I had been looking for a personal loan to help with some over due financial responsabilities. I filled out a few applications on line and was contacted by a representative for this company. I had appled for $2,000 but he informed me that the minimum loan they were able to offer was $5,000. He told me after looking at my credit that I was a poor risk but that his company was willing to give me a "collateral loan". This meant that I was to send him the first 4 months were of payments up front as collateral and once it was received they would direct deposit the loan into my checking account. I then would not have a payment due for 4 months.
I am a believer in "if it sounds too good to be true it is." My first 4 payments equaled $895.00. He told me that I could moneygram this payment to him at Walmart where the company had an account set up. I called Walmart and they could not locate this company in their system.
I then searched online for the address on the loan papers that he had faxed to me. I located the address which seemed to be a building with quite a few businesses located within in. I picked one and called and asked if they could verify the existence of this company in their building. I was informed that they had already been contacted by numerous people as well as the state police because people had sent their collateral payments and never received their loans. The monies were being directed to Canada and the address was being used as a front. Thankfully I did not send my payment because it all seemed too easy. Look out for yourselves and keep trying to get a head on your own. It's the safest way.
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