Possible Scammer: Altec Financial Group

All,

Please take care and be careful with this company..I had applied for a loan through
the Hillcroft financial Lending website (which may be a front for scammers) and was
forwarded to Altec Financial Group. I was contacted by Vanessa Washington from
the company. We discussed my situation and she sent me paperwork for the loan that
she had worked up and rec'd approval on .. the paperwork looked legit, but not enough
legalese I thought..potential first red flag. (I was still sensitive to my first scam attack)

The problems started when I noticed a security deposit for the loan - I had been
approved for $10k @ 7% for 5 years. they asked for a $1375 security deposit. but Vanessa
told me that they would not deduct it from the loan proceeds.. I had to send the cash
upfront to her..I think I got suspicious when she said to use Western union..but I don't
exactly remember..All I knew was at that point, I knew this was not a good scenario.
As part of the loan, I also had to agree to an insurance policy on the loan which was part
of the total amount of the principal. While they do show up in the BBB listing as an Advanced
Fee Broker (Denver,CO or US BBB listing), I also noticed in further research that a similar
company name had also been in Canada and had been labeled as a scam. further search
results seemed to confirm my suspicions..
I also did another check earlier today and this gentleman's story popped up... Very
similar except I didn't send any money..http://www.bustathief.com/altec-financial-group/
And , to make matters more pertinent, it was right about the same time I interacted with this
individual as well. I will note that on all the paperwork, I saw just about every type of job title
in a company.. a note from the CEO, a VP welcoming me, Account rep, Account executive,
Accts Receivable Manager, all signing their portions of the paperwork.. etc...

Company Information as noted on the documentation I rec'd:
Altec Financial Group
1400 16th St Suite 350
Denver, CO 80202
Contact : Vanessa Washington
1-888-811-1051
email : AltecFinancialGroup@gmail.com

Please watch out for this company !

Thanks for sharing your story, Tresa. The more we get the word out, the more people we'll save from becoming victims. We reported the Hillcroft Financial Lending scam back in early April: Hillcroft Financial Lending - Loan Scam Alert

Considering that Hillcroft is a scam, you can pretty much assume that this Altec company is also running the same scheme. Google search shows a number of other consumers that have been scammed by Altec. Same M.O. - approved for an $8,000 loan at 7% interest for 5 years upon receiving a security deposit of $875 via Western Union to Canada.

Warning: Legitimate lenders will NOT ask for an advanced fee deposit! Don't become a victim!

Thanks for the information. I applied online and thought it was weird that they didnt ask for a social security number and minimum to lend is 8000. I now do my research, because I was scammed before