I have been filling out all kinds of loan apps some are denied or some will say that I will be getting a call from them. I received a call yesterday from a place in Sarasota, Florida called Fairmont Investment Group (they have a website and everything). They had all of my information in front of them and they told me that I qualify for this $5,000 loan. I'm like great! They faxed me what they call a legal binding contract and before I get my loan I have to send them the first 6 payments (actually what they do is search for lenders that are willing to work with me). Anyways I have to send them $467.14 before I get my loan. Does this sound right to you? Anyone ever hear of this company? What do ya'll think? They told me that the money is for collateral b/c of bad credit and will be applied to the pay-back of my loan anyways. They told me that they would fax me a written note saying that I would get my money back if by chance I didn't get the loan as well as I could take them to court.
2006-09-26 17:19:50 · 8 answers · asked by SouthernYankeePeach85 1 in Business & Finance ➔ Personal Finance
The lender that is willing to lend me this loan is in Canada with a 6% interest rate and I wouldn't have to pay it back until 6 months plus I would get a 30 day grace period. The payments would be $87.62 a month.
I really am leery about this but at the same time I REALLY need this money!
Maybe this place is like a loan shark or something?
Thanks to any people that respond!
2006-09-26 17:22:51 · update #1
That takes courage to share that story veelias20, and I thank you for doing so. I would contact the Better Business Bureau or even Rip Off Report and see what they can do about it. I hope you can get your money back! Thank you again for sharing your story! :o)
2006-09-30 04:31:41 · update #2
I didn't read all the details, but when it comes to these matters - TRUST YOUR INSTINCTS. Something obviously doesn't smell right, otherwise you wouldn't be posting here. So I'd walk away...
2006-09-26 17:29:08 · answer #1 · answered by The ~Muffin~ Man 6 · 0⤊ 0⤋
I've never heard of this company but this sounds like a total scam to me. I could understand putting money up if this were a property deal--- most of the closing costs in a home purchase don't go to the lender itself but to all the third parties (appraisals, attorneys, etc). But not on a personal loan. I would be pretty suspicious about this. Like I said, I've never heard of them so I am not saying this particular company is shady, but their business practice sure seems very suspicious. Also, I did a google search on their name and got no relevant results which seems pretty unusual for any business that's been around for more than a couple of weeks. There's simply no logic to it--- say you send them $467. That's your collateral for the first 6 payments. What's the collateral for the next 6? Doesn't add up.
If I were you, I would not send these people any money and I'd watch my credit report very closely for the next 12-24 months. Since those folks already have all your personal information, there is no telling what they will do with it.
PS... any company says they'll send you a written note saying that you can take them to court if things don't work out...ummm... not sure I want to do business with those folks!
2006-09-26 17:30:04 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
If you don't feel good about the company, then don't deal with them. it's almost impossible to going after 'out of state company' for relatively small amount of money.
There are renters that specialized bad credit, but they charge much higher interest rate then 6 %.(Which is not bad)
In my opinion, they don't sound right. See if they will take escrow account. If money is collateral, escrow account won't be a problem for them.
By the way, BBB has no record of them. Be careful. You need $ 5,000. Don't give away $ 500.
2006-09-26 17:52:29 · answer #3 · answered by novak-9 4 · 0⤊ 0⤋
i live in NY and theres a huge company here called fairmont, they are Big mortgage lenders and real estate brokers... I think they have an office in florida as well.... They are a real company , i cant vouch for the company that your dealing with , but if its affiliated with the company i know about then its definitely a good company to use, Ive gotten 4 mortgages from them in the past 3 years
2006-09-26 17:27:56 · answer #4 · answered by stevenwein 1 · 0⤊ 0⤋
I was just contacted by the same people,except they offered me 25k with 2,200 paid up front....run! its a big time scam ! First of all it is not legal to ask for money up front, if it was legal they would take the money there asking for off the top of the amount your asking for...look up Canadian loan scams and what you will find is an a report from 2002 from NBC6 news report regarding this same scam....sorry my friend, i know how you feel..good luck!
2006-09-26 18:39:10 · answer #5 · answered by D.S 1 · 0⤊ 0⤋
im really embarrased tob telling this story, but i was just a victim of this obvious fraud. i sent this company $1800 dollars, $900 of which i borrowed from a co-worker. i have not seen the money they promised me and its been a week since i sent the money. DO NOT TRUST THESE PEOPLE!!!!!! does anyone know how to get your money back if this happens and if you can file a lawsuit?
2006-09-30 04:23:43 · answer #6 · answered by veelias2000 1 · 0⤊ 0⤋
Beck's (and hannity's) listeners have been forewarned. If they want to buy Goldline International gold coins at inflated prices, its their prerogative. If they like it, I love it!
2016-03-27 12:39:41 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I have had no dealings with them
2006-09-29 02:24:32 · answer #8 · answered by Anonymous · 0⤊ 0⤋