Royal Oak Financial - Loan America Financial Corporation ripoff personal loan; bad credit loans; money requested upfront for loans. Troy Michigan

I had applied for a personal loan. My husband and I had filed bankruptcy last year, so we were having a hard time getting approved. About a week after I applied at Loan America, I got a call from Karen Mathews with Royal Oak Financial requesting to verify some of my information because she was assigned to my file and she would be working on my loan.

One week after obtaining my personal information, I received a voice mail from Dave Kelly with Royal Oak Financial stating that I had been approved for a loan for $5000 for 2 years at 4% interest. My payment was going to be $217.12 a month. I was extremely happy, then he said that because of my bankruptcy I would have to send $800 as a security deposit. This money would be returned to me once I had made 6 months of regular on time payments.

My husband and I borrowed the $800 dollars and sent it to Hamilton, Ontario, Canada to the attention of Linda Wall. Once I called Dave back with my reference number, I was not able to get intouch with him again. I tried for four days solid to get some sort of answer, but kept having to leave messages.

About a week after sending my money to Canada, I received a call from Sarah McFadin at Loan America, she claimed to be with the finance department. She spent about 30 minutes on the line with me apologizing for Dave and saying that he is no longer with the company and that he wasn't giving me correct information that I was infact approved for a $10000 loan and my security payment was $1600 not $800.

So my husband and I did our research on Loan America and checked them out on the BBB website, they had been in business for 21 years, so we went ahead and sent the additional $800, this time to Penny Goodman in Hamilton, Ontario, Canada. Once again, after I gave them my reference number of the money transfer I could not get in touch with them.

I have filed a claim against Loan America and Royal Oak Financial with the BBB, FBI, my local police department as well as the National Fraud Watch and the Federal Trade Commission.

Please, please, please do not get duped by these people. I was stupid twice. Please be careful. They got away with $1600 dollars from my family. The really scary thing is that they have my social, my DOB and my mother's maiden name. They pretty much can access any of my records.

Frances
Lubbock, Texas
U.S.A.