Complaint Review: Horizon Lending Services

I filled out a personal loan form on line from one of the sites that advertise for poor credit loans. The next day I was informed by a Robert Davies from Horizon Lending Services, a loan broker, that I was approved for $5000 with a 7% interest rate for 2 years. But, I would have to send $900.00 first. He said this is not a fee, but would be counted as the first four $225.00 payments. This would go towards the $5000.00 principal. Plus, I wouldn't have to make my first payment for 4 months. That is how they try to convince you it is not a fee, which is against the law in CT where I live, and IL. where they are supposedly located. They call it a "collateral payment". That was needed because of my credit rating. The only thing I had to do was sign the papers with the loan terms that he would fax to me, and he would give me the name and the location of the account executive who would handle my loan. This person is with the company that would be giving me the loan. Horizon is just the company that brokers the loan to other companies. I would then moneygram the $900.00 to the account executive and call him with the receipt number of the moneygram.

I checked out the website for the company. There is no phone number or address anywhere on the site. They just tell you how they will help you get a loan, the kinds of loans, and the form to apply. They only have a way to email with any questions. There is not even an email address.

There is no information on the company at all on the internet. Not even reviews like this about the scam they are running. I asked Robert Davies how long the company has been in business. He said over ten years. If that was true, wouldn't there be a ton of information about the company on the internet. I got the web site address from Davies. If you try to look up the company, it's a dot org, not dot com. They have an 888 area code number to call the company. I got that from Davies too. He also said the company was owned by First Capital Group in Chicago. Try to find that company listed anywhere. Impossible.

It all sounds legit when you call. You are told the name of the company, the hours of operation and to dial your parties extention. They even have a so called "customer service" extention.



The BBB states they were first informed about the company in March 2008, with not enough information to list. They do state not to do business with Horizon Lending Services.

They are not licensed to do business. I found that out from an Illinois government website, with a listing of all the loan companies licensed in that state. When I spoke to a supervisor with the Illinois agency that investigates these companies, he said, "do not send money to this company".

I signed the papers and sent them back, just to find out where this account executive is located. The red flag went up for sure when I found out where to send the cash. Diane Schultz, Clinton Alberta Canada. All the research I did on loan scams with upfront fees said that they want you to sent the money to Canada or some other foreign country.

The Illinois authorities have been informed. I faxed them all the papers I received. I hope they shut them down soon.

Pinky lee
Hartford, Connecticut
U.S.A.