Loan Scam-Sorted

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Hello I'm New here! Joined: 12 May 2016 Posts: 3

Hello!

A friend of mine was looking for an investor for her project and published an ad on go4funding on the 3rd of this month.

She was contacted by 2 companies. One is Businessfundingtoday, http://businessfundingtoday.com, and the other is Plantinum Funding LLC.

We still haven't decided if Businessfundingtoday is a scam but we are very sure on platinum.

Platinum has a website: http://platinumfundingllc.com/

She thought it was all legit at first and exchanged some mails with sanela ([email protected]).

Quote:

4/5/2016
Thanks we are interested in your proposal, here is an attached loan application form simply fill and send back to us as soon as possible

Quote:

4/5/2016
Goodday Mrs. Sanela,

I've downloaded the application form and I will be uploading the compiled form very soon but we are a bit puzzled.

We would like to have more information regarding this possible funding. We've worked very hard on this project and we know what we are talking about. We also acknowledge that it might seems atypical to some.

Cindy

Quote:

4/5/2016
Goodday Mrs. Sanela,
Here attached you can find the compiled form.
Cindy

Quote:

4/5/2016
Thanks we have recieved your application and has been fowarded to the desk of the CFO. May we know the collateral availiable to secure this loan?

Quote:

4/5/2016
I don't have a collateral to offer. I want a funding from an investor and not from a bank or other banking related ways.
Cindy

This is where we started getting suspicious

Quote:

5/5/2016
We can lend without collateral as guarantee. For no collateral you will be required to get a guarantee certificate called payment protective insurance from an insurance company which serves as a guarantor to the loan and interest amount. See the link below to read more about loan security and criteria to lend.
http://platinumfundingllc.com/Security.php

Meanwhile the repayment of the principal and interest are made installment which could be monthly, quarterly, semi-annually and annually. Note that all charges incurred leading to the loan are included in the interest rate.
sanela

Quote:

5/5/2016
Mrs. Sanela,
do you have any insurance company that can serve as a guarantor for the loan in your group?
Cindy

Quote:

Good day, We can refer you to an insurance agent who can help you with the purchase of the insurance policy. Below is a contact details of an insurance agent:
Name: David P. Williams
Phone Number: (310) 870-9484, (760) 264-4313 Email Address: [email protected] Website: www.cinfin
Cindy

After this, I searched their IP in the e-mail header and found out that they were writing from Nigeria. She and I were very surprised (not)! But we decided to keep going.

Quote:

5/5/2016
Hello, Your loan application has been forwarded to the desk of the company lender, Mr. Patrick Clement. Hope to see the success of this transaction soon. Note that it takes 14 business days for loan transaction to be close from the date of loan application. Best regards

Quote:

[email protected] 6/5/2016
Hello,
As regard to the loan application with made with Mrs. Sanela, we wish to know the repayment plan whether annually, semi-annually,monthly and quarterly.
Regards
Patrick

Quote:

8/5/2016

Hello Mr. Richard,

Sorry for the late. We were thinking of paying the loan monthly after the initial six months.

I've been told by Mrs. Sanela that I need an insurance and she has been so kind in giving me the contact. But before going forward, I'd like to know:

1. If there are other documents or drafts of some sort that we will have to submit before securing a loan

2. What costs will we have to sustain in this phase

3. And if the project can actually be financed.
Cindy

Quote:

8/5/2016
Good day,
My name is Mr. Patrick Clement and not Richard.
Regarding to your questions, you are to provide us with the following documents listed below:
1. Personal identity card such as Driver's license or International passport.
2. Businesses registration certificate or ownership affiliation, if available.
3. Personal income return tax.
Moreover, all costs to incur the loan are included in the loan interest, but except of the cost of purchasing the credit insurance policy certificate, as most insurance agents do request for advance fee to process the insurance certificate.

Best regards
Patrick

Quote:

9/5/2016
Good day Mr. Patrick,
Thanks for the reply. I will be looking into it next days.

Quote:

9/5/2016
In a regard to your last message, note that the loan transaction is expected to be close within 14 business days from the date loan application been submitted.

That was our last mail from Patrick. We were curious about the insurance agent thing so we poked him.

Quote:

10/5/2016
Hello Mr. Williams,
I'm in a loan process with Platinum Funding LLC and I've been told I need an insurance policy.

I'd like to know the details regarding it.

Thanks and Best Regards
Cindy

Quote:

10/5/2016
Hello,
Attached is the application form. Fill in the required information in the application form and scanned to send back.
Regards
David Williams
Phone:+1(310) 870-9484,+1(760) 264-4313

A BRIEF ABOUT THE PAYMENT PROTECTIVE INSURANCE (PPI) COVER

Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to insure repayment of loans if the borrower dies, becomes ill or disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt. It is not to be confused with income protection insurance, which is not specific to a debt but covers any income. PPI is widely sold by insurance companies and other credit providers as an add-on to the loan.
Credit insurance can be purchased to insure all kinds of consumer loans including car loans,business expansion loan and home mortgage borrowing. Credit card agreements may include a form of PPI cover as standard. Policies are also available to cover specific categories of risk, e.g. credit life insurance, credit disability insurance, and credit accident insurance. PPI cover is usually sold within the range of 10-30% of the requested loan amount. However we are offering the cover at 12% at the moment.
Note that the charge is repay to the consumer/borrower at the end of the loan repayment when there is not default. Also note that the insurance company the reserve right to sue the consumer/borrower to the jury at which the consumer/borrower could be declared bankrupt and the insurance appointed as the administrator/manager.
However, we do receive one-third of the charge of the policy fee as upfront, while the remaining balance is paid as premium within the first one year of the loan duration.

