I utilized the search engine over the internet for bad credit personal loans in the amount of $5,000 unsecured which was guranteed to be returned in 24 hours. The website I applied through is equiplus lending group. The loans start at a minimum of $5,000. You fill out the application, depending on how much information you provide about your situation, the consultant will skip step 2 and go to step 3 and tell you that you are approved. This is when the scam starts. I received a phone from Michael Langstaff who identified himself as the agent. He stated he was calling from the 24 hour lending service. I was relieved to here that I was approved. He advised me of the interest rate of 8.5%, at 157.50 monthly. I was pleased to know that it was affordable. THen he advised me the bank denied me, which I knew a bank would. But, he went on to say that I was approved by the broker. The broker required that since I was a high risk that I would have to pay 5 monthly payments of $157.50 in advance. The loan would be financed for 3 years. This would take me up to September. This meant that I would have to pay a total of $787.50 in a cashier's check or moneygram The quicker I pay the money, the sooner the funds could be released. Upon receipt of the funds they would be released within 24 hours in a cashier's check or money gram. He stated that he would send me the agreement. Then, when I was ready to send the money I would call him, and he would tell me where to send the money to. I wanted to know the name of the broker to verify if they are valid. He stated that information would not be released until I called ready to make the payment. I told him the payment would be issued by Monday no later than Tuesday of this week. He sent the agreement and I reviewed it. It looked valid, but there were two boxes on the form regarding insurance in the amount of $1,000 or $2,000. It also asked for bank account and routing number. The company letter head said 24 hour lending service, and the agreement looked like a payday loan. The address was stated they were in Yosemite Maine. I called if I had to check the insurance amount on the phone. I was advised that I did not. That was for mortgages and small business loans. He said the broker would advise me of the insurance amount. You simply pay the money, and once they confirmed the funds are received, the loan is released. I asked should I return the agreement when I am ready to pay the money. He said, no. You can return it now, and they will set up the account for the funds from the broker to be released to them, but I have to pay the money first.
I did not take the bait, was so in need of money I almost went through with it they also go under name of Equiplus Lending.
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