NewPenn Services - Virgina Beach, VA
Complaint 219303 Details

One day I get a call from a Candace Woods...Very thick Canadian Accent. Tells me she can get me a $35000 dollar unsecured loan with 10 year amortization at 6% interest with no collatoral and no credit checks. This sounds great...She said all the right things, I did a reference check...nothing on D&B, nothing on the internet, nothing with the BBB. As the process is getting closer to conclusion, she sends me a loan contract. It looked legit. Then she tells me that the Lender, a private source wants an insurance policy on me to collatoralize the loan. I'm suspicious but play along. Then finally the other show drops...they tell me they want me to send them $850 exactly 1/4 of the policy cost through Western Union. I continued to play along. Western Union stopped the transaction as their so called representative was on the fraud list. I knew if they were legit, they could have paid for the policy out of the loan proceeds and funded me the rest. That's how real lenders do things to ensure all of their fee's are paid. I got the money back from Western Union. Now I'm still playing along with these people so I demand to see the copy of the Insurance Policy...They refuse. You see if an Insurance Policy is written, the person who owns the policy can stipulate the beneficiary. But in order to do this, it requires my signature to name people as the beneficiary. The fact that they claimed they were able to get a policy in my name to guarantee the loan funding is the biggest Red Flag that these people are crooks.

I finally blew them off and hung on to my money but of course the loan was Bull-Puckey.

These scammers are using some sort of phone bank to call people. So they are untraceable. They are using a real convincing website - www.newpennservices.com but when you look closer you see its all fluff and no substance. They are also working off the reputation and similarity of names...NewPenn Financial Services. A company totally unrelated and focuses on Residential Financing and ReFi's. Right now NewPenn Services has very little on them in the way of negative info. But they will get caught soon and more and more people are taken in by them, more and more victums will come forward to tell their storties.

Sooner or later the scammers will abandon this company name and fix their template driven website for another company but make no mistake...this is nothing but a boiler room operation with people who do nothing all day but con you out of money.

Stay away from these phonies because you will get burned if you buy into their stuff.