Type of a scam Advance Fee Loan
I have been desperately looking for a loan to consolidate my bills. I submitted an online application with cashloaner.ca, I then received a call this morning saying that i was approved. When I spoke with "Jason Foster" he said I had to chose between a 5 year or a 20 year term. I want to pay this sooner rather than later so i chose the 5 year. He proceeded to tell me that I had to pay an "insurance fee" for the loan as my credit and debt service ratio was quite high. I asked him to explain. He said: ‘You will have to pay $2,250 into our business account in order for us to process your loan. I then asked him why I can’t just either take it off the principal amount of the loan or add it to my monthly payment. He repeated that my debt ratio was too high and this was the best way for me to get funded. I asked him when I would receive the loan documents he said I would receive them momentarily. I hung up the phone and searched to see if this business was legitimate, there is an Alert on the ScamPulse.com website advising that it is illegal for them to this type of transaction. I proceeded to call this Jason guy back to tell him that I was not interested in the loan, I also mentioned that it was illegal for them to ask for money to give money. He didn’t defend himself or anything, then I did get a little angry with him and said that he was taking advantage of desperate people and he deserves to go to jail. He said a few choice words and then hung up.
PLEASE DO NOT PAY A FEE UP FRONT FOR A LOAN!
Total money lost $1,900
Type of a scam Credit Repair/Debt Relief
Took 1900$ from me and never gave me my loan