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Report: #1465432

Complaint Review: Regal lenders - Los Angeles California

  • Submitted:
  • Updated:
  • Reported By: Angry father of 2 — Patchogue Ny United States
  • Regal lenders Los Angeles, California United States

Regal lenders Scammed me out of $500+ Los Angeles California

*Consumer Comment: Being Cautious Won't Help You

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So I’m usually very cautious of every situation but when you’re in a sticky situation like I was in you tend to throw caution to the wind. I applied for a loan through regallenders.com and was instantly approved for 5,000. Over the years I’ve unfortunately let my perfect credit get destroyed and was having a hard time getting approved. The gentleman told me I had to purchase insurance on the loan at the amount of $245. I purchased it in the form of a google play card (should’ve been a huge red flag) after being dragged around for a day I was then informed I needed to pay a fee of $350 that would immediately be refunded into my loan. After I payed it again using a google play card (can you tell I was very desperate) I was then told I needed to pay an additional $450 because the loan was being "held” I did not make that final payment and am seeking legal advice currently on what to do about these scum bags. Whatever you do not I repeat DO NOT give these slime balls the time of day. If I ever get the chance I will be arrested for the actions I plan to take against them

This report was posted on Ripoff Report on 10/23/2018 06:33 PM and is a permanent record located here: https://www.ripoffreport.com/reports/regal-lenders/los-angeles-california/regal-lenders-scammed-me-out-of-500-los-angeles-california-1465432. 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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#1 Consumer Comment

Being Cautious Won't Help You

AUTHOR: Jim - (United States)

POSTED: Wednesday, October 24, 2018

Having the knowledge to realize that anyone offering a loan in which they want ANY money upfront to cover fees is a scam.  Advance fee scams are so old and so prevalent, the scam is actually spelled out on the US Government's FTC website.  Knowing this is far better than being cautious to the point of paranoia.

 

Think about this:  if you are paying someone a fee in order for you to obtain the loan, then you are paying them money in the hope they will do what they are supposed to do.  So what exactly is their incentive to perform what they promised if you already paid the fees upfront?  What leverage do you have over them to perform what they promised?  The answer is nothing; you have no leverage.  A legitimate lender will not need to get insurance or anything of the sort for you upfront.  A legitimate lender puts these fees on the back end of the loan when the loan is made - they only make money when the loan is issued.  A scammer makes their money without having to make a loan.  Think about this:  these guys never have to make a loan at all to anyone in order to make their money.  That's really the scam - there is no money for them to loan; they just pretend there is.

 

Is what their doing illegal?  Of course.  Can you track them down?  No.  You may have legal recourse, but you'll never find the company or the person unless they have a brick and mortar location.  Otherwise, they really don't exist.

 

It isn't just this company - they will likely shut down soon and repoen under a different name and run the same scam over and over - never mind all of the other scam companies that take advantage of desperate people.  Anyone who asks for money upfront in order to obtain a loan, needs to be hung up on.  I'm sorry this happened, but knowing Advance Fee loan companies are scams is far more important information to convey than just naming one specific company.  Best of luck to you.

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