I was contacted by Traci Cain from Pinnacle Finance, Inc. via email on October 10th and was told that I was approved for a $10,000 loan at 7% for 60 months, with a payment of $200.38/month. They sent me a contract to sign that had these details as well as information about loan insurance ($750 for standard coverage or $1500 for premium coverage). If I was interested in the loan, I was to fax pages 2 and 5 signed back to her along with a pay stub, drivers license and government ID (e.g. SSN).
She also mentioned that the insurance premium must be paid up front in order to process and release the loan. I questioned her about that and she said they asked for it up front due to my credit (I had a poor credit score). She said the money is to be placed on a GreenDot MoneyPak card and I was to give her the number. Once she has the "insurance" payment, the loan would be processed and released to the bank and I should have it within 2 - 4 hours. I complied with all of this and then waited. I told her I was trying to be cautious in asking a lot of questions and this is what she replied:
"I completely understand where you are coming from, especially with the horror stories that I have heard from clients. I have sent the information to accounting for processing. I will send you a confirmation email before the end of the business day verifying that the payment has been received and we have deposited the $10,000.00"
When I didn't hear from her at the end of the day, I tried repeatedly contacted her and she would not pick up the phone. That was on Friday Oct. 12, on Monday Oct. 15; I did manage to reach her on the phone after hours of trying. She stated:
"I have been in a meeting for several hours about your loan. The lending company states that you are a high risk and we need $750 more to insure you for the loan."
When I refused and asked for my money back, she was very reluctant stating that it would just be easier for me to pay. I again refused and requested my money immediately. She stated it would take 5 business days to process and be returned. After that phone call, she would not answer the phone.
After waiting 5 business days, I call again on the 6th. She tried to screen the call so she would not have to speak to me. I asked where my money was. She then stated:
"As I told you it takes 5 business days and it was only turned over to our refund department Saturday. It will take 5 to 15 business days to be returned to you. You didn't listen."
I told her I had been listening and taking notes, she never mentioned any of that before. She then hung up on me and will not receive my calls. I doubt I will ever see my money.