Is This Loan a Scam?

My husband recently was approved for a $10,000.00 loan @ 8.8%. They said he either needed a co-signer, colatteral or purchase their "Loan Insurance" for $850.00. The company name is Alliance Lending Group. Has anybody had any dealings with them?

Welcome to Scamwarners Michelle.

Can you please post more details about this loan offer? Mail address and mails.

There have been scam and fraud reports click here

purchase their "Loan Insurance" for $850.00

This sounds very much like "requiring a fee to be paid upfront" - and this would be a certain scam.

See also this search result click here

Scamwarners guide to loan scams http://www.scamwarners.com/forum/viewtopic.php?f=35&t=3161

Hi Michelle

You haven't given us much to go on but I agree with The Enchantress, it's a scam.

No personal experience but I just Googled the name and found this:

http://www.complaintsboard.com/complaints/alliance-lending-c37444.html

And this:

http://www.ripoffreport.com/Loans/Alliance-Lending/alliance-lending-alliance-lend-7ae7g.htm


From what I found on Google they aren't your typical Nigerian scammers but there are a lot of reports of shady business practices and it seems everyone must pay a 4 month security deposit before their loan is approved and promised refunds don't happen. They have also changed their name a couple times which is another sign of a shady business. I hope you haven't sent them anything. If so they are located in the US so legal action might be easier than if it were foreign scammers.