Faire Finance Micheal Sanchez I answered an ad in the paper for a loan. I was approved for $5000 but had to give a deposit of $500. I sent the money western union (was charged $44) but never recieved the $5000. pittsburgh, Pennsylvania
I was in a tight bind after my divorce. I read an ad in the paper for a company that helps people with bad credit get a loan. I called and Micheal Sanchez said I was approved. I was suprized but happy to I was approved. The man I spoke with was Michael Sanchez. He sent me all the paperwork and informed me that I would have to pay a $500.00 deposit. I scraped up the money and was able to sent it.
Michael wanted me to send it to their head off in Atlanta, GA to Tami King. After waiting the seven to ten business days they said I would take. I still hadn't recieved the money. I spoke with Michael again and he explained that there were some issues with the prossecing and to give it a few more days. I called again and was told the money was sent and should be recieving it any day. After a few more days I called again and their line was no longer in service.
So needless to say I am out $500.00 for the deposit and $44.00 for the Western Union fee.
1 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
Common scam
#2Consumer Suggestion
Wed, November 25, 2009
It's illegal for a loan company to require you to pay a "deposit" to obtain a loan. That doesn't matter here because you weren't dealing with a loan company, you sent your money to a scammer. The other clue that you're being ripped off is the requirement to send the money via Western Union. This is an untraceable transfer, which is why scammers insist you send the money that way (Moneygram is the same).
For more info on this scam, check the FTC's webpage :
http://www.ftc.gov/bcp/edu/pubs/consumer/telemarketing/tel16.shtm