I am reporting this scam on behalf of the customer that was affected by this scam. Renewable Energy Equipment Leasing, or REEL for short, is offering a "unsecured" financing program focused on allowing local small merchants the ability to finance the product or service that they are selling. REEL originally quoted a program that was consumer FICO score based, with approvals for 600 FICO scores with no collateral required. The merchant was interested in the program, so they signed up for a 1 year minimum membership to become an approved dealer with REEL. The cost of this member was $350.00. Some time had passed while the merchant geared up their marketing campaign to include "Financing Available." Low and behold, the merchant had two customers come in and request financing for their product. When the merchant attempted to sign in to the dealer portal to sign their customer up to the program, the website was completely different, and the "Unsecured" financing program was not longer available. Now REEL is offering, what they call, their Advantage 10 and Adavntage 15 programs. Neither of these programs are unsecured financing options, they are title loans, where the collateral is the equity of the customer's home. These programs also requires the following information to be given.
1. Signed and dated Information Disclosure Authorization (IDA).
2. Past 2 years of W-2’s (each borrower)
3. Most recent pay stub (each borrower)
4. Recent mortgage statement
5. Signed letter of explanation for any derogatory credit
6. Proof of any open collections paid
7. Work order, contract, signed proposal describing work and dollar amount required.
The information being request only further disproves that the programs are not unsecured. Please pass the word that REEL is not an ethical or honest company to do business with. REEL is located in Marietta, GA.
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