• Report: #1037137

Complaint Review: Instaloan

  • Submitted: Fri, March 22, 2013
  • Updated: Fri, March 22, 2013

  • Reported By: Erica — Covington Washington
Internet United States of America

Instaloan Scam , Internet

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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.

This report was posted on Ripoff Report on 03/22/2013 02:15 PM and is a permanent record located here: http://www.ripoffreport.com/reports/instaloan/internet/instaloan-scam-internet-1037137. 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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