worried about a scam although there is a contract

[echolk]

PA-
I was approved for a loan with the stipulation that I either get a co-signer, pay an upfront protection insurance fee or three months of the payback amount. There is a contract which I would assume is legally binding, I am just afraid that this is a scam due to the fact that they require the money via moneypak. If this is a scam do I have any legal ground to sue for damages and money lost? I could really use that loan to pay off bills and start fresh. I am conflicted and need help please.

Thank you for your assistance,

Echo Kramlich

 

[Proserpina]

PA-
I was approved for a loan with the stipulation that I either get a co-signer, pay an upfront protection insurance fee or three months of the payback amount. There is a contract which I would assume is legally binding, I am just afraid that this is a scam due to the fact that they require the money via moneypak. If this is a scam do I have any legal ground to sue for damages and money lost? I could really use that loan to pay off bills and start fresh. I am conflicted and need help please.

Thank you for your assistance,

Echo Kramlich

Only you can read the terms of the contact.

If you don't mind giving the name of the loan company we can at least read the T&C.

 

[Zigner]

PA-
I was approved for a loan with the stipulation that I either get a co-signer, pay an upfront protection insurance fee or three months of the payback amount. There is a contract which I would assume is legally binding, I am just afraid that this is a scam due to the fact that they require the money via moneypak. If this is a scam do I have any legal ground to sue for damages and money lost? I could really use that loan to pay off bills and start fresh. I am conflicted and need help please.

Thank you for your assistance,

Echo Kramlich

If this is a scam, what makes you think you'll be able to find anyone to sue?

 

[echolk]

Only you can read the terms of the contact.

If you don't mind giving the name of the loan company we can at least read the T&C.

Greenwald Financial is the name of the company.

 

[swalsh411]

"Starting off fresh" by taking out a high interest loan is not "starting off fresh". My advice would be to cut back on expenses, live and eat frugally, sell unneeded possessions, and get a second job if you can. It is almost never the case that the answer to money problems is borrowing more money.

 

[sandyclaus]

From my research, I found 2 Ripoff reports, and the site reputation is low. It's a brand new website, just opened this month. That doesn't bode well, and neither does the fact that they ask for their "security" in the form of GreenDot MoneyPaks, which are essentially just like cash. I've read that they expect you to provide them with the card number via phone or email. If this were legit, I might feel better if the card itself was sent to them via certified mail and someone actually had to sign for it.

I personally would steer clear of these guys. Too much risk.

 

[Shadowbunny]

The folks over at "ScamBook" aren't fans of Greenwald, either.

OP, this is a situation where Google is your friend. Search for GF and scam; you'll find plenty of complaints.

 

[sandyclaus]

The folks over at "ScamBook" aren't fans of Greenwald, either.

OP, this is a situation where Google is your friend. Search for GF and scam; you'll find plenty of complaints.

I didn't find Greenwald there. I found Greenwich, Greenhill, and Greenwood, but no Greenwald.

 

[sandyclaus]

Also interesting... when I migrated around their website (greenwaldfinancial.com), the website link changed to greenwald-financial.com, which doesn't exist.

BIG. RED. FLAGS. When their web programmer can't figure out who they are.

 

[BL]

Also interesting... when I migrated around their website (greenwaldfinancial.com), the website link changed to greenwald-financial.com, which doesn't exist.

BIG. RED. FLAGS. When their web programmer can't figure out who they are.

Zero reports on ripoffreports.

Wait a minute.

http://www.ripoffreport.com/reports/specific_search/ greenwald

Read ripoffs suggestions on how to get your money back.

 

[Shadowbunny]

I didn't find Greenwald there. I found Greenwich, Greenhill, and Greenwood, but no Greenwald.

My mistake.... teach me to read without my glasses!

 

[cosine]

"Starting off fresh" by taking out a high interest loan is not "starting off fresh". My advice would be to cut back on expenses, live and eat frugally, sell unneeded possessions, and get a second job if you can. It is almost never the case that the answer to money problems is borrowing more money.

If the interest rate increases, then I agree. However, many people do prefer to have the convenience of making a single payment instead of multiple payments when they have multiple payment plans. I'm not convinced the latter is better, either. But it seems to be something lots of people want to do.

 

[cosine]

Payment by one of these cards does not mean a scam (but it does not mean it is not, either). These card systems actually can reduce costs to the businesses receiving payments by avoiding the data entry for check and processing fees for conventional credit cards. OTOH, MoneyPak places costs onto the payer that may be higher.

However, the one single ripoff complaint seemed like there might have been some effort to gain access to card related information that they should not have. I do not know if the "card #" asked for is one that needs to be kept secret, or what. It may be they are setting up an auto-charge against the card. I have no experience USING MoneyPak.

If you decide to continue with the MoneyPak card, I recommend getting as much money out of it as you can, and only add money to it to cover the payments plus the card fees. Then use this card for nothing else whatsoever.