Elite Business Finance, LLC Approved loan without receiving either company EIN or social security numbers to run credit checks Salt Lake City Utah

I received a loan soliciting fax from Elite Business Finance LLC.  I contacted them and they sent a business verification form for me to fill out and fax back so they could validate our business and personal info.  I was suspicious of them so I left off our Fed ID # and social security numbers from the form and faxed it back.  2 days later, they called and said they approved us for a $50K loan.  How could they possibly approve or even pre-approve us without our Fed ID or SS #'s?

I asked what was the catch but the account manager I talked to, Eric Rosquist, (if that is his real name) said there was no catch and he emailed over the contract. He said as long as no information has changed between the time we filled out the verification form and the date of the funding should go well.  

The contract listed the terms and payment and included requirement for 1 advance payment of $1611 plus a $995 processing fee for a total of $2606.  In the contract it states that the processing fee is nonrefundable, however, it can be applied toward any future transaction (yeah right)

The contract also states that we authorize them to obtain credit bureau reports and other credit inquiries they determine necessary.  It also states that NOW they may request financial stmts, tax returns, etc. to determine final credit approval.

A valid lender will request this information up front before you make any payments.  Don't be scammed.  They are after your processing fee.  Once they have that they will drop you like a hot potato.  Been there done that, won't be scammed again!

I believe these companies are in business for a short period of time, then they close up shop, change the company name and start all over again scamming as many people as they can before they receive too many bad reviews to continue.  Also this way they don't have to honor the application of processing fee towards future transactions!!  Very clever.....and very unscrupulous!