Pre-qualified never means pre-pay
Posted on April 25th, 2008 by Sonya Smith-Valentine, Valentine Legal Group
The scam: You’ve been told that you’ve been “pre-qualified” to get a low interest loan or credit card but the company needs you to pay a processing fee of several hundred dollars. The truth: Legitimate lenders never “guarantee” a credit card or loan before you apply. A legitimate pre-qualified offer means that you’ve been selected to apply. You still have to complete an application and you can still be turned down. Also, legitimate lenders don’t charge several hundred dollars in processing fees.
Filed under: Credit Cards