After looking for a loan online, I was contacted by Linda Barnes from Loan Aid Inc., phone number 1-866-821-8501 ext 2. She told me I was guaranteed for $10,000 at a 7% interest rate to be paid over a 2 year term for $447.27/mo, or a 4 year term at $239.00/mo. But to "insure" my loan, I have to pay a $1250.00 security fee. She said she would be emailing me all the documents to fill out.
2007-08-20 08:42:52 · 11 answers · asked by elaine 2 in Business & Finance ➔ Personal Finance
Supposedly, the $1250.00 will either be refunded to me or applied to the loan after the first 3 months are paid on time.
2007-08-20 09:30:07 · update #1
It is a scam.... You should never have to dish out money to secure a loan especially in the amount she is asking for. I was scammed out of $1800.00 and now I have the authorities involved. Please be very careful, try to get a loan from your bank or American General Finance.
Best of Luck to you!
2007-08-23 02:16:46 · answer #1 · answered by ROM38 2 · 2⤊ 0⤋
I am in the same situation. Received a call from Linda Barnes stating that I was approved for a $5,000 loan but would have to pay $850 to secure the loan by purchasing Loan Protection Insurance through SafeCo Insurance Company. The loan disclosure that Linda emailed to me appears to be legitimate however, I was still apprehensive so Linda emailed me a guarantee statement from herself, the Senior Loan Officer, The Financial Advisor, and a guarantee letter from Someone from Safeco guaranteeing me that the funds would be deposited into my checking account. However, the money to secure the loan would have to be wired via Money Gram or Western Union.
Really not sure if they are legit or not, wish I could help you more but I know I cannot afford to loose $850 to a scam. Their web site is www.loanaidinc.com
2007-08-21 04:53:43 · answer #2 · answered by king_mich2003 1 · 1⤊ 0⤋
yes
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I'm posting this to warn you and others on yahoo! abt Loan scams.
Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person
or business in the UK, Nigeria or Canada in hopes of getting a loan. If
you do you will learn a hard lesson & never see any Loan money.
Remember, if it sounds too good
to be true, it probably is! NEVER give out your personal information to
strangers online! Always be on guard.
As a general rule - ANYTHING involving Werstern Union = Scam.
Please be aware. You have been warned!
2007-08-20 12:56:53 · answer #3 · answered by John Loves Jenn 4 · 1⤊ 0⤋
I don't think you are supposed to pay a security fee to get a loan. People applying for loans do it because they need the money !!! I know I wouldn't have that kind of money just laying around. And if I did, I wouldn't be asking for a loan !!!
Contact other loan agencies that you know are legit, and see if they require a "security fee" I think you will find your answers if you research it fully.
2007-08-20 08:50:34 · answer #4 · answered by Shauna 3 · 1⤊ 0⤋
You are going to do business with a "bank" via email? Are you insane? Seriously, this is a really bad move and it is not legitimate. Banks do not randomly call people out of the blue and they do not do business on the telephone and email.
I tried to look her up with the Better Business Bureau, but there are no businesses related to that phone number. They keep records of all businesses, members or not.
You are likley dealing with someone over seas, here is another thread on them, which actually has their webside, on a freebie site, not a regular host.
2007-08-20 08:56:56 · answer #5 · answered by Anonymous · 1⤊ 0⤋
If you have $1250 you want to just hand over to a scammer, go ahead. But when you are asked for money up front, it's a scam - if it were a legit fee, why couldn't they just take it out of your loan proceeds? Did you ask her that? Think about it.
2007-08-20 08:51:24 · answer #6 · answered by Judy 7 · 2⤊ 0⤋
It's a scam.
No lender requires a fee upfront.
If you pay the $1250, you will never hear from "Linda" again. I am guessing that "Linda" is not her real name. "She" is probably a he and he is a scammer operating out of an internet cafe in Nigeria.
2007-08-20 11:38:59 · answer #7 · answered by Wayne Z 7 · 3⤊ 0⤋
I would never trust anyone that calls you from a loan company. Sometimes all they want is your inside info!! Ask your parents what they recommend or your local bank.
2007-08-20 08:50:16 · answer #8 · answered by Anonymous · 1⤊ 0⤋
SOUNDS LIKE A SCAM. LOOK FOR STUDENT LOANS AT YOUR SCHOOL. THE REQUEST FOR MONEY FROM YOU IS NUTS.
2007-08-20 08:57:16 · answer #9 · answered by Bettee62 6 · 3⤊ 0⤋
Send Linda all your money...then file for bankruptcy.
2007-08-20 08:48:46 · answer #10 · answered by Anonymous · 0⤊ 2⤋