I had applied for a personal loan online, being recently laid off, money was tight and I figured this could get me through until I found a new job. I was advised that I would be contacted in 48 hours, and I was.
I was contacted by a Raymond Sheppard from Hillsdale Financial Group. Because I had been contacted by so many payday loan companies I had initialied told him I was all set, and no longer needed any assistance.
Right away he told me I was approved for a $10,000. Loan at 6%. This shocked me because my credit is not that great and I couldn't get a loan at 20% with a local bank, and all of a sudden I can get a loan at 6%? So I had asked him to e-mail me the terms and I would get back to him. He told me he needed a fax number because he would need a hard copy of the agreement and that it was just company policy.
I told him I would need to get back to him with a fax number because I did not have a fax. He called me the next day (which was a saturday, I thought that to be a little odd) and asked if I had a fax number for him so he could send me the term information. I gave him my mother-in-laws fax number and told him if I was interested I would call him back. While looking over the agreement with my husband, I saw that I would need to give Hillsdale the first 8 payments as collateral and that it would be applied directly to the principal of the loan.
My husband questioned what that meant and told me to question that before proceeding with anything. I looked over the rest of the agreement and found it to be alright. I then decided to do a little research on the company and that's when I found your report. I can't wait to give Ray a piece of my mind when he calls me on Monday.
Thank you for this website, it saves people like me who despirately need help and are taken advantage of. DO NOT FALL VICTIM!!! Always do research before agreeing to anything.
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