During the week of October 17th through December 28th I was looking for a "personal loan" or sorts to clean-up my bad credit history, to get caught-up with unforseen expenses and to pay for the Wedding my Fiance and I are planning. I was looking for $15,000 at a reasonable interest rate for some one with poor credit (less than 15%), and 3-6 year terms.
After searching and searching for a broker or lender that would be willing to help me, I found none that were willing to do anything but get me the money I needed, but at irresponsible interest rates that would end up making me worse off than I am now. I was trying to be responsible with my efforts, not irresponsible. Finally, on October 25th (my 26th birthday oddly enough) I got an email from a company called "Pinnacle Financial" telling me that my "Personal Loan Request for $15,000 was conditionally approved". They issued me an account/reference number (PF-31097), phone number to call (1-888-470-6084 ext. 101) and a loan consultant to work with me (Jason Graham).
At first, they were VERY responsive; answered all my questions, made sure to discuss the details of the terms, and work with my short timeline to get something moving. I sent them supporting documentation to verify information (Pay stubs, voided check, employment information, SSN, phot - ID's, etc.), they sent me the loan contract for me to review and sign. They even offered me two options to "secure" the loan due to my bad credit: either a co-signer with a credit score of 700 or more, or an insurance policy to cover me if I can't pay the loan (and gave me two levels of coverage). I chose the insurance. Then, in order for me to execute the loan, I needed to return all documentation signed, and select my desired coverage, and remit payment of $997.49 via Green Dot MoneyPak card (which cost $4.95 by itself). I did so on October 26th, made copies of the card, sent them to the representative and over the phone, confirmed the authorization number on the card for the account.
The next day (October 27th), they stated that the funds had been verified, and my insurance had been activated and I would be receiving funds in my bank account within 1-2 business days. (Note, this is all by email and phone, so there is PLENTY of reinforcing documentation). Well, 4 days goes by of the bank stating the funds have not been deposited, and 3 days of not being able to get a hold of the loan consultant (or a manager, etc.). I tried randon extensions, leaving voicemails for anyone that had a voicemail box, I sent numerous emails to the representative, to their "info" and "contact" email addresses; I even faxed them a 1-page inquiry for status update... Now, none of their extensions even work.
I have yet to get an email reply or a return call.in the mean time, the funds they were sent are gone, I am out of money now, and they have my banking and personal information.
Their website is very legitimate looking, their address is in a business park. However, we can't find anything (good or bad) about them on the internet. The insurance company they use (Cooper's Insurance Group) has complaint procedures, etc. But is not searchable on the internet or has a phone number on any documentation.
I think it would be responsible to say I was ripped-off at this point.
I contacted moneypak customer service via email (transrev@moneypak. Cust-serv.com) requesting transaction history of the funds on the card. They emailed back stating, "Thank you for contacting Green Dot MoneyPak Support.
We understand the urgency of your concern and we are glad to assist. The funds from your MoneyPak have been added to a Mango Financial Card ending in 7582. For further assistance, please call the Customer Service Department of Mango Financial at (877) 896-2646.
Thanks for being a MoneyPak customer"
I wish I could get my money back; I leveraged our rent to make this happen.
I guess if it's too good to be true, then it probably is.
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