[Qin]

I am in desperate need of a loan, so I went on line and this company called creditgate loans from ontario called me and said that I was approved for an $8k loan. Since my credit is not all that great, they request I send them $1200 or have someone co-sign for me to get the loan. The loan for $8k is 7.2% at $197. Per mo for 4 yrs. It sounds like a good deal and they sound like a reputable company, but I am reluctant to send money first before I get my loan... oh they also mention that after 3 months they will send the money back (1200) or I can apply it to the loan. I need to get anybody's opinion on what I should do. Try and get the money to get the loan or don't trust? Thanks qin

[tickle]

Any credit company that wants money up front is not entirely above board, Qin. The interest rate is very attractive, too attractive to be real from a loan company. I would say pass on this one. Desparation will always get you in trouble. But please think of the long run. I don't believe they are a reputable loan company.

[Fr_Chuck]

No honest company asks for money up front, also did you apply for this loan, how did they "pre approve" you before you ever applied.

A company that asks for money up front should be avoided at all costs,

[MM2]

Hi... I received a call from creditgate today... be careful they are a ripoff... they will state you are approved for a loan but will request that you wire 10% of it to secure the loan or insure it.. be careful.. they will not deposit the funds... take my word.. I was burned by another company similar to this one.. they all seem to be from canada

[Qin]

Mm2, Hi... thanks For The Info. I Asked Credit Gate If They Were A Member Of The Bbb And She Said Yes... I Looked Them Up In Canada And They're Not Listed. Mm2, I Too Was Ripped-off By A Similar Company Via Florida By Way Of Canada... I Think We Need To Contact The Authorities In Canada And Report These People... what Do You Think? I'm So Sick Of These People Taking Advantage Of People Like Us Who Need Help And All They Do Is Continuously Rip Us Off. I Got A Name And I'm Willing To Give Authorities The Name Of The People Who Calls Us. Plus Post Them On The Rip-off Site! Yeah... good Idea!

[Fr_Chuck]

Yes, you don't pay for a loan upfront, and you never wire money, anytime you hear the words "wire money" you know it is illegal

[tickle]

Qin, just go for it and report them, or I will. There must be a toll free number for them. In Canada if you are not affilitated with Better Business Bureau, then they are not legitimate.

[chakarnis]

i am in desperate need of a loan, so i went on line and this company called creditgate loans from ontario called me and said that i was approved for an $8k loan. since my credit is not all that great, they request i send them $1200 or have someone co-sign for me to get the loan. the loan for $8k is 7.2% at $197. per mo for 4 yrs. it sounds like a good deal and they sound like a reputable company, but i am reluctant to send money first before i get my loan...oh they also mention that after 3 mos they will send the money back (1200) or i can apply it to the loan. i need to get anybody's opinion on what i should do. try and get the money to get the loan or don't trust?? thx qin

Yes, I've heard of them. They called me too but I don't remember going online to apply with them, but it is entirely possible. They quoted me the same terms only with a $995. Deposit. It really seems stupid to ask for money up front. Hang tight, Qin, I'm going to check them out. If you already went ahead to get the loan, let me know how it turned out.

[chakarnis]

I've heard of them. They called me the same way and offered me the same terms but they want $995 up front. I'm going to check them out with the Feds. If you did accept the loan, let me know who it turned out.

[Qin]

chakarnis, thanks for replying to my question. No I did not get the loan. They told me to either give them $1200 or get a co-signer to get approved. I didn't bother, as much as I needed a loan, I had 2nd thoughts running through my head which tells me to hold off. I asked them if they could maybe raise the monthly payments without giving the money up front I would maybe go for the loan, but she said they wouldn't go for it. So that tells me right there, they want the money first, so they can rip us off. Yes please, by all means report them to the authorities. There's a couple of us here that will back you up. By the way was the person's name {individual names removed-<>} that helped you? She was the one that help me. Let me know how you do w/the authorities. 'k. Thanks again... Q

[chakarnis]

Actually, her name is {individula names removed-<>}. I'm surprised that they required more of a deposit from you than me. But it's also very interesting that I found a website regarding UK law vs. US law re: cosumer loans and although she claimed that they have a license to conduct business in the US, it would be difficult to prosecute but by the same token, if there is a license to conduct business here, they should be prone to the same laws. Were you able to secure a better loan offer? If so, can you share the info with me?

