On May 28, I received a call from Alice Gray asking if I had filled out a loan for an automobile. I had filled out so many, I couldn't remember if I had or not, but it was possible. She went on to outline the terms of the loan. They would approve a $25,000 "secured" loan, using the vehicle as collateral. The interest rate would be 6%, payable over a term of 72 months, with no penalty for early repayment. The only requirement would be that I would have to pay 5 months payments up front, $2,515. If I wanted to get the money quicker, I should send it via a moneygram directly to them. I would receive my loan money within 24 hours. I realized this was a scam when there was no mention of how to "secure" my loan. Suppose I received the money, and spent it on a $2,000 vehicle? What legiment lender would allow that to happen? Also, 6% is a great rate with someone who has credit like mine. I live by the motto, if its too good to be true, it probably is. After reading other reports on this website, and on the Better Business Bureau site, my suspicians have been confirmed. You should never have to pay money to receive money. Yes, some lenders require money down, but not until the loan is closed. Also, their website does exist, but it is nothing special. I agree with another reporter, they have just established themselves, and will most likely be gone within 30 days, only to set up shop somewhere else.
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