Hey all, Just wanted to share an experiene that I had with a loan company called delray funding. I thought they mostly operated in FL but I have seen their ads in different states. I applied for an unsecured loan of about $3,000 to pay down some existing debt and to pay my taxes. I have 5 accounts showing on EQ, 1 is closed, 3 are paid as agreed that total about $1,500 and 1 is in dispute with a $900.00 balance. They asked me to fax them a recent copy of my credit report and I would get a decision within 3 days. Now I've done my homework and did some research on this company. They got in a lot of trouble last year for making promises of loans to people, charging upfront fees and not approving people for loans. So I look on the BBB page and it says they have resolved all disputes and have a somewhat satisfactory record. I applied and the guy on the phone proceeds to tell me that, even though I have 5 accounts, and I have reestablished my credit after my BK (which was in 1997) that basically I should have no balances carried on my credit in order for me to get a loan with these people. What would be the purpose of getting a debt consolidation loan if there is no debt to consolidate? I think this company is a major rip off and the only reason I applied is because someone told me they had heard that they offer loans for people trying to reestablish credit. Thank goodness I didn't waste an inquiry with them.
Looks like their disclaimer is directly in opposition to their advertising. They offer the loan to help reestablish credit yet want a "700" score: "Delray Funding Corp., is authorized to investigate any facts or obtain reports regarding this application or resulting with credit reporting agencies. Upon request, I will be informed of each agency's name and address. Undersigned understands Delray Funding's Credit and Lending Guidelines are one year employment, thirty-five percent debt to income ratio, excluding spousal, part-time, and support income. Five thousand dollar maximum unsecured loan, seven hundred delinquency alert credit score minimum. Guideline deviation, if any is at the discretion of Delray Funding Corp" From the Florida Atty General: http://legal1.firn.edu/newsrel.nsf/b57e80b88fcebfad85256403005cbc7a/1af1a637f17e21e48525690e0053dd44!OpenDocument
