Legal Question in Business Law in Florida
Legitimate business
I applied for a personal loan online. I have been contacted by them and they are offering me a $10,000 personal loan at 6% interest, 48 mo. repayment. (monthly payment $234.51 They are asking me for 6 mo. payment up front as collateral ($1407.06) which will be applied to the balance and i start making pymts at month 7 (in Nov). it sounds too good to be true (my credit is so-so and i have a lot of debt). i have tried to find the company online and cannot find them (search by name, address). Is there a way to verify that this company is legitimate? They are not listed in BBB.
2 Answers from Attorneys
Re: Legitimate business
No. If you cannot find it. It is probably a scam.It certainly sounds as if it is a scam.
Re: Legitimate business
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You can check with the Florida Department of Financial Services at http://www.fldfs.com/ or the Better Business Bureau in your area to get more information about most companies.
The current rate for persons with excellent credit exceeds the rate you are being offered and thus certainly "smells fishy" to me. I believe in and often employ the "smell test". If something does not smell right, then I stay away from it. Hence, I would be extremely careful with this offer which sounds like a plan to part you and your money.
Scott R. Jay, Esq.
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