I applied online for a payday type of loan. The loan company Waterhouse Lenders asked me to fill out their online application. It also states that they go by income only; that no credit checks or employment verifications are done. I filled out the application, and within a few days I received a phone call from an Elizabeth Baker stating that I had been approved for a $8, 000 dollar loan. I figured there has to be more to it.
I called the company and spoke to Elizabeth. She went over the agreement of the calculated payments that were to be made monthly to pay back the loan, and the amount of interest that was to be included. They were very thorough with that. Then, Elizabeth said since I did not qualify for collateral or a co-signer, that I will have to come up with $750 dollar security deposit. I thought to myself, "I have to spend money to get a loan? " I explained to Elizabeth that I cannot afford to pay that kind of money; if that were the case I wouldn't be needing the loan.
She emailed me the contract stating the information that we had spoken of over the phone. It was a detailed promissary note with the instructions on how the security deposit must be delivered via Western Union with person to person contact only. I found this to be odd. Doesn't it sound more like they are just looking to get money, and not give it?
Elizabeth and I spoke a couple more times on the phone. I asked her if it's possible to just withold the security deposit amount from the loan amount. She replied stating that that is not possible. She called me once more to tell me that she spoke with her supervisor and that he said that I can pay half and then when I get the loan, to pay the other half. This doesn't make any sense to me. I suspect that it's just a scam to try and get people's money for nothing.