This is the email I recieved days after applying on their website:
I am pleased to inform you that your loan application in the amount of 10,000.00 has been approved. The terms of your loan are as follows.
Interest Rate 7.95%
Monthly Payment $243.89
Term 48 Months
Based on the information in your credit file your loan must be secured. You can secure your loan in one of two (2) ways.
Your first option is the Guarantor or Co-signer option.
Your Co-Signer must have a beacon score greater than 700 and have an annual income of $55,000.00 per year or more.
Your second option is a Creditors Insurance Policy.
There are two different levels of coverage depending on your needs and suitability.
The first level is Standard Coverage which covers you for; disability/loss of income. The coverage starts in the event you are unable to work at gainful employment, if you become disabled or are laid off/down-sized from your current employment. This carries a one time fee of $1,205.99
The second level of coverage is Full Coverage. Full Coverage gives you the benefit of Standard Coverage with the added benefits of death and bankruptcy coverage. This coverage is normally taken out by business owners. This carries a one time fee of $2,500.00
The creditors insurance fees are 100% refundable to you, once youve completed the probationary period. After 6 months of consecutive payments on time and in full
50% of the policy is refunded back to you. The balance upon payment in full of the principal and interest.
Attached to this email are your loan documents. The documents have been setup with the full coverage option. If you would like to downgrade to standard coverage or use the Co-Signor option please feel free to call me at the number below.
Please sign the documents and fax them to 800-761-0270 ATTN Albert. Please include a clear photocopy of a valid piece of ID as well as income verification (pay stub, or job letter).
Senior Loan Consultant
South West Financial Lending
800-713-9569 ext 419
I agreed to the 2500, they supposedly placed that amount on my credit card ..which is on hold until it is actually verified. I do not have access to it they told me to send in my own money since they already gave me the money on my unsecured credit card anyway. I was told to moneygram it to a female's name (supposedly the demarco insurance ) in newfoundland canada. I told the female (andrea) who took over Mr. (fake) Bentley's calls because he supposedly was moved to be a manager, I told her that i was only allowed to send 500 at a time according to walmart. She said that was ok. I researched them in the beginning (middle of January) and could not find any info anywhere. The Better business bureau opened a search according to my inquiry. no other info available until today on this websit and on yahoo answers from others who are being scammed by these folks.