Complaint Review: Loan American Financial

Loan America Financial Corporation promises personal loans for people with bad credit.

I received a call from Isabelle Clarke on May 12, 2006, that I had qualified for a personal loan in the amount of $5,000. Due to my bad credit, this money was coming from a private lender. However, I had to pay for an insurance policy to cover the note as collateral in the amount of $645.00. I faxed all the required documents to Ms. Clarke after receiving my loan paperwork from her.

After reading all of the paperwork and several phone calls to Ms. Clarke, I did send the $645.00 through Western Union on May 19, 2006. This money was sent to an individual in Canada who was suppose to be with Edwards Insurance Group. I was to receive my money by Direct Deposit by the next day. I never did!

I have made several attempts to contact anyone at Loan America and no one will answer the phone. I just keep getting voice mail.

I also contacted Edwards Insurance Group, located in Toronto, Ontario. Of course, they knew nothing about Loan America Financial or who I was. The person I spoke with told me they do not make insurance policies for loan collateral.

So now I am out $645.00 due to this scam! I hope that someone out there can find a way to get these people off the internet and get the money back that is owed to everyone that has fallen for this scam!

B. H.
Amarillo, Texas
U.S.A.