I applied online for a secured loan through securedloansonline.net. I was advised that I would be contacted in 2 business days and I was.
I was contacted by a Ray Sheppard from Hillsdale Financial Group. He explained the terms of the loan and the need for a security deposit - stressing the economic situations the entire country is experiencing. He advised me that the rate was 6%, for 36 months with payments of $115.94 per month. This should have been the RED FLAG! I didn't qualify for traditional loans - even at high interest rates of 17-20% - yet I qualified for a 6% rate?
He then explained the security deposit would be 6X the monthly payment. Again, I was OK with this because to withdraw my money from my account, this organization would have to leave a "trail" of their own.
Ray then explained that the advance security payment would need to be WIRED to a Katherine A. Mills in Nova Scotia. He could not tell me who she was, who she was affiliated with, or even provide me with an address or telephone number. He explained that they had provider contributors who wished to remain anonymous.
I can respect anonymity but not even an address, no business affiliation, no contact number? So, then I began to ask Ray Sheppard what information he could tell me about HIS company. I explained that I need more than the website general info. Give me executives, a board of directors, any info.
Although Ray has worked for Hillsdale for 5 years, he could not provide me any of this information. When I asked him about a toll number for their office, he advised me that one could not be located. A business without a toll number?
Now I am a dog with a bone. I MUST find out more information. So, I asked him if he could give me other affiliations of his company and he advised State Wide Loans! Ding! Ding! Ding! That was actually the RIGHT thing to say! There are no rip off reports for Hillsdale but Statewide Loans is EVERYWHERE.
I'm a smart woman. Unfortunately, I found myself in a financial crunch where a personal loan seemed like a good idea. I am fortunate that I did not send any money, but I do have a scam artist with my personal information.
I have filed reports with the FTC and will continue to pursue. I hate that an organization would take advantage of people especially during these "economic times" as they indicated!
Don't fall victim!
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