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Pioneer Lending Resources / Fraud and scam

1 151 West 34th St, Manhattan, NY, United States Review updated:
Contact information:

Pioneer Lending Resources places advertisements in local papers. A phone number is listed to contact in regards to low interest, hassle free loans. Upon calling this number, I received a phone call back that I had been approved for $120, 000 to refinance my mortgage. The interest rate was 2 points less than what I am paying now.

I was sent a disclosure letter about the possible loan. The first red flag was the letter opened as a Microsoft Word document. The second red flag was the letter did not look 'professional'. The third red flag was the misspelled words throughout the letter. The fourth red flag was a typed signature, not hand written. At no time was I asked for information regarding the house. I was to send 2887.00 to them for the first 4 months of payments, then pay 719.00 per month for the loan payment.

I checked with the Banking Finance Commission in New york State. Pioneer Lending Resources is not a licensed mortgage broker or lender. The Better Business Bureau has no records on this company.

Thankfully, upon checking with Ripoff.com and seeing other complaints, I did not send any further information or money. As the Banking Finance Commission put it, 'This is a scam. No legitimate company asks for money up front'. If it sounds too good to be true, it usually is.

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Comments

  • Je
      25th of Mar, 2011
    0 Votes
    Pioneer Lending Resources - Loan scam
    Pioneer Lending Resources
    United States

    I responded to an add to the Times Union newspaper which is the primary newspaper in our state capital Albany New York. the banks name was Pioneer Lending Resources. They stated that i could receive a 5, 000 dollar loan if i sent them $626.72 money gram and the loan would be deposited into my account within 2-4 hours. i did and so did 5 other employees at my job. i personally waited 24 hours and checked my account, the money was never there. i called the company and they kept saying that the woman who i spoke to was out and they would send me to voicemail. then i called again with a fake name to see whatthey would say and to my surprise the name that i had made up was approved for the loan and they even received a payment (that was actually never sent). neither one of my co-workers received their payment and anytime we call we always get sent to voicemail or hung up on

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