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South West Finanical Lending anyone?

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out for loan
Guest

Subject: South West Finanical Lending anyone?

Thu Jan 24, 2008 12:34 am

I was looking for a personal loan online over the weekend and came across South West Finanical Lending. I filled out an online app and it came back I was approved for 10K even with bad credit.
They said because of my poor credit I either need a co signer or "loan insurance".They say if I get the insurance I get the loan.
I asked if the cost of the insurane would come off the 10K and was told they don't do that. They have to have the insurance prior to issuing the loan.
The've sent me a promisarry note for the cost of the insurrance ($2500)
and what they say is they'll "lend" me the money to buy the insurance
by putting the money on one of my credit cards and I can pay the isurance company from there.
According to the loan agreement I'd get 50% of the insurance back/knocked of the balance after 6 months of on time payments.
Anyone have any dealing with these guys and is this a scam?
They aren't registered with the BBB but it also says there have been no complaints. Below is the web site. Thoughts?
swflending.com

Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1409

34292 Magic Points

Thu Jan 24, 2008 10:43 am

I am really not aware of this company. What I can recommend is that do not go for it if they ask for any kind of payment. Do not accept any amount of loan that you will not be able to repay. Remember that you read the papers properly not to miss out on any hidden clauses. Keep all written documentation of your transaction.
Just to stay on your guard.
_________________
Regards,
Laura.

tj
Guest

Subject: SW Lending

Wed Jan 30, 2008 10:35 pm

I have always been told if it costs up front money to get money its a scam.

Tamra
Guest

Subject: swflending.com

Thu Mar 06, 2008 5:05 pm

yes, any fee required up front for a loan is a scam. this is clearly written on the FTC website. well, this site won't let me post the ftc link
but try going to the ftc dot gov site, then slash bcp slash conline slash pubs slash tmarkg slash loans.shtm

the same loan docs sent to me from swflending.com were identical to neversay-noloans.com and Levitate Finance. both companies I passed on because of the "must wire insurance $$ first" requirement, even though fee was 800-900 for a $10K loan. and both companies no longer exist. and now I see swflending.com's site is no longer available. probably in the process of being shut down.

in this day and age, online scam artists are a dime a dozen now. so you have to go with your gut about what sounds right, including by thinking, if I were facing this person, would this sound legitimate?

Richard
Moderator
Richard

Richard

Joined: 27 Jun 2006
Richard's page
Posts: 108

4499 Magic Points

Fri Mar 07, 2008 9:43 am

Hey Tamra,

Why not post the link? It wont be an issue to post .gov links in the forum.
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The more you learn the more you earn. Join our community and enhance your knowledge.

Tamra
Guest

Subject: swflending.com

Mon Mar 10, 2008 2:19 am

this forum will not allow the link. I tried removing the http prefix and I still receive an error to remove the link or post will not be allowed. so that is why I explained the link, just place a / (slash) where indicated to build the link. sorry. Surprised

Surprised

(

Tamra
Guest

Subject: swflending.com

Mon Mar 10, 2008 2:21 am

ok gonna try again: ftc.gov/bcp/conline/pubs/tmarkg/loans.shtm

also, swflending's site has been suspended. probably because of fraud. I cc'd the FTC for one of my questions about the wire transfer fee. never heard back from them and shortly after that, site suspended.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2476

2725 Magic Points

Thu Jun 26, 2008 4:51 am

Thank you for the advise on posting .gov sites, I did not think that we were allowed to post any links on here at all. I learned something new today.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!


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