PerfectMoney.is
Complaint 282709 Details

Hello

I have learned a lesson about Perfectmoney and want to share it with you. First of all, the cheesy graphics of a guy getting out of a car with bodyguards around him should be a sign that this is a questionable site.

I can't speak for Perfectmoney's other services other than the Credit Exchange area. In this section members can give and take loans on US funds or Euros. I live on North America and seeing so many Russian and Ukranian people requesting money immediately set off some red flags. Most of the transactions you'll find are for mere dimes (.10 cents to $3.00 US). The reason people do this is to built up your Trust Score (TS). The TS is based on how many transactions you've conducted, the amount of personal information you have provided for your account and of course your ability to have repaid a loan on time.

So what these members do is, borrow 50 cents and get a positive feedback (like Ebay's feedback) and build up their TS score. Then they go for the larger sums of money and guess what? They disappear.

I put in 27 loans over the course of three days, using an investment of $50. I was able to make a small profit off of these using one day loans of about $1.00 that would return $1.10 or so. Anything larger such as an $8, $15 and $20 loan were losses. Fortunately I suspected Perfect Money might be a ripoff, particularly based on the Googling of it and the word "Scam".

Any time these people build up a high enough TS score to borrow more than $5.00 you can kiss your money goodbye. In fact some borrowers have a history of 40-80 feedbacks from the SAME lender for amounts of .10 cents. Why are people borrowing 10 cents times 10 loans in a day when they could just borrow a dollar? Then we have peope borrowing a dollar times 10 transactions a day when they could easily borrow just $10.00

In fact out of my 27 transactions, not one single person that borrowed over $5.00 ever repaid. One said they lost it in a "bet", one said they simply didn't have it and to wait until next month (yet accounts that are overdue are supposed to be locked, so how could he repay me?).

Perfectmoney won't allow you to withdraw your US money to a bank unless you carry a $100 limit (one other person made a forum post stating this was $300 at one time). And using any of Perfectmoney's partner services results in a 3% or more fee in addition to PM's fee to xfer out and their 0.5% commission on the simple act of sending a loan to someone AND another .5% commision on the person sending it back to you.

In all PerfectMoney has been a nightmare... a lesson learned, but a lesson I pretty much had coming ever trusting a bunch of Russians with 80 transactions for less than 50 cents each.