After applying for a loan online at Lending Tree (or what I though was Lending Tree), I received the following email:
Based on the review and assessment of your loan request in the amount of $7, 000.00USD, on behalf of North Beneficial Financial Inc, we would like to congratulate you, Mr. XXX XXXXXXX, on the loan approval of $7, 000.00USD. Your assigned consultant, MS. VALERIE TAYLOR @ 1-888-538-2431 Ext#708, will contact you to discuss all details pertaining to the disbursement of this loan. Please take time to review the attached contract. Thank You for choosing North Beneficial Financial Inc.
Yours truly,
GARY SUTHERLAND
Processing Department
An attachment was included, entitled Confidentail Loan Documents.doc
The loan is approved with the following conditions:
Option 1: Security Payment
This loan is fully approved upon a secured basis and the funds are available for release to the borrower based on the following condition. The undersigned hereby promises to pay the first 4 monthly payments of $220.97 totaling $883.88 whereas this total amount acts as security. This will be fully reimbursed to you, the borrower at the end of the agreed upon 4 months. The loan shall bear simple interest, which will accrue at the rate of 8.25% per annum. Your first payment thereafter becomes due 5 months after receipt of your loan. The first payment of $220.97 is due the month of July 2007. The precise start date will be determined and entered on the bottom of this agreement by your advisor. When signed, this agreement will continue for duration of the loan. Any scheduled payment not received within 10 days of due date shall incur a $25 late fee, which, if not paid together with the underlying payment within five days, shall become part of the principal and accrue interest thereon until paid in full. An advance payment or payments may be made on the Principal, without penalty or forfeiture. Penalization will occur if borrower intends to pay off loan in its entirety within 1 year.
OR
Option 2: Assurance Coverage
This loan is fully approved upon a secured basis in the amount of $775.00 and the funds are available for release to the borrower based on the following condition. Borrower assures North Beneficial Financial and private lender that you will comply with the terms and conditions of the loan agreement. This will give our lender confidence, given your credit history that you will neither default nor be delinquent on any of your scheduled monthly payments. The undersigned will be protected over a six-month period if job loss or injury occurs within the duration of the stipulated loan term. The assurance coverage amount of $775.00 will be reimbursed to you, the client at the end of the agreed upon 2 Month Grace Period. However, all regular monthly payments must be made, as contracted, until term end. The first payment of $220.97 will be due the month of April 2007. The exact date will be discussed and determined after contract has been signed and faxed back. Penalization will occur if borrower intends to pay off loan in its entirety within 1 year.
The "loan officer" Valerie Taylor, stated that ths fees must be paid via Western Union to a third officer, SHERYL REID. The Western Union must be sent to NORTH YORK, ONTARIO.
When you call the place, the menu directs you to enter the person's extension. Then, it will prompt you to say your full name and press pound. VALERIE TAYLOR or SHERYL REID is very prompt when takeing calls from applicants who are arranging the loan, but once you pay the fee, she refuses to take any calls from the name of te person that is expecting the loan (having paid the fee).
I didn't sent the money and when she called me the next day and I told her I knew it was a scam, she said there must be some misunderstanding and she will cancel the account and then angrily started pressing puttons and slamming the phone several times, without so much as an explanation or an apology.
They aslo request a photocopy of 2 forms of ID - one photo and another of any type. God knows what they could do with those.
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