Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #896372

Complaint Review: Koch Financial - king of prussia Pennsylvania

  • Submitted:
  • Updated:
  • Reported By: Whosdamomma — point pleasant West Virginia U.S.A.
  • Author Confirmed What's this?
  • Why?
  • Koch Financial 1060 First Ave Suite 400. King of Prussia, PA 1940 king of prussia, Pennsylvania United States of America

Koch Financial Dealton Financial Payment Protection scam king of prussia, Pennsylvania

*Author of original report: more from Koch

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

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

I applied for a loan on June 1, 2012, with Massbayfunding.com.  They shop information out to different lenders.  I received a response on Monday, June 4, from Koch Financial in King of Prussia, PA.  They offered me a loan in the amount of $10,000 with an interest rate of 7.25%.  I was to either get a co-signer or pay for payment protection insurance.
I researched the company and they had a physical U.S. address, no ripoff reports, an A+ rating with BBB, and a long operating history.  I went forward with paying the insurance premium, since it seemed like good coverage to have.I requested the loan be increased to $15,000 which they agreed to do. I signed the contract and provided a copy of my Drivers License, a voided check and a paystub as requested.   My mistake was not researching the method they used. They requested a greendot moneypak for the $1,100 premium.  I thought greendot was  like a prepaid credit card, similar to a money order.   I bought three greendot moneypak cards, with $500 on two, $100 on another.  I called Mary Schmidt on Friday, June 8.  Ms. Schmidt told me at that time that the loan would be deposited either Saturday or Monday.  I gave her the numbers on the Moneypak cards.  No funds were deposited.  I called and was told by another employee of the company that it may take up to three business days. 

 I knew by this time I was being scammed.  I waited until Tuesday, June 12, and that morning received an email from Koch requesting an additional $750 to upgrade to the preimuim coverage. I refused, and requested a refund.  I fully anticpate that the company will now disappear and I will never see the $1.100 again. I also ran a search on their phone number, and found an almost identical website for a company in New York City by the name of Dealton Financial. They use the same number, also have physical addresses in New York.    

This report was posted on Ripoff Report on 06/12/2012 10:58 AM and is a permanent record located here: https://www.ripoffreport.com/reports/koch-financial/king-of-prussia-pennsylvania-19406/koch-financial-dealton-financial-payment-protection-scam-king-of-prussia-pennsylvania-896372. 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

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Updates & Rebuttals

REBUTTALS & REPLIES:
1Author
0Consumer
0Employee/Owner

#1 Author of original report

more from Koch

AUTHOR: Whosdamomma - (U.S.A.)

POSTED: Friday, June 15, 2012

Wednesday I spoke with a different person at Koch.  The gist of the conversation was "I"m not giving you any more money.  You either give me the loan or the money back." She said she would see what the lender was willing to do.  Yesterday (Thursday June 14) I spoke with her and she said the Lender had pulled out of the loan because I posted  question on Yahoo answers about the company.  I had no idea that loan applicants had no right to ask questions. 

How they knew it was me? well, I guess it wouldn't be difficult to figure out...She said I would receive a refund "minus the processing fee." I asked how much the processing fee was, sh said she wouldn't know until she got the money back from the lender.  I said "That's funny...your website says all loans are handled in-house." After we got off the phone I called the attorney generals office.  I asked if it was legal for them to charge me a processing fee and didn't get much of a straight answer.  The saga continues.....

Respond to this report!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now