Bad credit help!! experiences expertise please. process of a loan and is comfused!?!?

Hello fellow members, I am actually looking through this one company www.eastpointlending.com trying to get a personal loan and I have been working with one of the consultant. I have gone over the contract and everything is looking legitimate but one thing that it requires is a collateral of a sum of $700 upfront which will go towards my loan. I have there address and telephone numbers but the only problem is I live in California and the lender is in Connecticut. Can this be a scam? Can this be legitimate because this loan seems to good to be true because normally if things are to good to be true it is. I need help paying my debts, but I dont want to make any bad judgments. So please help me! I have the contract in hand faxed to me, I have there address, unfortunately there not in bbb.com. what should I do?!

"advance fee" loan scams are becoming so prevalent that the Federal Trade Commission has an alert on their website - here is an excerpt, please read the rest at the FTC website:
http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.shtm

Legitimate offers of credit do not require an up-front payment. Although legitimate lenders may charge application, appraisal, or credit report fees, the fees generally are taken from the amount borrowed. And the fees usually are paid to the lender or broker after the loan is approved. Legitimate lenders may guarantee firm offers of credit to “credit-worthy” consumers, but first, they evaluate the consumer’s creditworthiness and confirm the information in the application. Canadian law enforcers caution that it is highly unlikely that legitimate Canadian lenders would take a risk on U.S. citizens whose credit problems preclude them from getting a loan in the U.S.

Often, advance-fee loan sharks claim that their fees will go to a third party for credit insurance or a related service. Sometimes, they even fax materials using stolen or forged logos and letterheads from legitimate companies. The materials are fakes, according to enforcement officials, and the contracts the scam artists ask consumers to sign are worthless. Adding insult to injury, some scammers have used the information they collect from consumers to commit identity theft.

Often, advance-fee loan scammers direct applicants to send the fees via Western Union money transfers payable to an individual, rather than a business. They ask applicants to use a “password code” with their Western Union payment, which allows the scammers to hide their identity.

U.S. and Canadian law enforcers say consumers can avoid being taken by advance-fee loan sharks. Here’s how:

Don’t pay for the promise of a loan. It’s illegal for companies doing business by phone in the U.S. to promise you a loan and ask you to pay for it before they deliver. Requiring advance fees for loans also is illegal in Canada.

Ignore any ad — or hang up on any caller — that guarantees a loan in exchange for a fee in advance.

Remember that legitimate lenders never guarantee or say that you will receive a loan before you apply, or before they have checked out your credit status or contacted your references, especially if you have bad credit or no credit record.

Don’t give your credit card, bank account, or Social Security number on the telephone, by fax, or via the Internet unless you are familiar with the company and know why the information is necessary.

Don’t make a payment to an individual for a loan; no legitimate lending organization would make such a request.
Don’t wire money or send money orders for a loan through Western Union or similar companies. You have little recourse if there’s a problem with a wire transaction. Legitimate lenders don’t pressure you to wire funds.

If you are not absolutely sure who you are dealing with, get the company’s number in the phone book or from directory assistance, and call it to make sure you’re dealing with the company you think you are. Some scam artists have pretended to be the Better Business Bureau or another legitimate organization.

Check out questionable ads by calling Project Phonebusters in Canada toll-free at 1-888-495-8501. If you live in the U.S. and think you’ve been a victim of an advance-fee loan scam, report it to the FTC online at www.ftc.gov or by phone, toll-free, at 1-877-FTC-HELP (1-877-382-4357).

I am skeptical of the 700 upfront fee and would urge you to go to www.ripoffreport.com and see if there are others there that have complaints.

SCAM!
Never put upfront cash as collateral for a loan.
If you do, you'll never get the loan, you'll never hear from this company again and your $700...gone!
I found another question similar to yours with a responder that told about their experience.
They want you to send your payments to Canada via Western Union or Money Gram.
They gave the first 5 monthly payments and never saw the loan.
There is no East Point Lending at 400 Atlantic Ave in Connecticut.
East Point's website is www.eastpointlending.org and copyrighted in 2008.
And Connecticut's BBB has never heard of East Point Lending.
**Legitimate loan companies would not use free e-mail services.
Brown B and Jay L are just two of the scammers offering this junk. Beware of those that offer "legit" loans on YA.

Your instincts are good. Their .org website was registered on March 12, 2008. No website for .com. That doesn't mean that it's a scam perse, but why risk a loan with such a new outfit. Plus, their website has only 6 links to it. Most legit businesses have over 10,000 links. I'd try prosper.com or zopa.com or lendingclub.com for a personal loan. These are much bigger companies than eastpointlending. just so you have choices. best of luck.

Please please please DO NOT do it! They just scammed my husband and I. We sent them the 1st five payments..$1500 and they called demanding more money and wont return ours. It is a SCAM! I contacted the BBB and they have other complaints also. I checked into the address on the contract and called the actual office building at the address and there is no EastPoint Lending at that address.

I sent them 1500.00 and they ripped me off I am working with the maine attorney general and consumer protection agency, i had bankers and a lawyer look at my contract, and it is legit but the company is not I urge you to not send them money right now the consimer protection agent in Maine is working with phone busters and moneygram since they ask you to wire the money to set up a sting because they are ripping tons of people off. I have contacted the CT city clerks office there is no business licensed in the state under that name and I have contacted and reported them to the FTC and where I was stupid enough to send them my ss# and copy of my drivers license I had to freeze my credit and file a report of stolen identity.

Beware of such companies.....These companies will make their money in a lot of different ways. They will usually just charge you a set up fee and a monthly fee that is rolled into your monthly payments. In addition to this they will also get a fair share percentage of what they recover from you from the credit companies they are paying off your debt to.
When you start their program make certain that the payment is sent in with enough time left in the month in order to send out your payments to your outstanding creditors and debts. If you do not do this you will end up being charged with additional late fees and could hurt your credit rating even further then you already have hurt it.

But instead of taking a loan you can contact a debt consolidation company and they can provide you with the Debt Management Plan. There is one which i know which is reliable http://ezconsolidation.com

Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://doiop.com/e560kf

If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees.

Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates.

http://loan--house.blogspot.com/

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