Www.oakwood lending group,scam or or not?..?

they want 1200 up front for 10000 loan...i googled the address and 10 more bogus business's came up but there's didn't....which is 420 lincoln road miami beach.

Run from Oakwood Lending Group - they are a scam. There is also another one called Telcorp Lending. They both ask for "insurance" or advance payments. They promise a 7% rate - very enticing and then when they get your money they run with it and you never see the loan. Thank God I googled them before I acted.....and all the bad reports came up through the google search.

Jennifer, I'm in the same position. The reports of this being a scam are coming out before customers give Oakwood time to submit the refunds. Oakwood claims it takes up to 30 days to get your refund. I've applied and they called back the next morning for another deposit, I told them to just give me my money back. They told me I'll get it on the 27th of May. Everytime I call, they never ignore me and answer all my questions. I really don't know how to feel about it, but, I guess I'll find out May 27th.

I spoke with one of their reps today and asked him about the bad references online, he basically tried to discredit them as being unsatisfied customers, he sent me the paperwork to secure the loan and it all looks really legit. If one does give them the money to secure the loan .. a "Security Deposit" ... how would you go about getting your money back if you were scammed? I have only seen one person that actually claimed to be a customer having experience a problem, and the BBB shows they are not registered .. however they have an acceptable score on the BBB rating scale. So I am torn and I really need the money but my credit isn't the best.

Don't give "good faith money" for a loan. It defeats the purpose.

There are "advance payment loan scams", which, like you're describing, they run with the 1200 but you never get a loan.

Even if this isn't one of those, and maybe it is perfectly legal, what you're describing is still total b***s*** and a rip off.