Complaint Review: Pinnacle Financial Corp

We applied for a loan online using a lender finding website on or about 6 July 2006. We were than contacted by Pinnacle Financial Corp, Ms. Cecile Dunaway, on 11 July 2006. They stated that they had found us a lender that approved us for a loan of $3,000.00 for 2 years at 7%. We liked those terms, but asked if we could then get $5,000.00 at those same terms. They stated that they had found us a lender that approved us for a loan of $8,000.00 for 2 years at 7% and gave me instructions that I had to fax a copy of a proof of residence, Driver's License, Social Security Card, and Proof of Income.

After I faxed that information I received a fax from them that stated I needed to pay an Insurance Deposit of $1,074.54 to cover the loan in the event that I was injured or unable to work. My instructions were to Western Union the money to a barrister in Canada and fax a copy of the Western Union receipt. I sent this to them on 14 July 2006 (Friday). The loan was supposed to be deposited into my account no later than 17 or 18 July 2006. When the funds were not there on 18 July 2006 we contacted Pinnacle Financial Corp. After numerous calls and being told that the loan was awaiting a signature to be released, we finally spoke to Ms. Dunaway with only a few hours remaining in the business day, and were told that lender reviewed my credit and wanted another $1,000.00 for the insurance of the loan. We were given a Promissory Note that stated once we sent them the additional $1,000.00, via Western Union to a Barrister in Canada, that we would receive the loan of $8,000.00 for 2 years at 7% plus a $4,000.00 grant, the loan would be released once they received the fax copy of the Western Union receipt. We sent them the $1,000.00 on 18 July 2006. When the funds were not there on 19 July 2006 we contacted Pinnacle Financial Corp and after numerous calls and being told that the loan was awaiting a signature to be released, we finally spoke to Mr. Ron Pletcher, with only a few hours remaining in the business day, and were informed that the lender that was giving us the loan was in the process of filing for Bankruptcy and if we continued to pursue a loan from that lender we would most likely pay the full amount of the loan up front and still not receive the loan. His recommendation to us was to pursue another lender which they had already lined up and needed our permission. However, this required a fee to transfer the loan.

He stated that Pinnacle Financial Corp would cover some of the cost, but I had to send $900.00, via Western Union to a Barrister in Canada, the loan would be released once they received the fax copy of the Western Union receipt. We sent them the $900.00 on 20 July 2006. On 21 July 2006 when the loan was not transferred to my account, we contacted Pinnacle Financial Corp, after numerous calls and being told that the loan was awaiting a signature to be released, we finally spoke to Mr. Rizzoni with only a few hours remaining in the business day, who stated he was an attorney for the lender, and that we had only put down 9 months worth of Insurance and that his bank wanted us to send another $1,000.00, via Western Union to a Barrister in Canada, to pick up the last 3 months. Again we were told that the loan would be released once they received the fax copy of the Western Union receipt. We sent them the $1,000.00 on 21 July 2006. When we contacted Pinnacle Financial Corp at 6:00pm after sending the money, Mr. Rizzoni stated that the funds would be released within the hour no later than noon on Saturday, 22 July 2006. We waited the entire weekend and checked our bank account on Monday, 24 July 2006. The loan was not there and my bank could not see anything pending, especially a wire transfer of $13, 000.00. We contacted Pinnacle Financial Corp on 24 July 2006, after numerous calls and being told that the loan was awaiting a signature to be released, we finally spoke to Mr. Rizzoni with only a few hours remaining in the business day, who stated the lender required yet again more money from us. The amount they required was an additional $1,750.00. At this point we had enough of the excuses and the request for more money from us. I informed them that I wanted a "Full Refund" of all the money that I have sent Pinnacle Financial Corp and the lender to date totaling $4,303.54, this includes all of the Western Union fees. They stated that they will refund me my money within 2-3 weeks. I told them that this was unacceptable. Every time that they requested that we send more money we did within hours of the close of the business day with the false hope that each one was the "One" that would release the loan that we requested. To date we have not received a refund.

Also if you call one of the numbers they were using they answer as a new company. I cant believe how far into this we got but we were desperate at the time. Guess you could say we were the kind of suckers they were looking for.

Ajolphillips
Richmond Hill, Georgia
U.S.A.