I am trying to get a loan and they said that I was approved but I need to take out an insurance policy for 10% of what I was borrowing...have you ever heard of that ...The interest rate is 6% the loan is for 10,000 and my payments would be 125.44 for 7 years or less if I wanted to change it....whats your opinion....thanks...have a great day...
2007-10-05 03:14:52 · 1 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
SCAM.
Never pay any fees like this. If you pay them, they will disappear.
1) My guess is that you are dealing with someone with a generic email address (Yahoo!, gmail, Hotmail). This is a clue that this is a scam. A legit company would have its own domain.
2) Another clue is the interest rate. 6% on a no collateral personal loan is way too low. Depending on your credit, unsecured personal loans would be at 20-30% because of the high risk.
3) Lastly, personal loans are never for 7 years. They are usually 2-3 years max. Again, the risk with a 7 year loan is insanely high.
Run away. This one is a huge scam!!
2007-10-05 03:21:54 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