a 5,000.00,loan for a 75.00 service fee???

You should never have to pay a service fee for a loan. Who is the company that approved your loan? Be careful, there are alot of loan fee scams out there. They claim you are approved for a loan, then WHAMO they have your money and you have nothing in return.

Angella, beware of such offers. They are scams!! The companies make such offers to tempt people so that they send the upfront money for getting the loan. Many people have already been victimized due to this and as a result lost their money.

The fact is that a legitimate loan company will never ask for upfront money. The process is that the money should be deposited in the account first and later the service charge is paid. At this time, there is a very high risk of not getting the loan amount and losing your initial money.

Research for a company in the BBB as well as in the state attorney general office. You will get some information about the legitimate loan business with whom you can think of making the business proposals.

That is what happened to us in July. We were told by Transcredit Financial that we were approved for a $7000.00 loan and they needed $1300.00 up front for insurance fees and 1st six months fees. We thought okay that would give us time to get budget in order, then the next day Anthony Lawson called stating that we needed another $400.00 to secure the loan. We sent the money by Money Gram to Canada. That should have raised a flag! Then when the money wasn't deposited in the account on the day promised, we called them and Thomas Chapman answered the phone and stated that the money would be depoisted by Friday. I thought something was wrong so i called the Washington State Attorney General Office and inquired about them and low and behold, they were a fraud. They had received several complaints about this company and they were in the process of getting them shut down. They had our bank account info, my husbands ss#, and so on. Anyway, on Friday instead of them depositing the money, they took out $2100.00 out of our account and ran. The bank refused to reverse the money. Their reasoning for it was that we were careless with our information. I filed a police report, closed the checking account. Then 2 months later we received a letter from the Social Security Administration that my husband being deceased I would begin receiving benefits. That was a mess all of its own, trying to prove you are still alive. We went into the office with all the proof of what had happened and they issued him a new ss# which no one will ever get again. We contacted Money gram and notified them of what had happened and provided all proof of the loan scam and they don't refund transfers. Western Union will refund wire transfers if you have suffient evidence of the scam. That is how we ended up in the payday loan mess in the first place. All I can say is, please be aware of loans with upfront fees.

People do not have a good experience with advance fee loans. Please browse this forum before you decide your move. Also check what FTC is saying about Advance Fee Loan Companies-

http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.htm

Brat, you were lucky enough to have a narrow escape. Though you lost the initial money but you learnt the proper way to handle such type of offers.

These companies that have no proven record of their business look for the innocent people who are going through hard times. Being pro active is necessary before you fell into the wrong hands. The internet is there to research on such companies if you feel alarmed. I am sure no company in the future can tempt you with such offers.

wow Tammy!! I knew you went through a hard time which is why you're where you're at now, but I didn't realize!! This is the first time I've heard your WHOLE story! I knew there was fraud involved. what a mess!! I think its wonderful that you're speaking out about it so others won't fall into the same trap. This group is the perfect place to 'shout it out', since many people have fallen on hard times and are here looking for help for their problems. Very high canidates to fall into the hands of some scammer.

You know, I got a phone call saying I had won a $5000 grant and all they needed was my checking account number so they could deposit the money from their bank to mine. Yeah right, more like my bank to theirs. They called over the weekend, my daughter answered, I wasn't home, so lady said she would call back on monday. she actually did call back. can you believe it? she got really pissed when I told her that I wasn't interested and knew it was a scam. she could barely speak english.

People be careful!!! its just like your mama told you, it it seems too good to be true, it usually is!!! if it looks like a duck, walks like a duck, quacks like a duck...well, you know. Sorry this happened to you Tammy!!!! hugs, shirley

They had also called me about a loan approval. I thought it sounded fishy when then said I need a large (large to me) security deposit. Luckilly I had found this board and read some info about it.

Tammy, I had no idea either that you went through such a horrible mess! I have to admit that before I found this board, I probably would have sent the money as well. :oops: Especially in a desperate situation. Personally, I think it is horrible that the bank wouldn't refund you because they think you were "careless" with your information. How were you supposed to know? Anyway, thank you for sharing that post, I think it will be important to other forum members here.

~Mary

Now I check everything out before anyone gets any info from us. If its not legit, you must take action!

I can imagine you would be much more protective of your personal information from then on, not to mention being skeptical of anybody offering money. I know that I am, after being a member of this forum for a while now. I don't even open credit card offers anymore, they go straight in the trash!!

~Mary

Mine go in the shredder. Once in a while i jam the shredder with the fake plastic card they put in the envelope. Oh what mess to get that out.

LOL!! Been there, done that!!

~Mary