The terms are incredible and the finance charges are too good to be true - 2 to 3 %! Can you borrow money from a money-lender that is not licensed in the United States? Can they be licensed for both the U.S. and the U.K.? How do I make sure everything is legit? I need money to make repairs to my home and the only collateral I have IS my home (I can't afford to lose it if these loans are crooked). I am 45, my home is paid for, and my only income is disability. Thank you, Terri
2007-02-10 19:11:59 · 7 answers · asked by PixieCat 2 in Business & Finance ➔ Personal Finance
It is possible to get loans from outside the U.S., however these people are probably trying to scam you. The reason is that there is no recourse if any transaction fails. If they pull anything unusual, you can't simply take them to court. They are not required to show up based on a US subpoena.
I would highly suggest taking out a HELOC to make the repairs on your home if it is absolutely necessary. It is not worth the risk of saving a few percent in interest.
Also there is no benefit for any company to offer loans that are lower than the Federal Funds rate. If they wanted to actually make money they would buy government bonds that are available right now above 5%.
While you may be thinking there is nothing to lose, I assure you there is. The moment at which you accept money and they have proof, they may come after you to collect with little or no warning.
When it sounds too good to be true - it is.
If you really want to chase this down, I suggest you ask them for documentation that shows that they are a legitimate U.S. corporation. If they are not registered in the 50 states, let it go.
2007-02-10 19:58:12 · answer #1 · answered by Ethan 3 · 0⤊ 0⤋
Terri, companies that operate outside the US do not follow US laws, I would never risk my house with a company that is not covered under the laws where the house is.
You state you already received "offers" do these companies already have your social security number and bank accounts? If yes you need to contact the credit bureaus and your bank and put "fraud alerts" on them.
If the house is paid for and you have a guaranteed SSI income, apply at well-known American lenders, they should be able to finance you.
2007-02-11 01:51:45 · answer #2 · answered by Gem 7 · 0⤊ 0⤋
DON'T do it!!! Unless you go to a professional company that you are familiar with, its not worth it. Believe me , its all a scam. Like I had these people calling my house and said they were from the u.s government for grants and stuff too, and said they give loans... and this n that. And told me they had my bank account number and they just wanted me to confirm it , but it was just so they could get it. Its all opposite... instead of you taking a loan, they will take and debit your account and stuff , i mean all your money. so NNNOOOO!!!! dont fall for it. u will lose a lot of money. and i also confronted them that it was a scam and they threatened me.... not like i care and i know nothing will happen but still.... be careful.... and only go with someone you are familiar with. good luck!
2007-02-10 20:19:33 · answer #3 · answered by *Alicia* 2 · 0⤊ 0⤋
I wouldn't touch it with a 10 foot pole
the way they operate is they'll want money upfront and then you never get the loan
2007-02-10 19:51:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, these are scams.
2007-02-10 19:20:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋
it's probbally just a scam. don't bother
2007-02-10 19:15:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if it sounds too good to be true, it probably is.
2007-02-10 19:15:55 · answer #7 · answered by annc 3 · 0⤊ 0⤋