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Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 23931
Experience:  Active member of the NYS bar since 1989
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I applied peer loan online. The financial institution

Customer Question

I applied for a peer loan online. The financial institution called to inform me the loan was approved. The lendor being private person. Okay, the loan application is asking for a collateral payment to cover loan insurance for the lendor. The financial institution wants me to pay the private person the amount for the collateral payment. Waht should I do?
Submitted: 1 year ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 1 year ago.

My name is ***** ***** I will be assisting you with your question.

You should walk, if not run, away from this deal. No legitimate lender is going to charge you an up front fee for your loan. If such a fee is necessary, they can deduct it from the amount of money they plan on lending you and give you the rest, no strings attached.

Is this financial institution a registered lender in your country? Are you required to wire funds outside of your own country to get this loan.

All of these are major signs of a loan fraud.