Here is a sample of a BS scam loan document, we received this one this morning, notice the $740.31 security deposit demand, this is against the law. When we asked them to take the security deposit out of the principal, Joanne said, That's not the way it's done. Well, I'm afraid that is the way leitimate lenders do it. So here she appears with the others. Be careful out there. I also sent her this link: http://www.consumerfraudreporting.org/LoanScams.php
Vengeance is mine.


To: XXXXXXX XXXXX Fax: 1 877 216 1691


From: Joanne Date: 09/15/09

Re: Loan Application Pages: 7


CC:


Urgent O For Review O Please Comment O Please Reply O Please recycle


COMMITMENT TO SERVICE


Dear Mr./ Mrs. XXXXXXX XXXXX,


Guaranteed Solutions realizes that even with the most careful planning your budget may not always stretch to satisfy all of your current and future needs. One option is to do without satisfying all your needs, which may be impossible depending on your situation. Another, more logical option is to borrow what you need from our large databank of pre-screened lenders who are committed to helping people solve all of their financial problems. We welcome your questions and will work with you and the lenders to help you explore what is financially available for you. Our company is committed to solving credit problems for all of our clients; after all, we all deserve a second chance.


We respect your privacy and are committed to treating you with courtesy, professionalism and respect at all times. We will keep all the information shared by our clients highly confidential. We see this as our responsibility and the minimum standard for meeting our client service expectations.


Thank you for allowing Guaranteed Solutions to find you the best and most appropriate financial solution. We are committed to helping our thousands of customers achieve their financial goals since 1981.


Sincerely,


Cheryl Brooks
Chairman and Chief Executive Officer

Guaranteed Solutions


217 Montgomery St Suite 620

Syracuse, NY 13202


ACCEPTANCE LETTER


We would like to take this time to thank you for accepting the terms and conditions negotiated on your behalf. As well you have provided photocopies of the following documentation for verification, which has enabled our company to process your file:


Valid identification (e.g. driver’s license or another piece of government issued identification).
Social security card.
Proof of employment/income.


This document verifies that XXXXXXX XXXXX will be held responsible for the repayment of this loan over a term of 7 years with monthly payments being $246.77 USD, amortized at a fixed interest rate of 7%.


Your terms and acceptance have been negotiated for you based on the information provided on your application for credit referral. So our company is not held responsible for loan default with the lender all applicants are insured through a private insurer. The policy protects the lender(s) against clients who are high-risk and against failure of payment, by any of the following reasons; death, loss of job, long and/or short term disability. A summary of these conditions has been attached in the following pages.


This letter will only be valid if accompanied by a detailed Loan Agreement from one of our lenders. The Loan Agreement, when received, is valid for a maximum of seven business days, after which time Guaranteed Solutions can not guarantee the interest rate or loan approval. We work solely as a pre-approval agent and any further documentation will be forwarded to you via your lender.


Welcome to Guaranteed Solutions family, and thank you for helping us to help serve you better.


Sincerely,


T.A. Harper

Senior Financial Accounts Manager

Guaranteed Solutions


Loan Agreement


Borrower(s) Name: XXXXXXX XXXXX Date of Loan: 09/15/09

Phone Number: XXX-XXX-XXXX

Term: 7 years


Security Deposit: $740.31
Principal Amount of Loan: $15, 000
Cost of Borrowing: $20, 728.68
Interest Rate: 7%
Total Amount Payable: $20, 728.68


The total amount is payable over 7 years at $246.77 USD per month.


DEFINITIONS

In this agreement “I”, “me” and “we” mean the undersigned borrower and the joint borrower, “you” and "our" represents Guaranteed Solutions or its successor or assignee, and “Loan” means the loan evidenced by this agreement.


