expess funding inc. called me saying i was approved for a loan of $65,000.00 for $396.00.Said i didn't have to put up my home. Only i had to make 4 payments of $396.00 this was a type of security insursance.i would not have a payment due for 4 months and the term was for 23 years at 5% fixed interest.Durning the 23 years if i couldn't make a payment that the 4 payments i had made would cover the paymebt for that month. Any one ever heard of this or this company?
2007-06-20 19:52:54 · 6 answers · asked by brenda t 1 in Business & Finance ➔ Credit
Can you say scam! Run, run very far away.
2007-06-20 21:26:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't know specifically about the company but any company that asks for "security" or "insurance" in order to release the funds is most likely a scam. There is a very good chance that if you send the 4 payments you will never see that money or the $65,000.
You should read the BBB article on these type of loans
2007-06-20 20:40:47 · answer #2 · answered by OC1999 7 · 0⤊ 0⤋
You can get a line of credit without collateral from a credit card company. Matter of fact, there is no application fee, no transaction fee or no prepayment penalty. You can also pick a prepayment terms and payment amount that fits your budget. However, if you want to get this type of loan, you may want to go with big bank like BOA of City bank. Normally this type loan has high interest because you have some control over it by set a payment terms and payment amount.
Never heard of Express Funding, Inc. With this huge of loan, I'd rather go with a reputable bank than this company.
2007-06-20 20:02:13 · answer #3 · answered by Prenn 3 · 0⤊ 0⤋
SCAM
1) No legitimate loan company requires money up front to do the loan.
2) No legitmate loan company would offer a loan that high with no collateral and at such a low interest rate. Home Equity loans are running at just over 8% right now.
Run away.
2007-06-21 03:15:50 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋
I'd ask for all the paperwork up front before you sign anything or send any money. Read it completely, especially the fine print. Know exactly what you're getting in to BEFORE you sign, because once you sign, you're stuck!
I've not heard of this before, but I would be very VERY cautious.... it sounds like a scam to me......
2007-06-20 22:49:34 · answer #5 · answered by Leah 4 · 0⤊ 0⤋
I have never heard of this co. but i have heard of this type of terms. evedently this co, has checked your credit score.be sure you ask all the right questions before you sign
2007-06-20 20:23:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