Ask Experts Questions for FREE Help !
Ask
    Ibsimneej's Avatar
    Ibsimneej Posts: 18, Reputation: 1
    New Member
     
    #1

    May 3, 2013, 09:44 AM
    I need a loan and this company called Wynn and associates has offered it
    Has anyone heard if this company to see if they're legit? They want a collateral fee of $490 before I can get the $5000 loan. How do I find out if they're real and legit?
    Curlyben's Avatar
    Curlyben Posts: 18,470, Reputation: 1857
    Admin & Wine Expert
     
    #2

    May 3, 2013, 09:47 AM
    Smells like a SCAM.
    A $490 fee is 10%!!
    Ibsimneej's Avatar
    Ibsimneej Posts: 18, Reputation: 1
    New Member
     
    #3

    May 3, 2013, 09:49 AM
    Quote Originally Posted by Curlyben View Post
    Smells like a SCAM.
    A $490 fee is 10% !!!
    They say its collateral and once paid I won't have to pay my monthly fee until September because this $490 will be applied until than?
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #4

    May 3, 2013, 09:50 AM
    I know nothing about Quicken Loans other than that they win the award every year (Price Waterhouse?) for best loans.

    I doubt that you will ever see the 5K that claims to be in business since 2002 and has clients worldwide, yet I can find no reviews of them at all. That usually means they just started, and probably start anew every few months under new names.

    They are based in Jamaica. Who will you complain to when you lose your fee?
    Wondergirl's Avatar
    Wondergirl Posts: 37,828, Reputation: 5427
    Jobs & Parenting Expert
     
    #5

    May 3, 2013, 09:50 AM
    I just looked at their lovely web site. What interest rate would you be paying?
    Ibsimneej's Avatar
    Ibsimneej Posts: 18, Reputation: 1
    New Member
     
    #6

    May 3, 2013, 09:52 AM
    Quote Originally Posted by Wondergirl View Post
    I just looked at their lovely web site. What interest rate would you be paying?
    11%
    U try it and If its good let me know? :)
    Wondergirl's Avatar
    Wondergirl Posts: 37,828, Reputation: 5427
    Jobs & Parenting Expert
     
    #7

    May 3, 2013, 09:54 AM
    And what happens if you miss a payment?
    Ibsimneej's Avatar
    Ibsimneej Posts: 18, Reputation: 1
    New Member
     
    #8

    May 3, 2013, 09:54 AM
    Quote Originally Posted by Ibsimneej View Post
    11%
    U try it and If its good let me know? :)
    The good thing is their giving me 3 yrs to pay it back and that sounds so good and tempting
    Wondergirl's Avatar
    Wondergirl Posts: 37,828, Reputation: 5427
    Jobs & Parenting Expert
     
    #9

    May 3, 2013, 09:56 AM
    Quote Originally Posted by Ibsimneej View Post
    The good thing is their giving me 3 yrs to pay it back and that sounds so good and tempting
    Did you figure out how much interest you will be paying over three years' time?
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #10

    May 3, 2013, 09:56 AM
    What good is 'tempting' if you never see the 5K? You WON'T.
    Ibsimneej's Avatar
    Ibsimneej Posts: 18, Reputation: 1
    New Member
     
    #11

    May 3, 2013, 09:57 AM
    Quote Originally Posted by Wondergirl View Post
    And what happens if you miss a payment?
    They even sent me a contract but and it explains some or If not all in there but I'm just not comfortable with the advance collateral fee but like I said feel free to try it and PLEASE let me know the results ASAP
    odinn7's Avatar
    odinn7 Posts: 7,691, Reputation: 1547
    Entomology Expert
     
    #12

    May 3, 2013, 09:59 AM
    What will your monthly payments be?
    odinn7's Avatar
    odinn7 Posts: 7,691, Reputation: 1547
    Entomology Expert
     
