I was told I need to give $800 dollars for a $5000 personal loan which after 6 months of good payments would be given back to me to go toward me paying back my loan at 7.5% for 3 years. Should I be skeptical of paying $800 dollars. The business has been around since 1979 and they are not a member of the better business bureau. The better business bureau of DC/Philadelphia, PA states that in the past three years no one has reported anything negative about this company.
2006-11-09 00:58:19 · 4 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
never pay money to get a loan or credit card
sounds like these online finance companies and they are a scam
people on here are saying they don't even get their loan
2006-11-09 01:40:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-28 14:13:07 · answer #2 · answered by Jamie 3 · 0⤊ 0⤋
Does your job offer you a 401K? Some 401K options will let you borrow against your investment. If not, your best bet might be to start saving the old fashioned way. You don't want to get into more debt. At least w/ a 401K loan you'll be paying yourself back. The downside to that is that your money isn't working for you while it's not in the account. The 401Ks I have dealt with let an employee borrow up to half of what is invested (so if you default, the rest of the money is collateral) and usually there is a minimum and a lot of fees tacked on as well.
2016-05-22 00:07:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Why would you pay up front to get a loan? The call it "secure" to ensure you make the payments on time. If your credit is good, go to a bank or CU. If not, this sounds like a "get your credit back on track loan", which is told to people with zero or fair to poor credit. There are better ways to do that.
And just because no one has reported them to the BBB, doesn't mean they aren't scamming people. Many people don't report financial crimes as they are embarrassed they were conned.
I have been in business since 1978. I have never been reported to the BBB. Truely. Would you do business with me as I would only require $500 (10%) with the same loan terms?*
Without knowing the company name, how can we truely help you? I
2006-11-09 01:31:11 · answer #4 · answered by Joe S 6 · 0⤊ 0⤋