours,
Susan Smith
Manager of New Accounts
Visit us online at www.acfinancials.com
Email Address: [email protected]
I had applied with them a month or so ago, so it came as a shock that I got approved. I had just gone through a divorce and my credit was not stellar so the deal they struck with me seemed fair. The deal was:
INITIAL PROMISSORY NOTE
Loan Amount: $5,000.00 Loan #: 002478661
Payment Amount: $167.47 State of: Arizona
Interest Rate: 11.75% Duration: 3 years
Security Payment, This loan is fully approved upon a secured basis and the funds are available for release to the borrower based on the following condition. The undersigned hereby promises to pay the first 4 monthly payments in the amount of $167.47 totaling the principal sum of $669.88. The loan shall bear simple interest, which will accrue at the rate of 11.75% per annum. The delivery of the reimbursement check will be initiated to you at the end of the agreed upon 4 month grace period via Federal Express. (Please refer to page 9 for the Fed-X delivery specifications.) Your first payment thereafter becomes due 5 months after receipt of your loan. The first payment of $167.47 is due in March. The precise start date will be determined and entered on the bottom of this agreement by your representative. When signed, this agreement will continue for duration of the loan. Any scheduled payment not received within 10 days of due date shall incur a $25 late fee, which, if not paid together with the underlying payment within five days, shall become part of the principal and accrue interest thereon until paid in full. An advance payment or payments may be made on the Principal, without penalty or forfeiture. However, penalization will occur if borrower intends to pay off loan in its entirety within 12 months.
Assurance Coverage, This loan is fully approved upon a secured basis and the funds are available for release to the borrower based on the following condition. Borrower assures American Century Financial and private lender that you will comply with the terms and conditions of the loan agreement. This will give our lender confidence, given your credit history that you will neither default nor be delinquent on any of your scheduled monthly payments. The undersigned will be protected over a six-month period if job loss occurs within the duration of the stipulated loan term. The Assurance Coverage amount of $700.00 will be reimbursed to you, the client at the end of the agreed upon loan term of 3 years. However, all regular monthly payments must be made, as contracted, until term end. The first payment of $167.47 will be due the month of November. The exact date will be discussed and determined after contract has been signed and faxed back.
I had to fill out several loan documents that seemed legitimate. Then I had to wire the money to some guy in Canada. That seemed strange to me and when I questioned her she said he was an independent lender. Although it seemed a little weird that he was from Canada I wired the $668.00. I was told the money would receive in 48 hours. It has now been 5 days and conveniently no one will answer the phone or return my calls. I don't have much money as it is, so now I am completely screwed. Although it is my fault for trusting this "company", I just don't think it is fair that they can, and are, getting away with this. I can't afford a lawyer so I guess they just made another $700...
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