Question:
Questioning legitimacy of loan offer?
SoopremeBeing
2012-11-06 06:32:42 UTC
I received in my email a loan offer from a company called Choice Loan Consulting based out of Utah. I have recently applied for a loan, however I cannot find much information about this company outside of their website(scams, fake company, etc). It is for a secured loan for $5,000, and they said based on the information in my application, I will need to secure the loan prior to funding with one of the following 3 options: a co-signer with a score of 700 or more(which I do not have), creditor insurance with a payment of 545.00(which I do have and I would need to pay before getting the money, refundable after 6 consecutive payments), or real estate collateral(do not have).

I haven't contacted the company yet, but I did send an email to Utah State of Financial Regulation office to see if this business is legitimate. I am still waiting on a response from them. I could understand if this were an auto loan, which of course some people would need to make a down-payment before getting the loan, but this is only a secured personal loan. Any advice from financial/banking folks is greatly appreciated, as I do not want to send $545.00 to a scammer.

This is the website: www.choice-lending.com
Six answers:
?
2012-11-06 23:11:49 UTC
There are scam busting sites with online lists of the names scammers use, their email addresses, stock copy/paste emails, paid-for-in-cash cell phone numbers, stolen pictures and fake websites they use. You could start your search at one of those sites.



If you have responded to a scammer, you are on his 'potential sucker' list, he will try again to separate you from your cash. He will send you more emails from his other free email addresses using another of his fake names with all kinds of stories of great jobs, lottery winnings, millions in the bank and desperate, lonely, sexy singles. He will sell your email address to all his scamming buddies who will also send you dozens of fake emails all with the exact same goal, you sending them your cash via Western Union or moneygram.



Do you know how to check the header of a received email? If not, you could google for information. Being able to read the header to determine the geographic location an email originated from will help you weed out the most obvious scams and scammers. Then delete and block that scammer. Don't bother to tell him that you know he is a scammer, it isn't worth your effort. He has one job in life, convincing victims to send him their hard-earned cash.



Whenever suspicious or just plain curious, google everything, website addresses, names used, companies mentioned, phone numbers given, all email addresses, even partial sentences from the emails as you might be unpleasantly surprised at what you find already posted online. You can also post/ask here and every scam-warner-anti-fraud-busting site you can find before taking a chance and losing money to a scammer.
Go with the flow
2012-11-06 06:35:25 UTC
The famous online loan scam.

Classic.

They have no money to lend. They just take your money.

These companies last about a month and then shut down.

That's why you can't find reviews on them.

They could have just opened yesterday.

----

To make an explanation of the scam clear:

They ask for an upfront fee. Such as processing, application, security, insurance.

They turn you down for the loan - always.

They keep the fee.

Did you know that people still use these even though they know they will be scammed?

Desperation makes people do strange things.
?
2012-11-06 06:54:18 UTC
You walk into your own personal bank and apply for a loan. If you cannot get one from them you have two options, pay upwards to 700% on a payday loan or be totally scammed

ALL companies like the one you described ars scams. All of them. If you think you have financial troubles now just wait.till you try one of these. Real lenders do not operate like that ONLY scammers do.
?
2012-11-06 07:41:10 UTC
"I received in my email a loan offer from a company..."



Stop right there: the email is FRAUD, no doubt about it. Loan companies and banks do not make loan offers through email-- E V E R !



You will save yourself a large loss if you never contact them again, and send all their email to your spam or junk folder.
Jenny
2012-11-08 08:25:51 UTC
I got same email...curious what Utah State Office ever responded to you?
Kittysue
2012-11-06 06:49:42 UTC
Is this the same company? http://loanworkout.org/2009/12/choice-loan-consulting-out-of-business-leaving-2500-files-untouched/ or another company with the same name?


This content was originally posted on Y! Answers, a Q&A website that shut down in 2021.
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