I have posted my story here once, but am posting it again with a more descriptive text and some new information. I was contacted by Pinnacle Finance and they said I was approved for a $10000 loan. They sent me a contract to sign and asked me to fax them the signed contract as well as other information (pay stubs, drivers license, SSN card, account information). The contract talks about the insurance of either $750 or $1500 and I thought it was kinda strange they wanted me to pay this upfront, but I was told by Lauren Hall (1-800-597-0417 x 4068) that it was because of my credit they needed the payment upfront to release the loan and to send it via GreenDot MoneyPak. I tried to do my research and didn't find anything on them,
so I went ahead and gave them the money. She promised that the money would be deposited in my account after 3pm on Friday and I have not seen it yet. I tried to email her on that Friday and my emails bounced back saying they were spam. I emailed her from another address and called twice today and nothing. Now I get an email from the Accounting Department (Alex Mithers) which says that they have my loan file now and let them know a good time for them to contact me.
I spoke with Alex Mithers (ext. 8123) from the Accounting Department today and sure enough - he says they use a 3rd party insurance company and the insurance company wanted $1500 dollars instead of $750 dollars to secure the $10,000 loan and release the funds. He said he negotiated the amount down to $1000, so I only need to pay an additional $250 dollars to satisfy the insurance payment and have the funds released. I told them I am not paying any more money for "insurance" and either
they can reduce the amount of the loan to $5000 so that the $750 insurance payment I already paid would be enough to cover the "insurance" for that amount, or I want a refund of my insurance money since I am not getting the loan. He said he would start processing the decreased loan amount of $5000 dollars and get back to me. I also told them that since I am in the Raleigh area on business, maybe I can stop in their office to speed up the loan process? Of course, I never heard back and cannot get anyone on the phone despite numerous calls. I looked up their website:
Interesting information about the website is above - definitely a scam and I would suggest that more and more people post about this and keep any documents and emails you have from these people. Report to the FTC, BBB and any other agency you can think of to try to shut these people down. It's a shame that people take advantage of ones who need help to line their own pockets - they are crooks and have no conscience. It's places like this we can protect ourselves and post our stories so that others can be protected as well.