unsecured bad credit loan...?

Question

i had applied for an unsecured bad credit loan to pay off some bills. Well i got approved for one but they want me to send them $175 before they will send me a check for 10k...why? and is this a scam?

Ok i sent them an email and asked...they are a lender finder. They make thier money from customers that they provide guaranteed lender results...they are aparently in the NY chamber of commerce....
personalcreditservices.com

Answer 1

Its likely for processing fees and such. If its a reputable bank it should be ok. I'd check to make sure they are FDIC insured and are beholding to our government's regulations.

Answer 2

It is probably a scam.

1) No legit lender requires upfront fees.
2) No legit lender trolls message boards looking for business.
3) No legit lender has a generic email address (Yahoo!, Hotmail, Gmail)

Post some details on who you are dealing with and we can let you know more.
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Most of these "services" are borderline scams.

I am guessing that they "approve" everybody. For the $175 they will send you a list of lenders that "may" lend you money. In my opinion, most of the lenders on the list that they will provide will say "No" due the credit and lack of security. Personally, I would not send the money.

Truthfully, a private lender willing to do an unsecured loan for $10k with bad credit is going to be next to impossible to find. No one will be willing to take the risk.

Prosper.com is a legit lending site. You post an add similar to Ebay and people bid on your loan. Some bad credit loans get approved but most do not. It depends on your income and the interest rate that you are willing to pay.
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Here, read this:

http://www.ripoffreport.com/reports/0/213/ripoff0213478.htm

Answer 3

yes it's a scam!!!

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.

Advance-fee loan sharks are preying on unwary consumers, taking their money for the promise of a loan or credit, and leaving them in hot water. The scam artists often impersonate legitimate lenders to entice consumers into falling for their bogus offer.

According to law enforcement agencies in the U.S. and Canada, ads and promotions for advance-fee loans suggest — or even “guarantee” — that there’s a high likelihood that a loan will be approved, regardless of the applicant’s credit history. But to take advantage of the offer, the consumer has to pay a fee. The catch? The scam artist takes off with your fee, and the loan never materializes.

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.

Answer 4

There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements- and WITHOUT A DOWN PAYMENT, I might add.

Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on.

http://www.axalda.info/bad-credit-loans.html

Answer 5

OMG!! If I were you I would make sure you do not send any money whatsoever to them. Do not give your information or anything to them it is a rip off. Don't believe me check out the below sites.

The first one is from rip off report, the second one is where they say they are located just type in their website address and you will get the same info I did. Just trying to help prevent another innocent person from being taking advantage of when in need.

Answer 6

There is NO reason for any legit lender to charge an upfront fee. This is most likely a scam.

Answer 7

Check this resource: http://www.badcreditresources.com/bad-credit-personal-loans.html -- It has a list of lenders/banks that provides loans to people with bad credit score.

Answer 8

I don't think it is scam