Is First Loan Com Legit

Is First Loan Licensed

First Loan lists a mailing address in California, which means that theyre supposed to register with the Department of Business Oversight. They dont have a license with the state, though, because theyre whats commonly known as a tribal lender.

That means they are an extension of a Native American tribe, operate out of their land, and adhere only to their tribal regulations. Because of tribal immunity, they dont necessarily have to respect the rules put in place by states or the federal government. That leads to them frequently charging interest rates far above state limits. For example, Californias limit is 460% APR, but First Loans sample rate on their website is 778% APR.

Like many tribal lenders, First Loan discloses their tribal status in their fine print. Their website states: First Loan is a Native American owned business operated by the Elem Indian Colony of Pomo Indians, a sovereign Tribal nation located in the United States. First Loan abides by all applicable federal laws and regulations and tribal law as established by the Elem Indian Colony of Pomo Indians.

That makes it sound like they may have some respect for federal regulations, but theyre only referring to the federal law that states Native American tribes have jurisdiction over themselves. In any case, federal law does virtually nothing to reign in payday lenders since thats almost entirely up to state governments.

How To Spot A Loan Scam

There are warning signs that you may be dealing with a loan scammer rather than a reputable lender:

Requires an upfront payment. Scammers may insist you send them money before you get the loan funds. In some cases there may be legitimate upfront fees for a loan but in most cases these fees are bogus attempts to steal your money. The scammer will usually require you pay by a method thats difficult to trace and impossible to refund, such as wire transfers or prepaid cards.;

Requests personal information but is not secure. This one is tricky because loan applications with legitimate loan companies often will require you to provide a Social Security Number for a personal credit check and/or an Employer Identification Number or Taxpayer Identification Number for a business credit check. Your bank account number may be required either to verify revenues or to facilitate ACH payments. It is essential that when you are asked to provide personal information make sure you are dealing with a reputable company and using a secure website.

Loan approval regardless of credit. Scammers will often say you are approved for a loan even though you have a bad credit score and dont meet normal qualifications. Most lenders will have some basic creditworthiness requirements, whether thats based on personal and/or business credit. While there are some types of small business financing available to business owners with poor credit, there is often a higher cost associated with these options.

The Lender Is Not Transparent About Its Fees

Scam lenders will avoid posting their fees prominently on their websites or disclosing them when asked. They may also tell you that youve been approved for a loan and then demand a fee from you upfront.

Hidden fees that are imposed after loan approval are a red flag. The FTC website suggests that you walk away from any company that follows this practice, particularly if youre told that the up-front money is for such things as processing,insurance or paperwork.

Takeaway: Legitimate lenders may charge application, credit report or appraisal fees. However, those fees are clearly disclosed on the lenders website and deducted from the loan amount.

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The Lender Demands A Prepaid Card

Some scammers have been known to require prepaid debit cards or gift cards from borrowers, claiming that they need it for insurance, collateral or fees. This is a scam. Legitimate financial institutions may charge a fee for your application, appraisal or credit report, but those charges are deducted from your loan.

A prepaid card is a sure sign of a personal loan scam. Its virtually as untraceable as cash, and you wont be able to report it as stolen if youve given it voluntarily to a lender.

Takeaway: Never use untraceable payment methods, like a gift card, prepaid debit card, or cryptocurrency when dealing with a lender.

Va Loan For Veterans Disability

What does it come with being a disabled veteran? If youre wondering how does the disability status affect a VA loan we have some good news. If you receive a VA disability compensation of 10% or greater, you would get an exemption from VA funding fee. For you, it would be 0, not 2.15%.

On the other hand, depending on where you live some municipalities will provide either partial or complete exemption from property taxes.

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Do Loan Companies Check Your Bank Account

In some cases, a lender might ask for your bank account number to know where to send the loan funds after your application has been approved. Some online lenders may ask you to connect a business bank account to analyze and verify your revenues to see whether you qualify for an online loan. In those cases, make sure you are dealing with a legitimate lender and a secure website.;

Watch out for scammers looking to get access to your account to make a withdrawal or transfer to their own account.

