the last time i did a loan like this i got scamed. i could really use the money. but i dont know what to do.
2006-09-07 00:02:50 · 5 answers · asked by momhas3girls 1 in Business & Finance ➔ Other - Business & Finance
It sounds like a scam. If you want to make sure, try this:
1. Contact the Better Business Bureau. (Try this Website first:
http://search.bbb.org/
Then go to the state BBB where the company is located. Check to see if there have been any complaints.
2. Contact your state Attorney General's office. Explain your situation and ask them if they've had problems with this company.
3. Contact the Federal Trade Commission
http://www.ftc.gov
Again, check to see if this company is listed.
Do you know the answers to these questions:
1. What is the term of the loan?
2. Where is your "security deposit" being held?
3. What is the interest rate?
4. What are the penalties for default?
5. Are you getting actual cash, or is this a credit line for merchandise, where you have to purchase their merchandise?
Remember, if something sounds too good to be true, it usually is. Usually if a legitimate bank or credit union needs a security deposit, it will be in the form of collateral - the title to a car or other asset, or a set amount held in a savings account.
If this is a loan for a business, have you checked with the SBA? They don't provide loans, but they do provide guarantees on the loans offered by banks and credit unions.
You can find them here:
http://www.sba.gov
If you need a smaller loan for starting or expanding a business, you might want to check into microenterprise loans. They are designed for small businesses, they usually offer other business assistance as well, such as free counseling, training and access to other resources, and there are programs available in every state. You can find out more by checking here:
http://www.microenterprisesuccess.com
and checking their "resources" page.
If the loan is for personal reasons, your best bet is going to be to check with your own bank or credit union. Not only do you have a relationship with them, but if your credit is an issue, they can help you to repair or re-establish your credit by helping you to create a debt repayment program, paying off old creditors and getting your financial goals back on track.
Good luck - hope that helps!
2006-09-07 00:33:50 · answer #1 · answered by Cheryl A 1 · 0⤊ 0⤋
sweetheart this is a scam, real banks do not require you to put up half the money in cash as a sign of good faith, lots of women are getting scammed by this bs, you need to see a real banker or savings and loan...do't do it!
2006-09-07 00:10:08 · answer #2 · answered by Anonymous · 2⤊ 0⤋
did you get this offer over the phone?
if you did it's the scam. you not buying the home or car , with personal loans there is no deposit
2006-09-07 18:44:25 · answer #3 · answered by bianca 4 · 0⤊ 0⤋
Smacks of a scam to me.....and it must to you as well....so, if you are so credit worthy, why aren't you seeking financail assistance from a bank or credit union? Why are these folks wanting a deposit?
2006-09-07 00:08:36 · answer #4 · answered by rrrevils 6 · 1⤊ 1⤋
tell them to give you the money and time of exchange you will pay the $1000.00 it they say no kiss them off by.or if you want to have fun with them tell them you want them to meet with your attorney and a rep.attorny gen. office just to ck. out a few things.
2006-09-07 11:32:20 · answer #5 · answered by moonwalker 3 · 0⤊ 0⤋
its a scam
2006-09-07 00:07:52 · answer #6 · answered by rmisbach 4 · 1⤊ 1⤋