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How much is the loan for?
Who does he want you to send the money to?
Where does he want you to send the money?
What state is Pennington Financial located in?
Is it a LLC, Corporation, etc.?
Thanks
LETTER OF GUARANTEE/APPROVAL LETTER
Mr. Paul Chilat Luca;
This document verifies that the polices outlined and the terms and conditions of the loan of $6,000.00 negotiated on behalf of Pennington Financial has been secured by the guarantor. Your funds will be transferred to you by a bonded courier service(Before 3pm following business day) or wired into the account specified by you(Within a 4-8.5 hour timeframe).
Once securing your loan for the premuim of $744.00 you will receive your loan amount for $6,000.00. Once secured, this will leave you payment free until March 09, 2010. You will receive a tracking number aswell as a receipt once paid. When your(6th) regular payment is due you will be owing $5952.00 in total towards the principal, unless paid off earlier. In the following 7-10 business days you will also receive a payment booklet along with a receipt of payment the month(s) you have already secured.
They told me that i will have to call them when i will be at the western union to give me the private lender details, name adress
Thanks for the information.
This definitely sounds like a scam. I have answered many questions involving scams of this nature. NO LEGITIMATE COMPANY will ask you to call them when you will be at the western union to give them the private lender details, name, address.
Other questions that I have answered of this type will ask a person to call when the person gets to western union. When the call is made, the money is asked to be sent to a private person, sometimes outside of the U.S.
Please DO NOT get involved in this. These folks are predators and try to take advantage of folks who may not be able to receive loans due to poor credit.
Also, why would you send $744.00 and still have a $5952.00 balance on the principal after 6 months? That means that you would have only paid down your loan by $48.00 after 6 months. Believe me, they will start charging more fees, increased interest rates, etc. or once they have your personal information, you may become the victim of identity theft.
You can check out the validity of this "company" with the Better Business Bureau. I have provided a link below. On the right side, there is a link to check out a business and a link to file a complaint.
http://www.bbb.org/us/
You should also report this to your State Attorney General's office. If you do a google search for your state + attorney general office you will find the home page. It will direct you to a section as to how to file a complaint.
Also, the Western Union has issued a Security Alert for scams almost identical to your situation. I have provided a link to the security alert below:
http://www.westernunion.com/pdf/BewareOfUpfrontPayments.pdf
Please DO NOT fall victim and do not accept the terms of Pennington Financial as provided to you.
I hope you find this information useful and that you PRESS THE GREEN ACCEPT BUTTON so that I can receive credit for answering the question. Thank you.
Legal Disclaimer: This is for informational purposes only and does not constitute legal advice.
I understand that you are in need of the money.
But.....you should send a fax cancelling the contract. I'm VERY concerned that this is a scam! If you send this money, you may never get any money back. Also, you may end up owing 4 or 5 times the money that you intend to borrow. NO credible business is going to ask for money up front to get a loan. That's why you need the loan...you don't have the money!
You can contact credit unions or banks. If you can't get a loan from them, they may be able to give you a referral. Also, you can contact your local Better Business Bureau or Chamber of Commerce for assistance. You may also be able to contact your local elected officials, state officials or federal representatives or senators for assistance.
I don't want to see you be harmed and in a worse condition that you are now. Again, I truly believe that this is a scam. Please don't fall victim to it.
Legal Disclaimer: This is for informational purposes only, and does not constitute legal advice.
Attorney
17 years experience in all aspects of criminal law, landlord tenant, family law and small claims