Home Credit Cash Loan

Home Credit is becoming quite popular in the country for its standard non-cash loan that provides in-store financing services on appliance or gadget purchases. The SEC-registered financing company also offers a cash loan thats one of the easiest online loans to get in the Philippines through the;My Home Credit app. Borrowers only have to submit two valid IDs via the mobile app.

• Loan amount:;PHP 15,000 to PHP 50,000 for first-time borrowers
• Interest rate:;4.99% per month or 59.88% per year
• Loan term:;Nine to 30 months
• Application requirements: Two valid IDs

Read more:;Home Credit Loans: Weighing the Pros and Cons

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Atome Credit Cash Loan

Atome is an online lending platform registered with the SEC as NeuronCredit Financing Company, Inc., a Singapore-based fintech firm that established its Philippine operations in late 2018. Its cash loan can be accessed via the Atome app on Android devices.

Atome Credit Cash Loan Features

• Loan amount: Up to PHP 10,000
• Interest rate: Up to 34.8% per year
• Loan term: 91 to 120 days
• Application requirements:
• Filipinos aged 18 to 55
• Passport/UMID/SSS ID/Voters ID/Postal ID/Drivers license/PRC ID/TIN ID
• Android phone with an internet connection

Do I Have A Good Enough Credit Score

Before you start applying for personal loans, it’s important to know your credit score to make sure you can qualify. Most personal loan lenders are looking for applicants to have a good credit score, particularly online banks. However, if you have an existing relationship with a bank, you may get approved for a favorable deal if you have a good history of paying bills on time and honoring the terms of your past loans and accounts.;

Sometimes,; will offer lower interest rates on personal loans and work with borrowers who have fair or average credit scores. But you often need to become a member and sometimes you need to open a savings account before you can qualify for a loan.

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Additional Info To Consider

The onlinefirstloan.com website received a medium-low rank of 38.2; however, that could change in a while. Its Loans industry is important, so we look forward to seeing if its services improve or worsen. However, we aim to get the validations as close to perfection as possible so that you can protect yourself from online fraud. Please share your thoughts below.

The rating of onlinefirstloan.com was created confidently based on powerful details that we have on hand. Yet, for you, attention to detail and common sense is required in all cases. If you are the site owner, feel free to submit constructive comments below.

First Choice Loan Services Inc

First Choice Loan Services Inc.

1 Tower Center Blvd Fl 18

E Brunswick, NJ08816-1145

Contact Information

1 Tower Center Blvd Fl 18

E Brunswick, NJ08816-1145

4 complaints closed in last 3 years

1 complaints closed in last 12 months

Business Details

1 Tower Center Blvd Fl 18, E Brunswick, NJ 08816-1145

• First Choice Loan Services Inc.
• A Berkshire Bank Company

Business Management

• Ms. Alicia M. de Armas, Senior Vice President
• Mr. Norman Koenigsberg, COO

Customer Complaints

4Customer Complaints

Need to file a complaint? BBB is here to help. Well guide you through the process.How BBB Processes Complaints and Reviews

Complaint Type: Status:

07/09/2020

01/06/2020

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Lack Of Physical Address

Even online lenders who connect with their customers exclusively over the internet have a registered physical address for their headquarter offices that you can easily research and identify. In fact, listing a physical address is a legal requirement for sanctioned lending institutionsâso if youâre questioning the credibility of a loan opportunity, asking for the businessâs physical address is a great way to investigate whether or not this is just another business loan scam.

If your point of contact wonât offer a physical address, gives you only a P.O. Box number, or if the address they provide doesnât seem to match the business they claim to operateâthat might be further evidence that your instincts were correct.

Can You Have Two Va Loans

If you already have an active VA loan, youre going to fall into a category called Second Tier Entitlement.

In the first scenario, if you used it before and paid it off there are no restrictions, so you can use your benefit again.

In the second scenario, if you used it before and foreclosed on it thats a little trickier because theres a minimum of $144,001US. The maximum depends on the entitlement you used the first time so a VA loan specialist can calculate and let you know. Chances are it will probably roughly 144 to 273 if you foreclosed on that first VA loan you got.

In the third scenario, if you still have an active VA loan and lets say youre moving from one state to another, you could use that VA loan a second time. Youre still in second-tier entitlement, and youre going to have a similar restriction, 144 to 273.

