Robert
Buffalo,#2Consumer Suggestion
Sat, June 27, 2009
You have been scammed and your money is gone. This is known as the "advanced fee loan scam." You can read about this at the FTC website www.ftc.gov. I'll bet you sent the money to someone in Canada-that's the usual method for the majority of these scams. ""I was approved for a $5,000 loan at 7% apr for 48 months but it was a secured loan for they asked for 7 months worth of payments up front and after payment was made I would recieve the money in my account within 1 business day."" It is absolutely ILLEGAL in the U.S. to require any prepayment of scheduled payments as a condition of being approved for a consumer loan. I would CLOSE that bank account immediately to prevent any FURTHER FRAUD by these scammers. You should also report this to the FBI at www.ic3.gov. Sorry.