I Googled Rod Aycox before applying for a business line of credit and it appeared from his apparent wealth he could make private Loans. I Applied and got my company approved for $10,000 on terms that were so good, it just didn't seem to be true. Then came the "Red Flag". $850 processing fee required up front that could not be taken from the Loan proceeds.
Only a copy of my Drivers License was sent with the application to an approval letter which did not indicate any up front fees were clearly required. Just wanted to know if anyone has sent this Lender an up front Fee, as I'm sure I'm not the first person who finds up front fees for Loans a problem. If someone on BP moved forward on a leap of faith, I would like to know.
up front fees can be red flags but there are lenders who charge a processing fee of a few hundred for sure-it is not automatic that it is a scam despite what many say. As a broker ive seen small fees get charged and loans close often
With that said do as much research as possible on the lender also request references and any verifiable information that you can. Since it is a private lending company i would be careful for sure. Also ensure that he isn't brokering your deal and charging his own separate fee
Thanks for the advice Mr. Turner. I have been researching but, can find nothing on "LoanMax Limited Liability". I once paid $250 on a conditional letter of approval and was told I didn't meet lending guidelines of the company. However, even with not Guidelines outlined, I was refused refund of the $250 processing. This lender asked for but stated income, my Drivers License and nothing else but, $850 in advanced of funding
SCAM SCAM SCAM
Wow. Good to know if somebody was talking about him. He sent me friend request. And I could not find his company when I searched on google. And his account kept closing so I was wondering what happened... kind of somebody suspicious.
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