Complaint Review: Union Point Financial Group - Providence Rhode Island
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- Author Not Confirmed
- Union Point Financial Group 201-355 Thayer Street Providence, Rhode Island United States of America
- Phone: 877-530-9814
- Web:
- Category: Loans
Union Point Financial Group Michael Danielson, Personal Loan Scam Providence, Rhode Island
*Consumer Comment: Not exactly.
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Union Point Financial Group (UPFG) is commiting fraud on consumers who are attempting to obtain a personal loan. I applied for a personal loan through UPFG and was faxed a loan approval packet with a loan approval date. I was told that in order to receive the loan in 24 hours, I would have to wire a security deposit to their lender. After receiving the security deposit, UPFG then informed me that the lender now wants me to insure the loan (of which I had the option to, and did decline to do, on the loan application). If the lender had wanted me to insure the loan, this would have been stated before they approved the loan and requested and accepted my security deposit. Their scam is to wait until they receive a consumer's security deposit, and then state that the consumer has to pay an extra $1,000 to insure the loan, or forfeit the security deposit.
This report was posted on Ripoff Report on 08/08/2010 05:49 PM and is a permanent record located here: https://www.ripoffreport.com/reports/union-point-financial-group/providence-rhode-island-02906/union-point-financial-group-michael-danielson-personal-loan-scam-providence-rhode-islan-629829. 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
Not exactly.
AUTHOR: Flynrider - (USA)
SUBMITTED: Monday, August 09, 2010
"Their scam is to wait until they receive a consumer's security deposit, and then state that the consumer has to pay an extra $1,000 to insure the loan, or forfeit the security deposit."
Their scam is that they are not a loan company. You have been dealing with a group of scammers. The company name is either made up, or stolen from a legit company. The documents you received were not real, just something made up on a computer. The phone numbers are throwaway cell phones that will go dead soon. They took you for the "security deposit" and were hoping that you needed the money bad enough that they could take you for another $1000.
Legitimate lenders to not require large upfront deposits for personal loans. Only scammers do this. Legitimate lenders also do not insist on Western Union or Moneygram transfers. Scammers insist on it because that's the only way they can steal your money without leaving a paper trail.
Please read the FTC's web page about Advance Fee Loan Scams :
http://www.ftc.gov/bcp/edu/pubs/consumer/telemarketing/tel16.shtm
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