[Qin]

Hey chakarnis, did they offer you a loan of 8k? Maybe that's the difference of why they are asking more money from me than you; also maybe it's because my credit "stinks" right now. Anyway, whether their legitimate, they are scamming people by asking for money upfront. You request for a loan because you have no money and for them to ask money up front, they only have one thing in mind and that is to take your money and run! Right? Every loan company I have ever dealt with has never asked for money up front. Although they claim to be very legit, there's still something there that isn't right. So no, chakarnis, I never got a loan. I'm back to going out there to see who's going to qualify me; if by chance you find a legitimate company, please let me know and I too will do the same for you. 'k. Q.

[chakarnis]

I really would like to know how these people are getting away with this kind of stuff. I'm sure that it has a lot to do with them being in Canada and us NOT,but if they have a license to practice in the U.S. doesn't that mean that they have to behave to some extent?But I suppose this is how the S&L and the current mortgage crisis got their Wheaties. I'm in a real mood to make some noise and a real hankerin' to name names. Anybody want to join me?

[chakarnis]

Qin, all the terms they stated was the same with me $8M for 4 years @7% with a security deposit of $995. I can't understand why they asked for $1200 from you. I suppose it's all arbitrary on their part. I've been all over the internet and all that I've run across are companies like this one and they're all UK or Canadian companies. Please let me know if you find one and I'll keep my eye out for you, as well.

[Qin]

Chakaris like everything else, when you go into the Internet, You will find everything that you want and need, you just got to be careful and smart to not fall into their hands, because once you do, it's all over. I understand though that when times are tough, you can get awfully desperate and being desperate can hurt you. So we need to be very careful. I will continue to look for something legit, but like you looking there's not that many legitimate companies out there. Maybe we should put it out in this Ask Me Help Desk to find out if anybody knows of any good legitimate companies that we can honestly deal with. What do you think? Anyway, it's been a pleasure chating with you and I wish you the best of luck. Keep-n-touch when you can and when hear something good let me know 'k. Q

[chakarnis]

Just so everyone knows, they are operating through another financial company. The girl I spoke with has been hounding me to sign these docs. ( and she doesn't even have an accent, no ehhs or owws). I never thought I would ever be pursued by anyone to give me money LOL. I'm taking it real easy until I find the equivalent of our consumer affairs dept. in Canada. I'm really tired of getting jacked with by these gutless, soul-less idiots.

[Qin]

,, yup, the last company I dealt with did the same thing (operated under a financial company)... be careful, don't deal with these idiots. The lady I was dealing with cathie lawson, didn't have an accent either, but was more understanding when I told her that people like us are asking for a loan because we don't have the money to begin with, so for them to ask for money upfront does not look good on their part. I told her that I was ripped-off by a company like theirs and she immediately stated that they don't rip people off. "yeah right"... I think the one I'm dealing with is still new and wet behind the ears. The person your dealing with is probably a pro at this, so be careful 'k. Let me know when you hear from the authorities. I am also having BBB of Canada check them out. I too will let you know of the results of this lousy company. Q

[chakarnis]

Qin,

Rest assured that this youngster was no pro. Just a kid in need of a job. I think that it's time that these folks are stopped and to take it further, all of this non-truth in advertising needs to get pulled to the curb, as well. All of these payday loan schemes and survey stuff is O-VAH! You can sit at the computer all day long trying to get a $200.00 payday loan. By the time you find a lender, it's payday again and you don't need it. And the surveys are the absolute worst. All that for a $25.00 gift cert to Home Depot? I don't need anything that bad. All they're doing is having you pass your email address around so that they can sell it. I don't care what they tell you. I definitely will keep you posted and you, likewise. Take care.

[JalenD]

That is so weird! I got called by the same company after applying on-line... they gave me the option of cosigner or deposit. I tried a cosigner but they weren't approved so I borrowed the deposit from my neighbour and made the payment. I got the loan a bit later than the promised 24 hrs but it came through OK.

My friend also applied but she didn't need a cosigner or a deposit...

[chakarnis]

So, are you saying that you actually did get a loan from these people? How did your friend get the loan with no deposit or co-signer? How long have you had the loan?