Is this a good loan with $119 per month

How long would the $119 per month be for?



[quote=twokidtwocat]I was offered a loan for the amount of 5000 dollars at
7 percent interest with payments of 119per month.The downside is they want 900 for colateral which would cover my payments until next Feb. Is this a good deal?this would payoff all my payday loans and the 119 month payment would be a breeze.What do you think.[/quote]

Hi twokidtwocat

Welcome to the forums. Always remember that you will be saving some extra amount of your hard earned if the length of the loan program is kept shorter.

Though you can make your monthly payments at a minimum, but it will increase the tenure of the loan which will involve some extra amount of the money on that loan.

So, I suggest you to concentrate on a shorter period rather than opting for longer durations.

Regards
Roxette

The loan is for 4 years.But first I must send them the $969 which will cover my payments until Feb 2006 and will be applied to the loan after 1 year of good payments.They want me to fax them back to loan papers and send the $969 by western union.The company is primetime1.net or primetime lending.Is this to good to be true.Have you ever heard of this company.The papers they faxed me looked legit but Im worried about sending them my entire paycheck and getting nothing in return.Thanks for your reply in advance.

Make sure you're in a position to hold a loan for 4 years. If you truly think it will help you, and it isn't a scam, go for it....but if you know you won't be able to make the payments and such, don't do it. There are other alternatives for short term financial help. And lastly...be careful....I was contacted by a company like that and I concluded that if I HAD done it, I would've been paying MUCH more than $5000 plus interest.

Hi twokidtwocat

I will suggest you to get every point relating to the loan in the agreement. Make sure that there are no hidden costs and facts which have not been disclosed in the agreement. Everything should be written first. After signing, if it was not written in the agreement, it should not be considered as valid. This should be your approach when you sign the agreement.

Consider all the negative things first which results in a query and get that answered before you sign the loan agreement. Once you have signed the loan, make sure that there should no point from the company which you were not aware of when you signed the loan agreement.

Regards
Roxette

DON'T DO IT!!!!! I did and then i never received my money they said they needed 600 and something in brokerage fees first. Even though that was not on the paperwork so I never recieved my money or the money I've sent them. DON'T DO IT!!!!!!!

I see this last post and my heart just sank because I already sent the Western Union payment. I called them before I sent it asking about the Consumer Fraud Alert and they said that it doesn't apply to secured loans like they do. I haven't seen my money and they assured me it would be in my account in 3 hours. My loan "agent" told me to call him as soon as I receive the money. I've been researching online and can't find anything about them outside of their website. I've only found ad after ad after ad. So I know I'm screwed, and plan to take the time to personally go through the hundreds of sites I found and let them know what kind of company they are.

Mscdouglas - There are many more consumers who have not given a positive feedback about PrimeTime Lending. So, I think it will help the community members before making any decision with this company.

Im sorry to hear that you got scamed.I was offered $5000 for $969 down but I told them it would be a week before I could send the money.During that week I did lots of research and I joined this board.I did not send the money,I just had a funny feeling about this being to good to be true.I tried to verify the address and came up with nothing,I call them and they said that it was a new listing.I am stuggling to feed my kids just because I was stupid and took out to many payday loans.The sad thing is I make enough money to pay my bills with a little extra left,but the payday loans take it all and now I am unable to pay my normal bills.My car had broke down and needed $500 in repair and I took my first payday loan out to cover the cost and then it just went downhill from there,I now have 4 payday loans that I keep renewing each payday because I cant pay them off.Primetime Lending gave me hope for the first time in a long time.If it wasnt for this board I dont know what I would have done.I hope no one else falls for this scam.If I had sent the money I would not have been able to pay my rent this month and then my children would have been homeless.Thanks again to everyone on this board.You saved my life.

I didnt realize that I wasnt logged in.sorry for double post.

Hi twokidtwocat

It's nice to see you doing some community help on this board in your every visit. It is you who started enquiring about Primetime Lending and ended with not making any business deal with them. Many of the community members have posted their comments about this comments which gives a negative impression about the said company.

We appreciate your regular posting in the forums and hope to see you often with more help for the community.

Regards
Roxette

This sounds a lot like Allied Mutual Brokers. Someone should check into it. I will try to.

Does this "lender" have a website??

be careful with those loan things,most of them are scams and have you considered if you give those people the money you could be out of 900 dollars cause if you read Rhonda's story she was scammed by company and they wanted the same thing money up front. I think you should try to look these people up first and then see what you find and then make your decision from there! Good Luck!

They're all scams. Bottom line, if you can't get a loan from the bank....you can't get a loan. I have learned that the hard way. Never trust something you don't know. It is illegal for them to ask for money upfront. Learn from my mistake!!!

Good advice Mandi!! Hopefully we can all pull together and prevent the same thing from happening to other people. I alomst fell for the same scam. I came to this site instead.

Has anyone heard of this firm? They sound connnected to allied mutual - which I've read about from you guys. They have the same "problems" and terms it seems as Allied. Any feedback?

Do they ask for a cash deposit to get a loan?Do they have a unlisted phone number and Fax?Do they want you to send money buy Western Union?If you anwser yes to these questions,they are just another name for these scammers,crooks whatever you want to call them.Dont send them your money.They change thier name and address as soon as someone starts getting wise to them.This forum has helped alot of people and saved alot of people money since many come here for anwsers before sending money.

They're all the same, Allied Mutual Brokers, Credit One Financial, Primetime Lending, Freedom Trust, Colonial, Silver Crest Loans, and I'm sure there are many more. Either they are all the same people, or they are all sharing the information on who they scammed, who they are, like myself. I had never heard of Silver Crest Loans, but according to them I applied for a loan!!! Unbelievable.

[quote=mandi_f]Either they are all the same people, or they are all sharing the information on who they scammed[/quote]
I do think so and I also feel the number is increasing rapidly. They are using the unawareness of general people and targeting those who are really in a need.

Sometimes you can hear that you have been selected for a special offer and if you don't accept it will move to the next person. Don't let your emotion play then, take decisions carefully.

My suggestion to those who have been frauded by this company and others is to report it to your local Attorney General's office. They have a Consumer Fraud Protection office within every Attorney General Office. They will litigate outside of court for you for free. Plus it is also advised to give them the information regarding this company so they can put a stop to them once and for all. :roll:

Do not do it unless you get accurate information about a company. I thought I received legit papers from a loan company and they scammed me for $708.00 sending money Money Gram, they called it insurance $ for the loan b/c my credit was not good. Since then the # they had has not been working and I cannot get ahold of anyone. I filled a report with the FTC but it won't get me anywhere.

Learn from my mistake, don't do it on-line!!!!!

gardnerjl,

I do admit that we should not disclose our personal information through unsecured medium and to unknown persons or agencies. Lots of people are scammed because they are not informed about these facts.

It's still a question that how much legitimate the advance-fee loan companies are? But very few people are conscious about the fact!