I have a question regarding Colony associates. They reach out to me with suspicious debt re-leaf plan with rate of 3.9 and pre-approved offer.
I’m concerned if it scum/fraud company
In they offer , i can’t find length of the credit , only general number that seems to be good to be true.
I’d not heard of Colony Associates before receiving your question so I went and took a look at the website you provided, colonyassociates.com.
I would recommend that anyone considering using such a company should read the following free guides.
- The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
- 10 Must Do Steps to Find the Best Credit Counseling or Debt Settlement Company for You
- How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off
A recent trend has been companies offering what appears to be a personal loan only to wind up switched into being sold some sort of debt relief program instead.
Colony Associates says, “It’s time to change the way you think about your money: consolidating your monthly payments into one single payment with Colony Associates can change your financial future. Instead of paying multiple high interest rate bills, we simplify things for you. Colony Associates keeps your goals in mind by prioritizing savings and affordability over all. What a revolutionary idea!” – colonyassociates.com”>Source
But Colony Associates says they are actually not a lender, “Colony Associates is not a lender in any transaction and does not make loans, loan commitments, or lock rates.” – Source
They go on to say:
Colony Associates is not an agent of you or any lender. Colony Associates services are only administrative. Colony Associates is a paid marketing lead generator.
I watched the video Colony Associates has on their home page to explain the application process and a couple of points in the video don’t make sense to me.
The video says the offer is for an unsecured loan and does not require collateral so it seems odd that the use is specified and it seems to steer consumers into a very narrow niche.
They even go on to say the alleged unsecured loan can’t be used to pay off other debts.
And very specifically say it can’t be used for student loans or auto loans.
Colony Associates says they are located at PO Box 50707, Mendota, MN 55150.The State of Minnesota can’t find a company named Colony Associates that is registered to do business.
So Where Does This Leave You?
Given the fact the company says they are extending you a loan that is unsecured and does not require any collateral but is limited in use and I can’t locate a registered company in their own listed state, I think doing some homework using my guides above is in order.
Sometimes things that seem too good to be true, are.