Has anyone gotten these types of responses from loan co
Date: Mon, 01/23/2006 - 10:45
HEAD OFFICE:12, NORTHUMBERLAND AVENUE,LAGOS,NIGERIA.
TEL:+2348051103581.
TERMS OF LOAN APPLICATION DATED THE 21ST OF JANUARY,2006
*INSURANCE:
Firstly,The loan has to be insured by our insurance company.You will have supposed to submitt a collateral but since it is an online loan service, you will have to get the loan insured and the insurance fee depends on the amount of loan you are applying for.the insurance secures the loan.it is liable for any breach of contract by both parties.
*The loan insurance premium validates all transcation and also serve as imunity to clients as regards any breach of agreement.
The insurance herein shall cover all Post and Pre-transaction Charter.
*LOAN REPAYMENT SCHEDULE:
We would give you the loan for a low interest rate of 5% which means that
You would repay the loan for $50.00 monthly for 4years 5months which is approximately a maximum period of 5years.
Re-payment of loan starts 6(Six)months after loan has been transfered.
Re-payment of loan must be done at the stipulated time execpt otherwise.
*NOTE;No fees would be deducted from the principal loan and all fees are refundable.
In the case of any breach of agreement or delay of re-payment,Clients will be allowed 2(Two) months Grace under the covering of the insurance BUT if this time (2Months) elapse and clients are still defaulting in payment,Clients will be sued to the law court.
*AGREEMENT:
Well these are some of our standard terms and conditions.Send us a mail if
you agree with them so taht we can send you your loan form and you would be sent the loan 24 HOURS after the insurance.
Our loan process has been modified to serve clients better.Our loan process now take 3(Three)working days.
By agreeing to these afforementioned terms and conditions,You have agreed to the following;
*The loan must be insured.
*Your repayment starts 6(SIX)months after loan has been transfered.
*You will not contact any other lender while with us.
*Either of us can sue and be sued.
If you agree to the above terms,send us a mail so that we can proceed to the next step.
MR & MRS BELLINTON S T W O JACK.(CEO)MD
Pgir, Welcome to forums :D It is pretty clear from your po
Pgir,
Welcome to forums :D
It is pretty clear from your post that this company is asking for an upfront fee. You never know if they will disburse the money for you at all after getting the insurance fee. I feel it risky. See what FTC is stating about the loan companies asking for upfront fee:
http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.htm
Search for a legitimate lender in your locality, so that you can check them physically. Hope the thread below will help you to find out a good lender:
http://www.debtconsolidationcare.com/forums/financial-resource.html
This is a scam loan. Contact you financial institution in your
This is a scam loan. Contact you financial institution in your state and check for their licensure and contact the FTC and the BBB. It is stated somewhere on the FTC site that if you have to pay an upfront fee for a loan it is a scam. You never have to pay up front for a loan.
After doing some proper researches, it will be easier to disting
After doing some proper researches, it will be easier to distinguish a legitimate loan proposal from a fake one.
But the thing that requires attention after taking the loan is the fact that you should be always available with the installments of each month. The financial charges and other fees of defaulting on such loans are very high. If you keep defaulting regularly, it will be very tough to catch up the principal amount.
It is better to save some money from your income each month and use it during emergencies. Cut off all the unnecessary expenses and include it in your savings. This might reduce the need of taking a loan at higher costs.
Taking a loan will be more or less like taking a payday loan. Build the habit of depositing money in a fixed account. See, how money will multiply in a period of six months if you don't break the fixed deposit in your bank.
That's what I thought. I figured it was a scam. So my reply to
That's what I thought. I figured it was a scam.
So my reply to them was "Thanks, but no thanks".
I did write the OTF in the UK about them. Hoping to get an answer soon!
If this loan company is originating from UK, be sure if it's lic
If this loan company is originating from UK, be sure if it's licensed to do business in the US. The company must have a registered office here in US. The company must come out with legal info whether all the disputes will be settled in the US court or the UK court.
pgir, Contact your Attorney General's Office in your state an
pgir,
Contact your Attorney General's Office in your state and find out if they are licensed. THey will be able to tell you if they are a scam or not.
I am so glad I wasn't lured into this. My red flag went up immed
I am so glad I wasn't lured into this. My red flag went up immediately. Thank you for all your great info and direction. One love!!!!
PGIR
Loan from Bellinton
Has anyone gotten a loan from this guy? I've been dealing with him for a couple of months now but I can't find any negative information; however, I've not found anyone that's received a loan from him.