Taking out a loan from a Private Investor…is this legit?
Question by JD: Taking out a loan from a Private Investor…is this legit?
i tried getting a loan thru a few places and was denied because of my credit, i had a few people calling me to help but it didnt work out. A lady from a company called Barstow Brokers www.barstowbrokers.com called me saying that there a company that works with people who have bad credit to get them loans thru private lenders. The only thing is they want you to make the first 5 payments up front. It was 900 dollars, i told her that was a little to high and can you work me with me. She bumped it down to 4 payments which is 765. She emailed me the contract and everything. It looks legit but im nervous i dont wanna lose my money. Is there anything i can do to protect myself? ????????????????
Best answer:
Answer by Judy
You send them this money BEFORE they send you the money for the loan? It’s a scam. You won’t see your “loan”.
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100% SCAM!!!Stay away.Rule 1) No legit lender requires you to pay them money first before they will lend you moneyRule 2) There are NO exceptions to Rule 1!!She will ask you to send the money via Western Union (probably to Canada or elsewhere out of the country). Once you do that, your money is gone as Western Union (or Money Gram) payments can not be reversed. There is no loan and there never will be from this person/company.
Since you do not have $ 765 to lose, do NOT send them ( I bet they want you to wire it or Western Union it to them right? LOL ) any money.This is a very common scam. It is known as an advance loan scam. The people perpetrating it are in Nigeria. There is no loan. If you were to send them the $ 765…they would come up with some excuse about the lender backing out..but they have another lender that will work with you..but that lender wants 3 mos up front ..and the circle starts again. By the time you are done, you could be out hundreds if not thousands of dollars. Lenders who are legit will roll the fee into the loan, not ask for it up front. Also, be wary of any lenders who want to send you a money order, certified check or cashiers check for a loan. They will tell you to deposit it in your bank and wire them back their fee. LOL That’s how some of these advance loan scammers are doing their thing now. They are advertising here even..”No Up front Fees!” …. Problem is, they are sending out counterfeit checks.