First Charter Finance claims to offer Low Interest Loans to people with bad credit. They tell you that to secure the loan you can purchase an insurance policy instead of having to use something as collateral. You give them 1/2 of the insurance premium up front and the other half is due with your first loan payment and you have to send it by Western Union.
In my case, I applied for a $12,000 loan to consolidate all my bills. The representative advised me that I could get a 5% interest rate for 4 years and my note would be $277.00 per month. I told him that it sounded to good to be true and that I would have to think about it. He said he would send over the loan documents for me to look over. It all looked on the up and up.
When the rep advised me that I had to send the $447.00 to Canada I questioned him about it and he said that he deals with several private investors that were looking to invest their money in "people". He went into great detail as to how his company conducts business on an international basis. He claimed it was not illegal and that every thing would be done via bank transfer and withdrawal. They would automatically deposit the money and draft my monthly payment out of my checking account. The $12,000 was going to be deposited in my account within 48 hours. I even got an email Friday 8/28/09 Letting me know that the money was scheduled to be deposited in my account on Saturday 8/29/09. Now it is Monday 8/31/09 and still no money.
I do not have my loan and I am out $447.00 the $51.00 Western Union charged me to send my money to Canada and First Charter Finance will not return my calls. I can not even get the rep on the phone because their phone system is automated. It tells you that your party can not be located and you have to leave a message.
I guess the kids and I will be eating peanut butter and jelly sandwiches for the next month till I recoup form this. I hope these people get caught. I will recover from this but their are a lot of people out there that would not or could not. It's just not right!
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