Spring Financial review: A loan 9

I am literally in the exact same situation right now. I applied through Fresh Start Finance, they transferred me to another representative after telling me I was approved for a $2300 but when he answered he identified himself as "Alex, a credit advisor from Canada Drives". I asked what happened to Fresh Start and he said they're affiliated with one another.

Alex spoke very, very quickly. He said I would be receiving a $2300 but that after a $550 service fee, I would have $1750 deposited into my account. I asked for some time to read over the contract and said that I would call back. He proceeded to belittle me and say that anyone could read this contract over in less than 10 minutes and that I could do it after. He said multiple times while I was trying to skim through the contract, "Just sign here by clicking the yellow box in DocuSign", trying to rush me through it so I would not be able to grasp the details. He also used scare tactics to tell me that if I end the call with him now, it would only negatively affect my credit, and then he assured me that he would go over the details with me. I agreed to have him walk me through it but he continued speaking very quickly. In the end, I felt he had delivered the necessary information to me so I signed the paperwork. Then I started receiving emails and texts from both "Spring Financial" and "Trans Global Insurance". None of this information about me moving around to different companies was ever conveyed to me. I would just be transferred over or receive information from another company randomly.

The next morning I wanted to add them as a payee to my online banking and asked them what information I would need for that. They told me that they would be debiting it from my account bi-weekly for the next 3 years. I then asked when I would be receiving the $1750, and the lady told me that the principal amount of $2300 was being "held in trust" as a "secured loan" because I did not have good enough credit to be approved for a personal loan. When I had spoken with Alex the day before, he told me that I had good credit, but that I just didn't have enough and led me to believe without using the proper terminology that I was, in fact, receiving a personal loan and not a secured one.

I asked to cancel the loan and they told me the same thing they told you, that I would have to pay them $2300 in order to get this loan closed out. At this point, I do not believe that if I pay them the $2300 they would even follow through with paying me back the $1750 because I was misled into getting the loan in the first place. I have spoken to two different people in the meantime and they have said the same things. That I cannot cancel the contract with them unless I pay the principal amount. I calculated what this will cost me over the 3 years and it is around the same, roughly $4200 in order to receive $1750 back to "help" build my credit.

They told me they often see buyers remorse and that it was understandable why I am upset about it.

I called my bank and put a stop payment on my account. They charge a one time fee of $12.50 to do this, not multiple fees. Double check with your bank about this and make sure that it's not the same. Also, file a complaint with the BBB. They have an online form you can submit, however calling them would probably be better. I plan to call them on Monday morning. They sometimes resolve people issues through arbitration. BBB will send the information to Fresh Start/Canada Drives/Spring Financial/Trans Global Insurance and ensure that they see the complaint, give them a chance to respond within 2 weeks of the issuance of the complaint and then take further action depending on the result.

I am sorry you fell for this, as I did. It SUCKS. I wish I could get out of it, but looks like this is going to sit on my credit score because they said it will go to collections.

Today Spring Financial Calls again.

After emailing until I can pay this back.

Giving me sometime. Delays from other Bank to pay this of completely. Also a Cease and Desist email was sent out.

I have been waiting 3 weeks for a answer why is this the way you run your business

I have been waiting 3 weeks for a answer about my loan what kind of business is this I hope to have and a answer soon either yes or no

I wanted to pay off my loan early had like 2 payments left tries calling and emailing no answer or reply back . This company is bad business. Scam for sure they won’t pick up or email back .

I have been making payments bi-weekly and I am requesting a full refund.

Deductions of 54.41$ every 2 weeks are made from my bank account .

my account keeps going in overdraft every time you take money out and I can't get in touch with anyone