Description

Predatory lending tactics include text, email and calls to small business owners to secure a loan or line of credit. Applied for a loan and was asked to payoff the loan to secure a line of credit. I was sent $14,000 and was informed to secure the loc advance I had to have $20k in my bank account and must payoff the $14k loan with interest. I was sent the $14k and paid off the loan in total to secure the advance. Once I sent the $29k to the lender to pay off the loan the LOC was no longer available and I was informed the funder backed out. When I called to follow up the representative began to play on the phone and laugh at me. This was a major lesson and I don't want anyone else to fall victim to this scam.