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Can someone tell me anything about an oversea loan?

Kari - 2007-04-25 07:53:08 - Personal Finance

I do not have good credit I have filed bankruptcy in the past and it seams I cannot get my credit back up. I want to get a loan so that I can buy a home for my family. My husband makes ok money and I am taking cna classes starting in may. We just cant seem to get any help with a loan due to our history. So I heard of overseas loans and was in contact with a few lenders. They seemed very nice and offered me great things. The problem is I cant find anything on the internet that tells me about this. Is it safe? Is there some kind of catch? I cant help but to think its too good to be true. With interest rates this low why wouldnt everyone do this? I talked to a few attorneys and they have never heard anything like it. So can anyone who has any info or possibly went through a lender over seas please tell me their thoughts and advice.

Best Answer:

Never ever ever ever try to do business with a company that is outside of your home country. There are no international laws that will help you if you have a problem with these people, and I guarantee you will have a problem with them. They are going to ask you for one of two things. 1. An upfront fee to pay for the "closing costs or tax fees" 2. Your bank account information including personal information You will never get a loan from these people. They will disappear the moment you pay them a fee or give them your info. They can sell your info openly on the black market. This is not safe. Do not do it. If you can't get a loan in your home country you can't get a loan period. The reason it sounds too good to be true is because it is. Anyone who offers loans at a rate better than the US guaranteed Federal Funds rate of 5.25% is losing money and taking on unnecessary risk to do so.

Answers:

Never ever ever ever try to do business with a company that is outside of your home country. There are no international laws that will help you if you have a problem with these people, and I guarantee you will have a problem with them. They are going to ask you for one of two things. 1. An upfront fee to pay for the "closing costs or tax fees" 2. Your bank account information including personal information You will never get a loan from these people. They will disappear the moment you pay them a fee or give them your info. They can sell your info openly on the black market. This is not safe. Do not do it. If you can't get a loan in your home country you can't get a loan period. The reason it sounds too good to be true is because it is. Anyone who offers loans at a rate better than the US guaranteed Federal Funds rate of 5.25% is losing money and taking on unnecessary risk to do so.

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