I have been pre-approved for a loan for $20,000 from Save Capital Finance in Canada. Their email address is www.savecapitalloans.com. My concern is I apparently have to pay $958.00 for insurance on the loan prior to receiving my loan. Sounds fishy to me....is this normal practice for doing a non-collateral personal loan. If you have any info. I would appreciate hearing from you very much. Thanks.
2007-10-31 04:30:22 · 2 answers · asked by Joanie J 1 in Business & Finance ➔ Personal Finance
I would say......Scam.
A legit firm would deduct the insurance from the proceeds or add the insurance to your monthly payment.
The website was just registered on 10/18/2007. To me, it looks like a very elaborate scam. From their website "Rates vary from 5.3% to 10.45%". These rates are just way too low for legit personal loan.
I may be wrong but something just doesn't sound right with this one. Scam companies are notorious about setting up shop in Canada because you wouldn't be able to pursue them legally, or if you could, it would be time consuming and expensive.
2007-10-31 04:57:16 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
It sounds like a scam. I would report them.
2007-11-04 02:53:29 · answer #2 · answered by Autumn 5 · 0⤊ 0⤋