Do private lenders request you to send money to Walmart?

Question

I am dealing with a private lender and I wired the initial security fee to him. The account manager did not bring the paperwork we signed to transfer the funds which caused a fee of $6000. So they want me to send the money to Walmart. Is this a good deal or a scammer.

Steve Vaughan · Answer

Money gram is short for rip-off gram. Any funds requested thru Wal-Mart or CVS are scams. Same goes for western union.

Legitimate lenders, sellers, wholesalers, etc use title companies or closing attorneys.

John Thedford · Answer

NEVER.. they are running a con game on you

Salvatore Lentini · Answer

@Corey Dexter - run in the opposite direction of that "private lender". If a private lender is legit you shouldn't have to send any money up front. All money should go to title company or law firm and held in escrow until closing. Any fee that they are getting should go on the settlement sheet.

Jay Hinrichs · Answer

the one i really like.. is the scammer will say.. we notarize everything like that means anything.

and Hey i am going to send you a picture of me holding my ID like that means anything.

then of course the reason they can do this is a you buy an insurance policy that will pay the lender if you fail to pay them.

well of course we know this does not exist other than on fannie freddie or VA loans.. so they hit you with another 2 to 5k for this bogus does not exist insurance..

they =know all the strings to pull that suck people in.. all the objections and things that those not familar with borrowing money would think well hey thats cool cant be a scam :)

Jay Hinrichs · Answer

if you sent them any money to date its gone.. any future money will be gone.

private lenders do not work in this manner at ALL...

any one asking for money to be wired or sent through any thing like walmart western union any of those things they are scammers and thieves end of discussion. just like everyone else has told you.

Bob Floss II · Answer

@Corey Dexter This is 100% a scam.

Joe Splitrock · Answer

@Corey Dexter I would call Bank of America immediately to see about recovering your money. My guess is the account is already closed. I am sorry but I suspect this is a scam. If so, you need to move very fast if you have any hope of recovering money already sent.

Scott Mac · Answer

Hi Corey,

To me, it seems like they should have a business bank account at a legitimate bank.

Good Luck!

John Thedford · Answer

I hope you realize the money is gone. Very few lenders...at least legitimate ones, ask for any advance fees with the exception of an appraisal fee. Some don't even ask for that. I am writing a new loan this week and ask for nothing in advance. There ARE fees, but those are paid at closing THROUGH A TITLE COMPANY. I am sure you HOPE this is wrong, but I would bet 1K the money is gone. There are lots of predators out there looking for a quick score. 1K here and 1k there adds up....and they never fund the loans. Next time, get REFERENCES before you work with ANY lender. Just two weeks ago I was contacted by a borrower that paid $2350 to some "lender" ONLY to find out their money as gone. Don't trust without verifying WHO you are doing business with. Good luck...I am sure you can find a legitimate lender that MAY give you the loan.

Quito Keutla · Answer

@Corey Dexter like others mentioned Run!! This don’t even sound legit, red flag lender not bring paperwork, sending money to Walmart. Hope you didn’t give them any money yet.

Do private lenders request you to send money to Walmart?

Do private lenders request you to send money to Walmart?

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