I was called by a representative of Interline Financial by the name of Kevin Smith stating he had a loan available to me of $50,000.00. He stated he would E-mail the documents to me and to read through them, and then advised me to call him back if I was interested. I read through the documents which simply stated that I would get a loan in the amount of $50,000.00 at 7% interest for a fixed term of 15 years at a low monthly payment of $298.00. The only stipulation was that because my credit was less than perfect that they wanted a collateral payment of $4500.00, which of course I didn't have, but after talking things over and looking over the contract with my husband, we decided to borrow part of the $4500.00 from his 401K, and some of it from my father. What we thought turned out to be a great deal turned out to be the biggest nightmare I have ever experienced in my life! We have a lot of medical expenses due to prescriptions we have to pay due to my son having a very rare, incurable genetic disease called Cystinosis, and tons of bills on top of that. To make a long story short, This business stated in order to get the loan of $50,000.00 wired in to our bank account within 24 hours we would have to either MoneyGram or Western Union the funds, so that's what we did seeing we had a contract already and thought it was what we had to do since we had never gotten a loan like this before. Once I MoneyGramed the funds I called Kevin Smith back and gave him the reference number and he stated our $50,000.00 would be in the bank the next day, but when we checked the account the following day the funds hadn't been posted to our account. We then called Interline Financial and spoke with Marvin Lawson, who called himself the President of the company, and he stated that Kevin Smith failed to collect the Loan Protector Insurance Cost, and that is why the funds have not been posted to our bank account and that our loan is now being placed on hold until we pay the insurance cost. We then stated that in our loan contract it stated that our monthly payment of $298.00 states that this covers the monthly principal, interest and Loan Protector Insurance Cost per monthly payment. He stated that this was a mistake and that if we wanted our loan deposited into our bank account that we would have to pay another $4500.00 more. We were very irate and angry and said we did not have another $4500.00 and that we already had to borrow what we had. We then said that we wanted a refund of the $4500.00 we had already sent to them deposited back into our bank account right away. Marvin Lawson then stated that it would be 14 to 30 days for our refund to be sent back to us. After investigating, we found out that there is no business by the name of Interline Financial at the address they state on there web site. The address is a true address, but there is no Suite 5 in that particular building holding that address. The building holding the address stated on Interline Financial's web site is The Wachovia Tower. I did speak with the owner of The Wachovia Tower and he stated that there is not a Suite 5 in the building or a company called Interline Financial.
Interline Financial has a web site(www.interlinefinancial.com)stating they are located at 7 Saint Paul Street, Suite 5, Baltimore, MD. 21202. They use a toll free and fax number listed on there web site as 1-866-249-7785. I hope I am able to get my money back and that this company is prosecuted to the full extent of the law for banking fraud!!! Someone please help us!!!