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.


Asked on 3/10/06, 2:01 pm

2 Answers from Attorneys

Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Legitimate business

No. If you cannot find it. It is probably a scam.It certainly sounds as if it is a scam.

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Answered on 3/10/06, 2:25 pm
Scott R. Jay Law Offices of Scott R. Jay

Re: Legitimate business

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

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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Answered on 3/10/06, 4:31 pm


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