Complaint Review: Avenue Finanical Group - Garden City New York

I went on line to get a personal loan. I applied for it on December 5, 2008. On December the 9th I was contacted by phone from a Mark Davis Account Executive for Avenue Financial Group. He informed me that I have been approved for the full amount that I had requested. I called him back on the 10th of December and he gave me all of the details for a $9000 loan. It would be for 3 years, fixed interest and payments of $273.50. He also told me that since it was an unsecured loan that I would have to have collacteral. Then that is when he told me that I would have to come up with 7 months payment which was 1,914.50 to let the lender know that I was really interested in the loan and that I would not back out. I told him that I didn't have that kind of money and he asked me if I owned a car or home. I told him no. Then he asked if I could get the money from family or friends and I told him that I might be able to get it from a friend and he told me that I would have my loan within 1 business day from the transaction. He sent me papers of the loan agreement and gave me till the 17th of December to come up with the money. When I got the money I contacted him and he told me that I needed to send the money via moneygram through Wal-Mart cause the lender had an agreement with them. I told him that there was another place in my town that did moneygrams but he insisted that it be with Wal-Mart. When I got to Wal-Mart he told me to fill out the Red information form. I did and he told me to send it to a Darlene Stapelton in New Brunswick, Canada and it would cost me $38.20 for the transaction and I only needed to send 1910.00 they wavied the 4.50 and he told me that I would be reembursied for the 38.50 when I got my loan. This all took place on Friday evening and he assured me that my money would be wired to my bank account by 5pm my time. Well, needless to say about 10 minutes there time to 5 pm I received a call from Dennis can't remember his last name but he was in customer service and his ex was 0. He proceeded to tell me about the insurance and that the lender needed more money another 1900 well, I had already looked this company up on the internet and read word for word from others who had been scammed just like me. I was sick to my stomach. He told me that the contact did say that the lender had the right to ask for more collateral or insurance to secure the loan. I told him I didn't have it and I couldn't get it and then he asked if I could come up with 1500 and I told him no. He said that I had two opitions to come up with the money or get a refund and that I would have to wait till 1-10-09 cause that the was schedule for the lender. Well, needless to say I will have to wait till then but I doubt if I get my money back. He said that he would keep working on my file but I got news for his man I am not giving him anymore money and I do believe that a class action suit should be filed against this company for ripping good, honest, hard working people off.

Carol

Weatherford, Oklahoma

U.S.A.