On Friday Nov. 2nd at about 1:45pm I was contacted by phone, by a miss "Sarah Lee". She told me that i had been approved for a "Generosity Loan" and they had helped to find a lender ready to lend me my online request for a $5000 dollar business loan. Also she went on to ask me to verify my name, address, and phone number. Further more she asked me to fax her copies of my ID, paystubs, and social security number. Up until this point I fully believed that this was a legitimate company that had found a lender willing to loan me money to start my own business. She went on to tell me that "my loan" had been given a set interest rate of 7%, that the term of my loan was for 3 years, and my monthly payments to repay this loan would be $154.39 a month. "Sarah" also went on to say that the total repayment of this loan would come out to be a total of $5558.04 in interest and fees, going so far as to say that whether i paid it back sooner or within the next three years the repayment would be the same. It was at this point that i stated, "So that means that whether I pay it sooner or later the amount to be paid back would remain the same so it was a good thing, and I could take the full three years. "Sarah", replied "Yes". This is when she told me about my loan being a secured loan and the security would actually be an "Insurance Premium". This premium would cover me in the event that for any legitimate reason i could not pay back the loan it would be paid off for me. This 'Insurance Premium" was in the amount of $980.70 this would secure my loan. Coincidentally this amount must be paid first before my loan would either be direct deposited to my account or they could send it certified check by mail. Finally "Sarah" told me to go to the email she sent me fax over all my personal information and complete and sign all the documents sent by email and fax it to her. At this point I Knew something was wrong a legitimate bank does not require you to take out insurance for a loan if you have already been approved.
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