I received some information today from a company called Mesa Management Group out of Ontario. They have pre-approved me a loan of $10,000 with some conditions. I need to either a) come up with a co-signer who has excellent credit, owns their own home and would be willing to accept the debt if I default (I thought thats what a co-signer did anyway) or b) take out an insurance policy and pay the policy premium of $975.00 in advance before the funds can be sent to me. (And they can't deduct the $975.00 from the $10,000, I already asked) The repayment terms are an interest rate of 8.25% with a monthly payment of $203.30. I'm not a stupid woman and I don't want to jump the gun here by saying this doesn't sound right because I haven't experienced all things in life. So I'm relying on you guys to help me out. Anybody have any experience with this type of thing? Thanks a bunch in advance.
NEVER EVER EVER NEVER NEVER PAY UPFRONT FEES FOR ANY TYPE OF LOAN!!!!!!!!!!!!!!! YOU WILL NEVER SEE THE MONEY THEY PROMISE. in fact, you should report the number to the FTC immediately, as these are one of the few types of companies that they will immediately try to shut down. IT IS ILLEGAL in just about every state i know of, to charge upfront fees. RUN, DO NOT WALK, AWAY FROM THIS COMPANY! humblemarc sorry for the all caps, but i see so many of my clients burned by these companies, because it seems so easy.
Thanks disputer and humblemarc for the opinions. Do you think I can still report them to the FTC if they give a Canadian address?
