Can they do this!?

[Nahtally]

I am in business with a lending company based in NYC that offers loans in the US and Canada. i am residing in montreal at the moment. I was able to honor my end of the contract by paying the taxe amount of 7% on the loan amount and I was told that the loan would be transfered to me as soon as the payment was received. After waiting and no transfer, I contacted the company and was told that and error was made and upon receiving my payment, they mistakingly added it to the amount of the loan that I want to borrow instead of manually applying it to the tax payment. That they can't reverse it and I will have to pay it again. I am very distraught here.. I did everything required by the contract. They gave me two options. Either I cancel and get my money refunded but only at the end of the month or I pay again. It's their mistake.

To me they have breached the contract because I have not received my loan after respecting their stipulations. PLEASE HELP!!

 

[justalayman]

Is this a loan you initiated with the lender or did they contact you to loan you money? Have you investigated the lender to ascertain they are actually who and what they say they are?

 

[adjusterjack]

If you have to borrow money then you certainly don't have the money for lawyers and litigation.

I suggest you cancel and get your refund at the end of the month and start over with another lender.

Frankly, paying 7% up front to get a loan sounds like a scam to me.

 

[Nahtally]

Is this a loan you initiated with the lender or did they contact you to loan you money? Have you investigated the lender to ascertain they are actually who and what they say they are?

I initiated it with them..they have a website..I was able to research all their infos and spoke with at least 3 different persons. I was assigned a rep and everything with whom I spoke with several times.

 

[Nahtally]

If you have to borrow money then you certainly don't have the money for lawyers and litigation.

I suggest you cancel and get your refund at the end of the month and start over with another lender.

Frankly, paying 7% up front to get a loan sounds like a scam to me.

I was told it's a tax to pay because I am in Canada and it is refundable within 3 to 5 days. My issue is that I paid it and they messed up on their end. I should not have to pay twice for their mistake.
I have to call my rep back on Monday and was hoping to get some solid arguments to fight my case..

 

[adjusterjack]

Doesn't mean it wasn't a scam.

7% for "taxes." Give me a break.

Check out this article from the Federal Trade Commission?

https://www.consumer.ftc.gov/articles/0078-advance-fee-loans

By the way, wouldn't surprise me if they delay giving you your money back for a while and then fold up their tent and slip away silently into the night.

"Captain Braddock, Captain Braddock, Ready."

 

[Nahtally]

If you have to borrow money then you certainly don't have the money for lawyers and litigation.

I suggest you cancel and get your refund at the end of the month and start over with another lender.

Frankly, paying 7% up front to get a loan sounds like a scam to me.

I agree. Would any of you know of any good and legit one out there?! I would appreciate the help. And thank you so very much for all the great advises.

 

[quincy]

I agree. Would any of you know of any good and legit one out there?! I would appreciate the help. And thank you so very much for all the great advises.

This is not a referral site, Nahtally. If you are looking to find a lender to replace the (questionable) one with which your business earlier contracted, you will need to do this without FA direction. Sorry.

 

[Nahtally]

This is not a referral site, Nahtally. If you are looking to find a lender to replace the (questionable) one with which your business earlier contracted, you will need to do this without FA direction. Sorry.

I apologize!! You are right!! Very grateful for your helpful answers nonetheless!! 👍