I applied for a loan through their website in order to consolidate my debt. I had tried at a couple of other places but was denied. To my suprise I was approved my this company only if I pay a "one-time collateral loan payment" of $1,259.82. I suspected this to be a scam as soon as I received the following email back from them.
Dear Dena, Thank you for applying for $20,000 in unsecured credit through ULServicesOnline. We would like to happily inform you that we have negotiated a unsecured loan pre approval in the amount of $20,000.00. The terms of the loans are both the same. 60 months with an annual percentage rate of 9.49% APR. Please note* this is not a payday style loan, your monthly installment payments in the amount of $419.94 will be due on the 1 st or the 15 th of every month.
*In order to proceed with your loan pre approval you must fax or email us the following information:
1. Valid Identification (e.G. Drivers license, passport, or a government issued ID)
2. Proof of Residence (e.G. Utility bill - phone, electric, cable bill etc.)
3. One-time collateral loan payment in the amount of ($1,259.82 loan via money order only)
4. Please mail your money order within 7 days to the mailing address listed below.
5. Your loan offer is valid for 21 days from receipt of this email (email is time stamped & HTML coded for security purposes)
6. Once all information above is received, your loan will be processed and funded within 4-5 business days.
7. All negotiated loan offers are simple interest with no pre payment penalty.
8. If you prefer a line of credit over an installment loan, please let us know and we will adjust your loan off to meet your needs.
9. To expedite the receiving of your loan proceeds, please mail your processing fee via U.S. Express mail.
ULServicesOnline
* Fax Number (954) 944-1970
ULServicesOnline Loan Processing Department
Dont hesitate to contact us with any questions!
Processing Department: [email protected]
* Mailing Address:
ULServices L.L.C.
Attention ULServicesOnline Underwriting Department
1271 Cove Lake Rd.
North Lauderdale, FL. 33068
After receiving the above email I responded with an email stating I thought it was a scam and they should be ashamed of themselves for trying to take advantage of people in hard financial situations. The following was the response I got back.
I can assure you this is not a scam. The reason for the collateral payment is the money is unsecured and it gives the client an incentive to pay the money back, but more importantly It give the bank 3 months security of you dont. The loan is funded through web bank and is funded within 5 days. The loan conditions are not for everyone I understand, but times have changed and the lenders have changed as well. I will be sure to remove you from our active list and I do apologize things didnt work out for you.
I want to be sure that every consumer knows that people like this are out there. They are taking advantage of people in financial trouble and promising them loans. Then once they collect their advance fee they are gone, out of sight and never to be heard from again. Beware of this company!!!
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