Its more complicated if youre trying to get a second-tier loan in the same city, as there has to be a good reason you would have two 0 down payment primary residences in the same city.

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Terms Are Too Good To Be True

Simply put, does this funding opportunity just sound too good to be true? Is the interest rate dramatically lower than what youâve seen elsewhere, or are you being offered funds outright before youâve provided any information about financial history, your business plan, or how you intend to repay the loan?

Donât fall into the trap of these business loan scams!

Our biggest piece of advice when considering whether a loan opportunity might be a scam? Trust your gut. And if in doubt, go a different direction. There are enough legitimate, verifiable online lenders out there for you to find the funding your business needs without wondering if youâre about to be swindled.

As long as you have a solid business plan and are in a financial position where it makes reasonable sense for you to be taking out a loan, you have every opportunity to get what you need without becoming the victim of a fraud.

Signs Of A Personal Loan Scam

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What To Look For In A Personal Loan

When finalizing your personal loan, you will typically be presented with multiple offers from different lenders and banks. Make sure you pick the offer that works best for your financial situation.

Longer term loans tend to have slightly higher interest rates. Whereas, loans over shorter periods of time, like just 1 year, tend to have the lowest interest rates, but will typically see higher monthly payments.

Luckily, the Federal Funds interest rate, the benchmark interest rate set by the United States Treasury, is currently at 0.00%, so interest rates can only go up from here.

Protecting Yourself From A Payday Loan Call Scam

Remember, these guys dont have anything on you. They are putting on a big show to scare you. If you hold your ground and dont give in, there really isnt anything they can do to hurt you. Its all bark and no bite.

The first thing you should do is ask for written confirmation that you owe the debt. Any caller who refuses to produce one is a scammer. And if they do provide you with a written record, you can check that against your own records. For instance, you can request a free copy of your credit report and see if this collection notice has shown up there as well.

Next, ask for all of the businesss information. Get the callers name and the name of their company. Get their address and their phone number too. Scammers dont want people checking in on them so they wont give you this information. Some quick research will reveal whether or not theyre a real company. Legit debt collectors on the other hand, will gladly offer it up.

And while you should be collecting all of their info, you should not be giving them any of your own. This is a tip that holds true for all phone scams. Do not give your personal informationaccount numbers, social security numbersto anyone who calls you over the phone

Even if this scammer cant get you to pay this fake debt, they might be able to steal your identity with the information they get from you. Do not let them bully you into giving them what they want. Stand firm and push back.

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First Loan Review: Read This Before You Borrow

The long-term average savings rate in America is just under 9%. At that level, it would take almost a year and a half to save up $5,000 on a $40,000 after-tax income. Its no wonder that so many Americans resort to debt to help them pay their bills when they struggle so much to build an emergency fund. Its not safe to simply borrow from the first lender you find, though. Before you commit to doing business with one, you have to do your due diligence. Now that the internet has all but eliminated anonymity, theres information on just about every lender you may encounter. FirstLoan is no exception. Heres a FirstLoan review that will tell you everything to know to determine whether or not they deserve your business.

Va Loan Eligibility Scam: How It Works

Knowing how to apply for a VA loan nowadays is critical. Beware of the VA Loan Eligibility and Veterans Benefits scam happening this month.

You might consider applying for a VA loan and look on the internet to try to find how its done properly. Youre a former military personnel and certainly deserve to take advantage of all the veterans benefits. However, criminals are out there to impersonate real services and promise you the loans you need in a nick of time. How does the loan text message scam work?

Watch the video below to see in action the Approved Loan Scam exposed:

Imagine this scenario: Youre looking to apply for a VA home loan. You heard from friends basic advice but are yet not sure about all the VA home loan requirements. While researching online, you see an ad promising a guaranteed VA loan if you use their business. Attractive tag lines such as VA Loan Refinance Now, Best home loan rates here, or even Veteran Home Loan Guaranteed click here pique your interest and you decide to go ahead and contact the lenders.

You call the company, and a helpful agent gives you a full description of the loan. You tell him youre looking purchase a house as a veteran, and he says that wont be a problem to get the money through his company. A few days later, you get a package from the agent to confirm the deal. It has a fancy letterhead, and everything looks completely legitimate.

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