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Home > Ask The Get Out of Debt Experts > Rescue One Says I Am Pre-Qualified for a Loan. Is That a Scam? – Michael

Rescue One Says I Am Pre-Qualified for a Loan. Is That a Scam? – Michael

“Dear Steve,

I AM RETIRED LIVING MOSTLY ON SOCIAL SECURITY. I USE TO WORK PART TIME, 20 HOURS A WEEK, DO NOT ANYMORE. I HAVE AN RV, TRYING TO SELL HOUSE AND GO FULL TIME RVing. Mike

I RECEIVED A FLYER IN THE MAIL THAT I AM PRE-QUALIFIED UP TO $45,000 WITH RESCUE ONE. (Fixed monthly payment) respond by March 29th, 2013. IS THIS A LEGITAMENT COMPANY TO DEAL WITH AND HOW WOULD I KNOW, WHOM WOULD BE BEST TO CONSOLIDATE WITH BESIDES THE BANK?

Michael”

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The Answer

Rescue One Says I Am Pre Qualified for a Loan. Is That a Scam?   Michael

Dear Michael,

I previously wrote about a Rescue One mailer claiming people were eligible for unsecured loans. See Rescue One Financial Still Sending Disturbing Mailer.

There are a number of concerns about the Rescue One mailer. The last time I checked they were not a licensed lender in California. And the most common feedback I hear from consumers is they think they are getting a loan but the salesperson will call the next day and say they did not qualify and now need to consider a debt settlement program.

You might want to read Alleged Former Employee Speaks Out About Rescue One Financial Loan Offers.

I would recommend that anyone considering using such a company should read the following fee guides.

  1. The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
  2. How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off

There are straight peer-to-peer lenders out there like LendingClub.com that if you are rejected for a loan you would not be sold an alternative product.

Ultimately it’s you call on what to do.

I would be most appreciative if you would upload a copy of your mailer for me to review. You can upload it here.

Bonus Video Answer

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Rescue One Says I Am Pre Qualified for a Loan. Is That a Scam?   Michael
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • james pell

    Rescue one financial sent one these flyers too..I thought it was a legitimate lender ..anyway they called back & not eligible for unsecured loan but they can help me with my credit card debt which is over $45000. I have no job & no income at the moment relying on savings..I was thinking the BK route because I have medical bills piling up.. Rescue one financial told me bad idea..better to go into this program will not destroy my credit like Bankruptcy.. I meeting with a attorney on Monday…keep you all posted.. Rescue One Financial is not a licensed lender?? Confused..

    • http://DamonDay.com/ Damon Day

      Hey James,

      I think you have a good head on your shoulders and your instincts are correct. Please let us know what you find out when you meet with the BK attorney. Jumping into a debt settlement program when you have no income doesn’t make any sense.

      At most you can hold off on the BK to see what your income situation is going to do if there was a good reason to avoid the BK, but to start sending Freedom monthly payments at this point makes no sense at all.

      Honestly, I wonder if these sales people from Rescue One actually believe they are giving good advice or if they know it isn’t a good option and just want to make their commission anyway.

      I would love for a sales person from Rescue One to come on and explain why it is a good idea for someone with no income, and living on their savings to enroll into their settlement program without exploring the bankruptcy option first.

      • Guest

        Abridged version of my comment above

    • http://GetOutOfDebt.org Steve Rhode

      That’s very disturbing, just on a human compassion level.

      Please do keep us posted and I can’t wait to hear what the attorney has to say.

  • Jimmy Z

    My elderly aunt called she is on a fixed income & medicare.My aunt has many medical issues.. she barely has enough money for basic needs.. Our family helps her out all the time.. She received a flyer promising a loan she told us she would be eligible up to $25000. Now she does have credit card debt of about $21000. We had her call Rescue One Financial..Never asked about her financial situation like her expenses etc…After she gave them her social security number etc..Rescue one financial called 1 day later told her turned down for a loan but eligible for a 4 year debt settlement program with payments she would not be able to make..yet they accepted her.. Very insistent on sending documents via email.. Obviously Rescue One Financial does not care or even about the consumer or our old folks.. NO SHE WILL NOT BE JOINING THE PROGRAM RESCUE ONE FINANCIAL OR FREEDOM DEBT RELIEF. SCAM & BAIT AND SWITCH…..Thank god she checked with the family…

    • http://GetOutOfDebt.org Steve Rhode

      Jimmy,

      Thank you for posting the comment. If you still have the flyer, please send it to me. You can get it to me through http://getoutofdebt.org/confidential-tip-form/

    • http://DamonDay.com/ Damon Day

      Sadly, this is how the majority of the debt relief industry operates. Sales people pretending to offer financial advice.

      Surprise, the advice is to buy whatever they are selling.

      If you don’t know exactly how to solve your financial problem, calling a typical debt relief company and asking for advice is about as useless as tits on a bull.

  • Allan

    I am an attorney & my client also told me about this mailer, after investigating information rescue one financial is nothing but a debt settlement company for freedom debt relief..They were advising my client into a 4 year debt settlement plan..not good for my clients best interests. Rescue one financial is not a licensed lender in ca.. THESE guys are good example of bait and switch.. FTC should investigate…

  • http://DamonDay.com/ Damon Day

    I have talked to many consumers that have received this mailer, and then they are pitched a debt settlement option. Most of the people I have spoken with would never qualify for a debt consolidation loan given their circumstances. So if you call the number, what will likely happen is they will tell you that they can’t get you a loan because you have to much debt, or your credit score is to low, but they will say we can get you in a great debt reduction program.

    Then the sales person goes on to tell you about the debt settlement plan. However, they are typically pitching you lower monthly payments over 3 or 4 years, and that simply isn’t a very smart thing to do in my opinion. Debt settlement doesn’t really have anything to do with “monthly payments” since your creditors do not agree to that.

    Especially if your are living on social security, you will have much better options for dealing with your debt available.

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