I utilized the search engine over the internet for bad credit personal loans in the amount of $5,000 unsecured which was guranteed to be returned in 24 hours. The website I applied through is equiplus lending group. The loans start at a minimum of $5,000. You fill out the application , depending on how much information you provide about your situation, the consultant will skip step 2 and go to step 3 and tell you that you are approved. This is when the scam starts. I received a phone from Michael Langstaff who identified himself as the agent. He stated he was calling from the 24 hour lending service. I was relieved to here that I was approved. He advised me of the interest rate of 8.5%, at 157.50 monthly. I was pleased to know that it was affordable. THen he advised me the bank denied me, which I knew a bank would. But, he went on to say that I was approved by the broker. The broker required that since I was a high risk that I would have to pay 5 monthly payments of $157.50 in advance. The loan would be financed for 3 years. This would take me up to September. This meant that I would have to pay a total of $787.50 in a cashier's check or moneygram The quicker I pay the money, the sooner the funds could be released. Upon receipt of the funds they would be released within 24 hours in a cashier's check or money gram. He stated that he would send me the agreement. Then, when I was ready to send the money I would call him, and he would tell me where to send the money to . I wanted to know the name of the broker to verify if they are valid. He stated that information would not be released until I called ready to make the payment. I told him the payment would be issued by Monday no later than Tuesday of this week. He sent the agreement and I reviewed it. It looked valid, but there were two boxes on the form regarding insurance in the amount of $1,000 or $2,000. It also asked for bank account and routing number. The company letter head said 24 hour lending service, and the agreement looked like a payday loan. The address was stated they were in Yosemite Maine. I called if I had to check the insurance amount on the phone. I was advised that I did not. That was for mortgages and small business loans. He said the broker would advise me of the insurance amount. You simply pay the money, and once they confirmed the funds are received, the loan is released. I asked should I return the agreement when I am ready to pay the money. He said, no. You can return it now, and they will set up the account for the funds from the broker to be released to them, but I have to pay the money first.
Over the weekend. I wondered about the funds, and the insurance being paid upfront. I also wondered if the monthly payment was being disguised to make it seem like to the consumer that it was not an advance fee.
I looked on the bbb site for Maine and I could not find Equiplus or the 24 hour lending service. When they would contact me the number would show as unknown. But, they left an 1-888 number as a callback number. I finally typed in equiplus scams, and found people who were on the Yahoo blogs asking about this company. They indicated they had paid the monthly payment up front for the 5 months. The broker information which they were given was for a broker in Canada, which was a person. After the first monthly payments were issued they were told that additional money was required to pay the broker for insurance. These people never got their $5,000 loan. They stated when they requested a refund by calling the agent back they were told they had to wait 30 days. Next, I went to the ftc website, and saw the advance fee loan scam. THe details sounded identical. The brokers coming from Canada is what through me, when I read the blog. The Equiplus website does not tell you where they are. I faxed a letter on Monday to fax number on the agreement, stating I would not be proceeding with the loan, and I sent all the documentation from the FTC consumer protection website regarding the loan. The agent Michael called me on this wed. to see if I would be proceeding with the loan. I told him that I would not, and that I sent a letter via fax telling them why. THe letter contained all the documentation from the FTC website stating it was scam. He stated I had been lied to. THe monthly payments were not fees they are taking a risk with issuing the loan. He also stated the mortgage brokers are in the United states they could be anywhere California, anywhere. I asked him then what is the name of the broker he was assigned to, and which firm was the broker with . What is their license or agency number. This information he would already know if I were approved. He stated he could not release that information, until he looks on the computer. I said that he should know that information already. But, it did not matter because it was not legal, and it was a scam. I was not proceeding with the loan. He said that he was not in the business to convince me. But, I signed a contract and they would forward it to collections. I laughed. I told asked him what legal grounds did he have? I never paid the money, they never released the payment. It is a against Federal laws to collect money on a loan with interest which was never issued. That is called money laundering. If he admitted that he would attempt to forward me to collections on a loan never issued, then he just admitted that he would commit a federal crime. He would do time in a federal prison, which would be much worse than him threatening me on something which he cannot pursue. Futhermore, I am registered with the Department of Agriculture. It is my duty to report all crimes which are against the law to appropriate authorities. So, I would forward there information over to FBI. Don't think they could not be traced. He said well the loan offer is still on the table. If I do not pursue with the contract they would send me to collections, and I can tell my attorney that. I told him thank you for confessing to Federal crime and I would report it to the FBI. I called the FTC, and registered a complaint. after I sent one over the internet. I gave them all the information. I still have the docs which he faxed to me. The FTC confirmed that it y documents, and notify the bank because I had given him bank account and routing number. He denied being affiliated with Canada. THe fax number on the agreement, was a 207 area code, which is a Canada area code. doitneven
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