(KMOV) – A St. Louis man learned he was scammed after he sent thousands to a lender for insurance on a loan he never received.
Duane Reising of north St. Louis needed money so he applied with several lenders then Equifast Credit Services called even though it was not one of the companies Reising had already contacted.
Equifast offered him a $25,000 loan with a relatively-low interest rate.
“What made it so attractive was they said the interest rate was at eight-percent,” Reising said.
Since Reising’s credit was bad, Equifast said they would need some insurance so they faxed him an application and even stated the terms of repayment.
The company’s headquarters is listed as a Philadelphia address but the processing center is located in Jamaica, West Indies.
Reising has sent $1, 4000 to secure his loan but has yet to see a dime. He is borrowing money in hopes to borrow money.
The man Reising has dealt with Roger Rhoden, who is listed on a long list of complaints for the company.
After attempting to contact the company, News 4’s Chris Nagus was met with an answering machine and no one to return the call.
Equifast claimed they have been in business since 1982 and currently manages 987 million in assets.
They have managed to gain $1,4000 in assets from Reising.
Bottom line is if someone calls to offer a loan but they ask for money first; hang up.