How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tina Your Own Question
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
Type Your Legal Question Here...
Tina is online now
A new question is answered every 9 seconds

I've been approved for a loan online. They are asking for a

Customer Question

I've been approved for a loan online. They are asking for a down payment. The loan is for $20,000. How can I confirm this is legit? They have sent me a contract. I have searched BBB and nothing came up on the company. I've also searched the Internet just to see if anything negative popped up and it did not.
JA: What state are you in? It matters because laws vary by location. Has anything been filed or reported?
Customer: I am in Georgia and the company is in California.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 8 months ago.
Category: Legal
Expert:  Loren replied 8 months ago.

Why do they need a payment upfront? Why can it not be deducted from the loan and a net amount disbursed?

Customer: replied 8 months ago.
They are saying because my credit score is low. They are asking for 3 payments up front but then my first payment is not due until February. So the down payment will be my first 3 payments. It sounds great but I'm just afraid it's too good to be true. i don't want to pay them the down payment and then never get the loan. They have sent me via email loan documents to sign and fax back to them.
Expert:  Loren replied 8 months ago.

You are right to be suspicious. Most loans are disbursed net of fees and charges.

The other problem is that you are limited in your remedy if the steal your money because they are located across the country.