I was looking for a "personal loan" or sorts to clean-up my bad credit history, to get caught-up with unforseen expenses and to pay for the Wedding my Fiance and I are planning. I was looking for $15,000 at a reasonable interest rate for some one with poor credit (less than 15%), and 3-6 year terms.
After searching and searching for a broker or lender that would be willing to help me, I found none that were willing to do anything but get me the money I needed, but at irresponsible interest rates that would end up making me worse off than I am now. I was trying to be responsible with my efforts, not irresponsible. Finally, I got an email from a company called "Pinnacle Financial" telling me that my "Personal Loan Request for $15,000 was conditionally approved". They issued me an account/reference number, phone number to call and a loan consultant to work with me.
At first, they were VERY responsive; answered all my questions, made sure to discuss the details of the terms, and work with my short timeline to get something moving. I sent them supporting documentation to verify information, they sent me the loan contract for me to review and sign. They even offered me two options to "secure" the loan due to my bad credit: either a co-signer with a credit score of 700 or more, or an insurance policy to cover me if I can't pay the loan (and gave me two levels of coverage). I chose the insurance. Then, in order for me to execute the loan, I needed to return all documentation signed, and select my desired coverage, and remit payment of $997 via MoneyPak Green card. I did so, made copied of the card, sent them to the representative and over the phone, confirmed the authorization number on the card for the account.
The next day, they stated that the funds had been verified, and my insurance had been activated and I would be receiving funds in my bank account within 1-2 business days. (Note, this is all by email and phone, so there is PLENTY of reinforcing documentation). Well, 4 days goes by of the bank stating the funds have not been deposited, and 3 days of not being able to get a hold of the loan consultant (or a manager, etc.). I tried randon extensions, leaving voicemails for anyone that had a voicemail box, I sent numerous emails to the representative, to their "info" and "contact" email addresses; I even faxed them
a 1-page inquiry for status update.
I have yet to get an email reply or a return call. In the mean time, the funds they were sent are gone, I am out of money now, and they have my banking and personal information.
Their website is very legitimate looking, their address is in a business park. However, we can't find anything (good or bad) about them on the internet. The insurance company they use (Cooper's Insurance Group) has complaint procedures, etc. but is not searchable on the internet or has a phone number on any documentation.
I think it would be responsible to say I was ripped-off at this point.
I wish I could get my money back; I leveraged our rent to make this happen.
I guess if it's too good to be true, then it probably is.