On September 11 I applied for a loan via the website. The company I applied through is called Safeway Lending Group and their web address is www.safewaylendinggroup.net This website claims they are a 'second chance' lender that specializes in people who have had previous credit problems and cannot obtain 'traditional' loans through'mainstream' lending institutions.
On September 15 I recieved a call from Larry Peters (888-405-93674 extension 200) who informed me that my loan had been approved and all I needed to do to obtain my loan ($5,000.00USD) was to send in a copy of my Drivers License, Social Security Card, my most current paystub, and a Collateral Payment of $82500. Now the first three items she asked for I pretty much expected and given the amount of Identity Theft going on today, these are probably the very least any bank should ask for before opening up a new account or loan product. But it was the last requirement (the $825.00 Collateral Payment) that really threw me for a loop!
When I asked her about this requirement, she said that the bank holds on to that fee for six months. She stated that this fee is only used in the event that I not make my monthly payments or otherwise default on my loan in some way. She also stated that after six months of on time payments (this meaning that none of your payments can't even be an hour late, since your payments have to be recieved and credited to your account no later than 3:00pm on the due date) they will cherfully return that fee to you in the form of a certified check.
I read this article on rip off report and i am so glad i did because i was feeling the same way and was really nervious about sending my 825.00. I have filed a poloice report in texas as they have my information. So beware they are a fake company and when you ask them to verify their information they do not respond to you. Please do not get caught in this web. Thank you Brain i really thank god you posted this and saved me from these terrible people!
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