I applied for a loan online to Communal Credit Union in Dearborn, MI and was pleased when I was told I was"pre-approved" to get a $10,000 loan (although more than I needed) at 8.5% interest. A man named Michael Walker asked me to fax over I.D. And recent pay stubs, which I did that day. After no response, I called Mr. Walker and he informed me that I would need to give the company a 10% ($1,000) security deposit on the loan. Having been through this certain scheme before, I asked him to take the "security deposit" from the loan proceeds—he informed me that the company did not do that. After hesitating, he then told me he could try to get the deposit cost lowered (been there, done that, too). I told him I would contact him, but in the mean time, I did a Google search of Communal Credit Union and it was revealed that it is NOT a credit union, the physical address in Dearborn, MI is an empty store and the so-called testimonials from satisfied customers were as fake as the business. The Michigan financial institution watchdog, through the Attorney General there has a cease-and-desist order out on the company because they were posing as a credit union. I called the AG's and reported my experience... They are keeping a list of persons who have been in contact with the fake credit union, but they also encouraged me to file a complaint with my state AG's consumer board as well, which I did immediately.
DO NOT do business with Communal Credit Union. They are advanced-fee loan rip-off artists. I am certain, had I not investigated this business further, I would be in poor financial straits, with no loan and about $1,000 poorer because of their scam.
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