ED Magedson – Founder
loans of americaInternet USA
loans of america David Walter,Eric Matthews, John Hutchinsonadditional Phone 727-242-7047 They were supposedly helping restore good credit but took $623 instead Davie Florida
I was trying to get a loan to improve credit score. I was contacted by this company and they said "you will not pay a penny upfront" but we will loan you $5000 and your payment will be $229 a mont for 24 months. This was more than what I was looking for but could consolidate several smaller payments and improve my credit score at the same time. They told me to go to Walgreens and purchas a $229 vanilla reload card to verify that I would be able to make my 1st payment then I would recieve the loan in my checking account,
they then said I needed to purchase FDIC insurance since it was for $5000 and it was $50/$1000 for a total of $250(card 2) the next day they said the FDIC was charging me a penalty for not paying the insurance on the same day as the 1st card and that penalty fee was $130(card 3) then they said the bank declined the deposit and they could send it Western Union but I would need to purchase a 4th card in the amount of $180.
I told them I was not getting any more cards and I would like to just cancel the loan and get the money off the cards. They said there was a freeze on the cards and to cancel the loan it would be another card in the amount of $250. I proceeded to tell them that I had reported them to the BBB and that I had reported them as phishing and to the customer service department of the card company where I also found out that the cards were not frozen they had been redeemed. more cards and I would like to just cancel the loan and get the money off the carda.
They said there was a freeze on the cards and to cancel the loan it would be another card in the amount of $250. I proceeded to tell them that I had reported them to the BBB and that I had reported them as phishing and to the customer service department of the card company where I also found out that the cards were not frozen they had been redeemed. I am filling out dispute paperwork sent to me by the card company although I know this will not get me my money back but in hopes that the more actions I take it may not happen to anyone else.
This report was posted on Ripoff Report on 04/24/2014 06:37 AM and is a permanent record located here: http://www.ripoffreport.com/reports/loans-of-america/internet/loans-of-america-david-waltereric-matthews-john-hutchinsonadditional-phone-727-242-704-1141296. 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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