Report: #1037137

Complaint Review: Instaloan

  • Submitted: Fri, March 22, 2013
  • Updated: Fri, March 22, 2013
  • Reported By: Erica — Covington Washington
  • Instaloan

    United States of America

Instaloan Scam , Internet

Show customers why they should trust your business over your competitors...

I applied for personal loans on a broker type website. A couple days later I received a phone call from Mark Brown. He said I had been approved for a loan up to $15,000. He already knew my name, address and then asked me to verify the last 4 of my SSN. Then he explained the terms of the loan (ex. 10,000, 10% interest, 48 months, payments of $291/mo). I told hime I wanted to think about it and call him back.

I called back and asked for Mark Brown, but was told he was "in a meeting" but Mike Oliver could help me. I told Mike that I had decided to take the $10,000 loan. I gave him my banking information so the money could be direct deposited. He explained that the rest of my application procecss would take a couple hours, and that I needed to show proof of first month's payment. 

He said I needed to go to Walgreens, purchase a Vanilla Reload Network card for $3.95, load $300 on the card then call him. I would give him the refernce number on the card and he would send that information to the Credit Bureau to "monitor" my funds and finish my approval. I said that sounded fishy, because the credit bureau didn't monitor cash funds. I also asked what would stop him from stealing my $300 and he replied, that his company had been business for 12 years and had no reason to steal.

I told him that I would need time to go to Walgreens and would call back later. I then google'd the company and found negative reviews sounding exactly like my experience.

This place sounds like a scam, I am cancelling my bank acct and never talking with them agan.

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This report was posted on Ripoff Report on 03/22/2013 02:15 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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