Steadfast Finance Loan Service ****!!! And *****ing Money

i know someone that was behind on payments , he decided to take out a personal loan, but instead of solving his problems, he got deeper into financial trouble after falling for a ****.

"I went on to the Steadfast Website ( the one that they send me that looked legit but you are not able to find it when you google it ) He filled and filled in a few basic details such as my name, ID number, cellphone number and gross monthly income. An automated response said I was not eligible for a loan, presumably because I was behind on my loan payments."

A few minutes later, Sam received a promotional SMS , offering personal loans at an interest rate of just 5% a year, and welcoming applicants who are "blacklisted".

He responded expressing his annoyance at having just had his loan application rejected only to receive such an e-mail.

"I was quite surprised when I received a reply inviting me to apply for a loan, and asking for documents such as a scan of my ID and three months' worth of bank statements.

"I sent these off, and was told later the same day I had been approved for a loan of R20000, repayable over two years. This was on a Friday.

"On the Monday, when I inquired about the money, I was asked to pay R3700 in respect of legal fees to draw up the loan agreement. I duly paid this sum into a bank account."

The ********** then got greedy, and attempted to extract more money. They wanted R5500 to cover "insurance" for the two-year loan. It was at this point that Sam realised he had been ****med.

He said the offer to borrow money at such a low interest rate should have rung an alarm bell. So, too, should the reference to "blacklisted" applicants. Any credit provider lending to consumers with impaired credit records is engaging in reckless lending. And personal loans attract interest much higher than 5% a year.

Sam said that aside from the loss of R3700, he was humiliated, because he has warned his family about such ****s for years.

"I was caught only because I was stressed and not paying attention.

"My advice to anyone else seeking a loan: do not respond directly to an e-mail. Rather visit the website of the institution. If in doubt, make a phone call. Above all, be deeply suspicious of offers of a loan at an unrealistically low interest rate. Banks and loan sharks are not philanthropic by nature."