    #13

    May 3, 2013, 10:01 AM
    Quote Originally Posted by Ibsimneej View Post
    They even sent me a contract but and it explains some or If not all in there but I'm just not comfortable with the advance collateral fee but like I said feel free to try it and PLEASE let me know the results ASAP
    So you want one of us to try it? You are saying we need to apply for a loan through them and let you know how it goes? Yeah, I don't think so.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #14

    May 3, 2013, 10:01 AM
    If you actually think someone here is going to 'try it' and let you know, you shouldn't be borrowing money online PERIOD. You are na´ve and gullible. PLEASE save your money. What is so urgent?
    J_9's Avatar
    J_9 Posts: 40,273, Reputation: 5644
    Expert
     
    #15

    May 3, 2013, 10:01 AM
    Paying money to get money is a red flag.
    Wondergirl's Avatar
    Wondergirl Posts: 37,828, Reputation: 5427
    Jobs & Parenting Expert
     
    #16

    May 3, 2013, 10:04 AM
    If you miss a payment, the usual thing they do is increase the interest rate. Is that mentioned in your contract?

    Like J_9 said, having to pay money to get the loan is a huge red flag.
    Ibsimneej's Avatar
    Ibsimneej Posts: 18, Reputation: 1
    New Member
     
    #17

    May 3, 2013, 10:05 AM
    Quote Originally Posted by Wondergirl View Post
    Did you figure out how much interest you will be paying over three years' time?
    All I know is I will be paying like a monthly fee of $164 so what about an 11% annual rate and after three yrs I would have only paid almost $900. This sounds too good to be true right
    Wondergirl's Avatar
    Wondergirl Posts: 37,828, Reputation: 5427
    Jobs & Parenting Expert
     
    #18

    May 3, 2013, 10:06 AM
    Quote Originally Posted by Ibsimneej View Post
    All I know is I will be paying like a monthly fee of $164 so what about an 11% annual rate and after three yrs I would have only paid almost $900. This sounds too good to be true right
    If you miss a payment, then what?
    Ibsimneej's Avatar
    Ibsimneej Posts: 18, Reputation: 1
    New Member
     
    #19

    May 3, 2013, 10:07 AM
    Quote Originally Posted by Ibsimneej View Post
    All I know is I will be paying like a monthly fee of $164 so what about an 11% annual rate and after three yrs I would have only paid almost $900. This sounds too good to be true right
    If I miss a payment there is a 9% of the payment not to exceed $75
    Ibsimneej's Avatar
    Ibsimneej Posts: 18, Reputation: 1
    New Member
     
    #20

    May 3, 2013, 10:09 AM
    Quote Originally Posted by Ibsimneej View Post
    If I miss a payment there is a 9% of the payment not to exceed $75
    Their supposedly even insured by an insurance co call CHJ

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Law firm called said I owe my old band 1200 for a payday loan [ 3 Answers ]

A law firm called said I owe my old band 1200 for a payday loan that took place in 2006 they told me that if I don't pay half they will issuae a warrant for check fraud is this possible after 6 years

My Finance company as sold my loan to a different company [ 0 Answers ]

My Finance company as sold my loan to a different company I was in a court order with them but now the new company send me letters saying that the court order is now with them even though I have not missed a payment since the court order can they do this as the new company as not taken me to court.

Company is an artificial person but why we called it joint stock company [ 2 Answers ]

It is called that company is an artificial person and we always use the word joint stock company for a company?

Bank has called in my car loan? [ 2 Answers ]

I received a letter today that the bank has called in my car loan and VISA card within the next 13 days. My husband lost his job several months ago, and I have made the car payment, but they have been late each month. I wasn't able to make the VISA payment too; and played phone tag with reps....

Offered a loan to me in India [ 1 Answers ]

Sir, a US based financial loan company has offered a loan to me in India , for the bank transfer they were asking $ 410,whch is about 20,000INR ,that has to be dropped initially for a Wire transfer ? Can You suggest me a solution


View more questions Search