LOAN

I agree to make the loan to you in the amount and on the terms specified above. I agree to pay the principle amount of the loan specified above. I agree to pay interest on the principle total amount of the loan at the interest rate specified above, both before and after maturity of the loan. Default by me in making payment on the loan, demand by you for payment of the loan, judgment against me in any action by you to enforce or collect the loan. Interest will be calculated monthly on the payment date set out of the principle amount. As remains unpaid until the principle amount is paid in full. I agree to pay all other amounts owing under the terms of this agreement.


PAYMENTS

I agree to pay you the principle amount of the loan and interest on the principle amount of the loan in consecutive monthly payments, in the amount specified above, beginning of the first payment due date. Payments will be applied first to any occupied interest and the remainder to the principle amount of the loan.


Please sign and return this document as soon as possible to complete the processing of loans.

By signing below, you affirm that all information you have given is true and complete and that you have not withheld any information pertaining to your approval. The client acknowledges and agrees that the withholding of, or the provision of false information, credit and/or personal, on any documentation shall result in the immediate termination of all services provided by Guaranteed Solutions.


Sincerely,

Bill Swift


Account Executive

Guaranteed Solutions


217 Montgomery St Suite 620

Syracuse, NY 13202


To: XXXXXXX XXXXX Loan Amount: $ 15, 000


Your funds can be sent through one of the following ways:

Sent to you via courier, which will take 48-72 hours
Direct deposit in your checking account, which will take 24-48 hours
(Please fill in information for only one of the following, for accuracy please print clearly and neatly)


If you would like to receive your loan by courier, please complete the following:

Name:

Address:

Contact Number:

Delivery Time Preference:


If you would like direct deposit, please complete the following:

Bank Name:

Bank Address:

Bank Telephone Number:

Institution Number:

Transit Number:

Account Number:


Once we have received all completed documentation processing will proceed. You will consequently be contacted to confirm the above information. Thank you for choosing Guaranteed Solutions for you’re expert financial solutions.


Applicant Co-applicant Date


Sincerely,


Anderson Hunt

Account Executive

Guaranteed Solutions


Guaranteed Solutions ‘loan coverage’ was introduced into the financial loan industry as a method of protecting the lender(s) from the occurrence of default upon the loan agreements. Guaranteed Solutions has chosen to stand as a co-applicant for you in order to secure your loan. This protects the lender in the event that the loan recipient forfeits on the conditions of the loan agreement.


The loan recipient is protected from specified uncertainties that may prohibit the appropriate payment of the loan as specified in the loan agreement.


On behalf of Guaranteed Solutions, I would like to take this opportunity to welcome you as the newest client to our family. Our service representatives will be glad to handle all aspects relating to your account once your loan requirements have been met.


Again thank you for your valued business.


Sincerely,


Francine Brunet

Senior Vice President

Guaranteed Solutions


217 Montgomery St Suite 620

Syracuse, NY 13202


POLICY TYPE: This is to certify that the policies of insurance listed below have been issued to the insured for the policy period indicated. Not with standing, any requirement, term or condition of any contract or any other document with respect to which this certificate may be issued or may pertain, the insurance afforded by the policies described herein is subject to all terms, exclusions and conditions of such policies.


POLICYHOLDER: XXXXXXX XXXXX

POLICY PREMIUM: $ 1, 711.92

LOAN AMOUNT: $ 15, 000

TERM LENGTH: 7 years


SPECIFIED UNCERTAINTIES: Covers the policyholder against loss of income caused by the following.


Death: Protects against death caused by accidental occurrence. This also protects against death caused by medical affiliation to natural causes.


Loss of Job: Protects against loss of employment due to circumstances beyond one’s control, such as company layoff/cutbacks, and illness.


Long Term Disability: Protects against medical disability for over a year. Must be medically diagnosed and fulfill the terms for recovery as specified by a qualified physician.


On behalf of Guaranteed Solutions, we would like to welcome you as a valued client. Our service representatives will be responsible for handling all your account details, once your loan requirements have been met.


Sincerely,


Barry Columb

Accounts Representative

Guaranteed Solutions