I was offered a loan for $10,000 which I applied for online. The lender is based in New York. She discussed a $1500.00 fee which is MANDATORY for loan credit insurance. The deposit is refundable after the loan is paid off. Is this legal, to force someone to buy credit insurance even if it's refundable?
2007-01-31 08:31:12 · 3 answers · asked by tucsondude 4 in Business & Finance ➔ Credit
yes because if you die the lender wants to make sure they get their money. even home loans have this requirement sometimes (private mortgage insurance) but i can't say if the person you're dealing with is legit or not. car loans require you have car insurance, too.
2007-01-31 08:39:33 · answer #1 · answered by Sufi 7 · 2⤊ 0⤋
before doing any business with any company online check them out at www.bbb.org.
2007-01-31 08:45:49 · answer #2 · answered by sunbun 6 · 1⤊ 0⤋
sounds shady to me.
2007-01-31 08:40:35 · answer #3 · answered by Scott K 2 · 0⤊ 1⤋