I was contacted by "Mark" with J & R Financial about an online loan application I had filled out a couple days earlier. Mark informed me that I had been approved for a loan in the amount of $5000.00 to $10,000 but because of my credit rating it was a secured loan. My options were either to use a cosigner, secure the loan with collateral, or purchase an insurance policy for a cost of 10% of the loan amount. I researched J & R financial for scam alerts and found nothing. I even checked out their website and found nothing to raise any red flags. When I called back to proceed with the loan Mark told me that I would have to pay the loan insurance via western union to a agent by the name of Brittany Hamilton. Once I did this my funds would be released within the hour. I called back about an hour and a half later and I was told by Mark's supervisor that the insurance company, Longhorn Insurance, had taken a closer look at my credit report and now considered me a high risk for default and inorder for my funds to be released I would have to pay the premium rate, an additional $450. I payed the money, this time to a Chantelle Walker. It was late Friday evening and I was told that because of how late in the day it was my funds would not be released until the following day and to call back then. I called back late Saturday morning and was told by the processing department that I needed to pay an additional $800 before my funds could be released. To offset this my loan would be increased from $10,000 to $17,000. My interest rate would drop from 7% to about 3%. They made everything sound great, but when I told them I would have to think about this before proceeding I was told that if I decided not to continue with the loan my money would be refunded. I called back Sunday morning and told them that I either wanted a loan for whatever amount I could get with the money I already sent them or they could refund my money. I was told that it didn't matter how much the loan amount was I still needed to pay an additional $800. That is when I told them I wanted my money refunded. I was told that wouldn't be a problem and it would take 60 to 90 days for the money to be refunded. A heated arguement insued at that point. Needless to say, I doubt I will ever see a dime of that money and I would recomend that everyone stay as far away from J & R Financial (Jacobsen & Ross Financial) and Longhorn Insurance, both out of Ajax, Ontario Canada.
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