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MillsFootwear

posts: 12

Jan 05, 2008 1:49 PM ET Quote Report Abuse

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This company wants me to send them some of my personal info should i trust them? this is what he said im kind of confused as what he wants to see.

"We would be interested to provide your company with the loan needed. Kindly send me a scanned copy of any identification material and your contact details. Afterwhich, my company`s agreement would be sent to you to sign."

Any advice would help?

Thanks

Mahmoud J. Hassoubah
Senior Vice President
Dallah Albaraka Group
Jeddah, KSA.
www.dallah.com

CraigL

posts: 9051

Jan 05, 2008 2:23 PM ET Quote Report Abuse

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Definitely don`t do it. The key identifier is "....any identification material..." That should tell you they intend to steal your identity.

MillsFootwear

posts: 12

Jan 05, 2008 2:25 PM ET Quote Report Abuse

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Thanks i thought so!!

CraigL

posts: 9051

Jan 05, 2008 4:46 PM ET Quote Report Abuse

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I`d like to hear from some other folks, here in the community, but I`m guessing that if you were going to apply for a loan from a legitimate organization, they`d have all sorts of forms and specific documents that would indicate their legitimacy? That, or you`d have a way to fact-check their existence, verifying that they`re legitimate?

sagetrout

posts: 28

Jan 05, 2008 7:01 PM ET Quote Report Abuse

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We require identification but only after we`ve given a term sheet or an offer letter for financing and it`s been accepted and signed by the borrower. This is to establish that the party who applied for the loan is the same person who is signing a legally binding document. It`s done to prevent fraud.

If you`ve received a received a term sheet or an offer letter stating the terms for the loan then the request for a copy of your driver`s license is legitimate. If you haven`t gotten that then it`s not. Simple enough?

-------------------------

Doug Atherton
Regional Vice President
Equity Corporate Finance, Inc.
DouglasA@equitycorpfinace.com
888-498-8999 ext. 109

chrom10

posts: 12

Jan 05, 2008 10:44 PM ET Quote Report Abuse

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Whenever a loan amount and terms are agreed upon between myself and a client, I will immediately send them a n agreement letter. I would never ask for any personal ID (other than full name) until the lender has approve the submission letter that I`ve sent them going over the terms of the loan. If the company is already asking for personal information before anything has been agreed upon then I would be a very leary of what they are doing.

-------------------------

Jamie Liu
President
J&R Capital Group
Meeting all the financial needs for start-ups & established Businesses.
www.jrcapgroup.com

LiveWise

posts: 89

Jan 06, 2008 11:18 PM ET Quote Report Abuse

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I like to deal with people locally when possible and with companies that I know. So far, I have been treated well and never needed to worry about other problems. There may be better deals out there, but peace of mind is worth something too.

Be careful of creative loans and financing--look at all the creativity within the mortgage areas. Be smart!

-------------------------

Natalie Berrett
Part of the largest and fastest growing bookstore franchises in the world!
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www.MyBookWise.com/LiveWise
FREE Preferred Customer Membership.
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