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Should you be wary of who you take a loan from

markecuador
markecuador Posts: 5 Forumite
in Loans
Hey, I'm a UK national with a property in Ecuador. I need $30K to finish the property. It is worth around $120K. Here interest rates are really high like at 12%. A guy in the USA on a forum here is offering a loan at 4%. I think he is a property agent in the US. When taking out a loan with an institution/organisation, what should one be wary of? This guy seems to be a freelancer without his own website but he seems to have a licence in California. Thanks

Comments

  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Sounds like a scam to me. Good luck, you will need all of it.
  • cymruchris
    cymruchris Posts: 5,575 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    99 percent chance of it being a scam.
  • Edi81
    Edi81 Posts: 1,513 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    On August 29 you posted on here about finding a lender.
    You now have to ask again about whether it is legit??????
  • markecuador
    markecuador Posts: 5 Forumite
    29 aug was about finding lending.



    today is about whether a lender i found a few days ago from USA would be legit. Apparently not.
  • Clive_Woody
    Clive_Woody Posts: 5,965 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    markecuador wrote: »
    29 aug was about finding lending.



    today is about whether a lender i found a few days ago from USA would be legit. Apparently not.
    No doubt at some point you would be asked to make an upfront payment for some random reason.....and then another payment....etc

    Then no loan and the email account he used would be deleted.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • markecuador
    markecuador Posts: 5 Forumite
    The most sensible reply I've had. Thank you sir.
This discussion has been closed.
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