I cannot find a website,...they told my mother in law that they can give her a loan. to consolidate all her credit cards, for a start up fee of $395 before they start any kind of paperwork .
Sounds like a (sub-prime) home equity loan to me. I'd stay away from it. $395 start-up BEFORE you see paperwork???!!!??? I don't think so...
It has that "Scam" ring to it. I agree, Who pays a fee up front when they don't have any idea what the terms of the contract will be? Only a desperate person!! She's likely to be out the $395, have no loan, and no way to find these people. breeze
I worked for a regulator in Florida for over twenty years. This sounds to me like an advance fee scheme where you pay money up front for an extension of credit. The loan never materializes and you never get your money back. It's one of the oldest scams in the book. I have seen companies make tens of millions of dollars doing this and they never funded one single loan. I do not know this company, but, in general, you should not pay money up front to obtain a loan. Some states even outlaw it. They have a right to earn a fee for loaning you money, but it should come out of the proceeds of the loan.
Yeah, stay far away from that! I lost over $300 about 12 years ago on a scam like that when I needed a home equity loan to save my house which was heading for foreclosure! Stay far, far away!
