ED Magedson – Founder
Fairgate Financial Group110-8 Court St. Alfred, Maine United States of America
I applied for a loan on line and received a phone call today from a guy who said his name was Allan Smith from Fairgate Financial Group. He said that I was approved for a loan of $12,000. They faxed me loan documents that saidI would have to pay a security fee of $900 to secure the loan before I would receive any funds. The security fee is not to be paid to the company directly, but will go to the private lender himself so he can purchase what they call Lender's Insurance in case I default on the loan. I tried looking the company up by name, address and phone number and there is absolutely no record of them whatsoever. I called them after receiving the loan documents and asked them to provide me a business license number or any kind of proof that they were a legimate company and I was told to go to just walk into their office if I had concerns, but that there was nothing they could provide me otherwise. Since I am in a different state than they are, they also knew that going to their office would be impossible for me to do. They have the President/Chairman of the company listed as Bret Serta, whom I could also find no information for.
I have filed a complaint with the BBB and FTC, but I wanted to file a complaint on here as well in hopes that no one gets scammed by these people. I didn't send them any money since everything I have read says it is illegal for a company in the US to require a security payment before funding a loan and I seriously doubt I would have ever seen a dime of the loan money they promised.
If anyone else has dealt with this company, I would love to know if you had a similar experience.
This report was posted on Ripoff Report on 11/10/2010 01:17 PM and is a permanent record located here: http://www.ripoffreport.com/reports/fairgate-financial-group/alfred-maine-04002/fairgate-financial-group-loan-officer-allan-smith-got-a-call-saying-i-was-approved-for-a-660464. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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