My friend recently told me that she had been approved for a $10,000 secured loan through applying at a website: usalendinginstitution.com Which I thought was rather odd because she has very bad credit. I took a lot a the website and immediately thought something was off, just by their site.
She told me that she when she was contacted, they gave her three options to secure the loan. If she had any real estate, or property valued over $10,000, or an insurance company that they contacted on her behalf to secure the loan. She would have to send either, $800, $1000, or $1250 to the insurance company, and then they would deposit her funds within 24-48 hours. They also sent her a "contract" in an email. I knew it was a scam because all the names in the contract changed, and were very generic, and it was sent from [email protected].
I have searched on here and found that this scam has been around for awhile and has gone by USA CREDIT INSTITUTION as well. Their "new" phone number is 888-666-2520. But for further notice, if you are approved for a secured loan in the future, it is never secured with an initial payment. It is called a secure loan because it must be secured by property, ie: your house or car.
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