Personal Loan - BK Friendly

[phyllismcc]

Rockford Capital Group approved me for a 5,000 personal loan at 6% interest. Gonna pay off all my cards, put some cash in the back and voila...they deal with subprime lenders, I'll take 6% over 17 to 24% on Capital One and Hooters. There is an angel on my shoulder.

[FilingOnMyOwn]

Congrats. However I don't know how they can offer you a 6% personal loan when the fed funds rate is at 5.25%. Lenders would typically not loan you money on such a small margin that is completely unsecured. Look through your agreement, I almost guarantee theres some kind of wicked provision in there that will skyrocket that interest rate to 25-30% if you are late on or miss payments.

[lrprn]

Rockford Capital Group...

Hmmmm....personally it's hard for me to have any confidence in them as a legit lender when "Rockford Capital Group" has no website and no information is available about them anywhere on the web except their office location on the San Francisco Metrobot and a very brief company description at http://www.manta.com/coms2/dnbcompany_grwc99 .

[FilingOnMyOwn]

Hmmmm....personally it's hard for me to have any confidence in them as a legit lender when "Rockford Capital Group" has no website and no information is available about them anywhere on the web except their office location on the San Francisco Metrobot and a very brief company description at http://www.manta.com/coms2/dnbcompany_grwc99 .

Well you've found more than I did. I googled them initially and found nothing, figured maybe they were just a small time local lender with private funding.

[phyllismcc]

It's A Scam and Correction

Duh...the name is RockWELL, not RockFORD.

Before I jumped in with both feet, I did some searches on my own. The CEO has a disconnected telephone number on whitepages.com. (Red Flag No.1).The ONLY other number they have is a toll-free number (Red Flag No. 2). They allegedly are a venture capital group who deal with a variety of lenders but until I signed on the dotted line they would NOT tell me who that lender was. (BIG red flag). They are NOT members of the Better Business Bureau. I have never had a loan wherein I did not know who the lender was. Yep, its a scam. Got my hopes up for nothing. I would like to blow off their kneecaps.

[lrprn]

Duh...the name is RockWELL, not RockFORD.

Before I jumped in with both feet, I did some searches on my own. The CEO has a disconnected telephone number on whitepages.com. (Red Flag No.1).The ONLY other number they have is a toll-free number (Red Flag No. 2). They allegedly are a venture capital group who deal with a variety of lenders but until I signed on the dotted line they would NOT tell me who that lender was. (BIG red flag). They are NOT members of the Better Business Bureau. I have never had a loan wherein I did not know who the lender was. Yep, its a scam. Got my hopes up for nothing. I would like to blow off their kneecaps.

Good for you, phyllismcc! You investigated thoroughly before believing a too-good-to-be-true story and saved yourself a world of heartache. I hope a better legitimate opportunity presents itself for you soon.

[JusticeForAll]

forgive me for being stupid, but how does this scam work?

[CindyLou]

Ok, so I did a little looking and it appears that they will ask you for some type of collateral. They are not FDIC insured, it appears. It seems they manage mutual funds. I don't understand completelly, but it doesn't all seem to add up.

[HRx]

Click Here for more information about this "lender"

[CindyLou]

Good find!! Thank you for the link.