Quote:

12/5/2016
Thanks for the reply. Before filling the form, I'd like to know the insurance cost for a $700.000 loan.
Cindy

Quote:

12/05/2016
At the moment, we are currently selling the insurance policy at 12% charge of the requested loan amount. So therefore, the cost of the payment protective insurance certificate for $700,000 will be $84,000. Of which, one-third of the charge, which is $28,000 is to be paid in advance for the instant cost of processing the certificate with International Monetary Fund (IMF).
Finally, the remaining balance of the insurance charge,which is $54,000 will be paid in a monthly installment for the first one year, from the period of loan transaction as premium to the insurance company.

Quote:

12/05/2016
Ok. After filling the form, what account should I send the money to? I'd like to send the momey immediately.

Quote:

12/05/2016
There are proceedures to follow before we receive funds. Kindly complete the application form to submit.

In the meantime, I sent this to Patrick

Quote:

Hello Mr. Patrick,

After speaking with my lawyer and partner, I've decided to transfer all documents and contacts to my partner. I will be very busy and won't be able to follow the project very closely.

I want to cancel the current loan process and have my partner start a new one on his name.
For other information contact him here: (fake email address)
Cindy

So, what do you guys think? Should I fill the form (obviously with fake information), and send it to him?
These are the IP I have been able to find:
Sanela 197.210.224.89
Patrick 197.210.227.62

Posted: Thu May 12, 2016 3:27 pm

Hi and welcome!

First off you need to drop this lad like a hot rock if she/he has access to ANY of your friend's real life info, which seems very likely since she has been exchanging emails using her personal email account. The risks are just too high with things as they are.

What you do next is up to you.

Hello I'm New here! Joined: 12 May 2016 Posts: 3

Removed unnecessary quote of previous post. Think of this as a conversation. - bware419ers

That was the first thing I was worried about but she has been writing him through the account she created for the investment and she filled the form with a completely fake identity.

Posted: Thu May 12, 2016 3:36 pm

Looks about as straight as a bowl of noodles to me.

The website collects information through an unsecured form which is a huge red flag. The Yahoo addresses are another. No financial service provider uses them. The Nigerian IPs vs its purported American address are yet another. There doesn't seem to be any Benson Road at that zip code in NC either, there's a gospel ministry, a post office and a bingo hall so yes, it's a massive fiddle.

As they have your real life details just drop them. If you get them all worked up now,they could get angry when they realise they were played, and it's best they don't know where you live. We're onto them now, so we don't need any more information.

This belongs in Fake Banks - If a site killer is in the house can they make an entry there please, or I can do it later then lock this thread for tidiness.

Kiko, before that can you drop in the URL for businessfundingtoday and I'll look into that one too, it may be legitimate but it's worth a quick look.
Thanks, and well spotted.

Hello I'm New here! Joined: 12 May 2016 Posts: 3

Thanks Nailgunner. This is the website http://businessfundingtoday.com.

Posted: Thu May 12, 2016 3:45 pm

Quote:

she has been writing him through the account she created for the investment.

@kiko, Nailgunner is right. The investment email address would still have been created using real life info. These people are criminals who would have little to no problem hacking the account and mining it for information. Best to play it safe.

If you want to try your hand at baiting, spend some time educating yourself on baiting safely, get a mentor and have at them.

Master of Master Baiters Joined: 18 Oct 2012 Posts: 611

NG, I'll add the sites to the Fake Bank sub forum if you'd like. From there, someone can start the process of shutting them down.

Posted: Thu May 12, 2016 4:00 pm

Platinum wrote:

Call: (252)419-4727
Email: [email protected] Company Address: 456 Benson Road Jacksonville, NC28541. USA

Phone number is in Bailey. Jacksonville and Bailey are several counties apart.

Posted: Thu May 12, 2016 4:00 pm

^^^In Fake banks here: https://forum.419eater.com/forum/viewtopic.php?t=275985

Locking.

Posted: Thu May 12, 2016 4:01 pm

^ this one looks more like a business plan assistance service than a lender. The long lives of the multitude of pages it leads to and the use of a secure online shop at https://squareup.com/store/HSBCLLC give it credibility. It doesn't mean that calling yourself "HSBC" is a good idea or that their services are worth the money, it does tell us it's unlikely to be a fake bank site as such.

Again I'd appreciate input from a regular site killer on this one.

Edit: ninja'd while I was snooping around this one, thanks Giggles/Bware Mr. Green

Posted: Thu May 12, 2016 4:23 pm

http://businessfundingtoday.com has been registered since 2005 and that is highly unlikely for a fake site.

ETA: Often, scammers will include real websites in their communications as a "convincer" and to lend legitimacy. The same thing was done with www.cinfin, although they left off the ".com."

Opening this up for a bit in case further questions or comments might be relevant...

Master of Master Baiters Joined: 18 Oct 2012 Posts: 611

The platinum one only has registry for 1 year. That one is more likely for scams. We've added that one to the fake banks forum though. That's the extent I can contribute at this point.

Posted: Thu May 12, 2016 7:15 pm

It would be very unusual for a commercial lender to approach a prospective borrower off the back of a posting on funding website. The rules for how financial services firms are allowed to conduct themselves and advertise are strictly regulated.

It's more likely that the email quoting businessfundingtoday.com will have come from a free email address and as bware says is just quoting the legitimate website as a convincer.