I recently received an email from someone that identifies himself as Jeremy Pike, CEO of Concrete Lending, LLC in Naperville, IL. This could be a legitimate business but it sure has all the warning signs and red flags of something to avoid.
Photo: Katie Blench
Here is the email he sent.
Thanks for your response to my personal loan ad. I apologize about the delay getting back to you, my wife and I had an urgent family matter we had to leave town immediately and tend to.
Anyway, my name is Jeremy Pike, CEO of Concrete Lending LLC and I would love to help you solve any debt or money problems you might have and assist you with getting on track with whatever needs you might have. Please read the information below in it’s entirety – This email should answer any questions you might have about our lending process. You may also visit our website at www.concrete-lending.com for additional info on lending. If this is something that still interests you please reply back to get started.
First thing you need to know – We are US based and I do not require any money or fees paid upfront for loans, and there are no fees during the loan aside from monthly payments plus interest. Any “company” that asks for money or personal information upfront before even starting the loan is not legit! With our loan program there will be no processing fees, no application fees, no transfer fees, etc, only your monthly payment plus interest. We are also 100% licensed and insured for all loans given in the US. Also, we require NO collateral on loans.
So, how are we able to do what so many others cannot? How do we lend to those with poor credit? We have been in the lending business for 20 years and have been doing personal loans for over 10 years. We are not a bank or a major corporation, rather we are a private lender with private money (personal money). Since we are not a major corporation, we can look at a person’s income, previous borrowing habits, and other details in order to decide if it is an acceptable risk, instead of looking at credit or credit history!
At Concrete Lending we personally strive to be set apart in conduct from other lenders. Unlike most lending institutions, we do not try to keep you in debt. It is our firm belief that the entire credit system is elaborately designed to keep you in debt (Why else would your credit score go down when you completely pay off a debt??) .
As stated in the ad, our personal loans are traditional style loans and are NOT based off your credit score or history. In order to process your application we need a valid picture ID, promissory note, verified proof of income, and a credit report. The picture ID submitted must be a valid government issued ID and not expired. The promissory note we will supply once your application is complete and the loan amount is determined. Proof of income can be in the form of last years taxes/W2, six months of paystubs, or six months of bank statements. As for the credit report, we cannot accept any scanned, printed, or faxed credit reports – we allowed this in the past only to learn that people were forging their report. If still interested, the credit report process will be outlined in the application startup email.
So why do we require a credit report if we don’t base our decision off your credit score? It is simply the easiest way for us to verify a person’s identity and check for a police record. If your credit is poor/low, don’t worry, we can almost always still fund people with very bad credit, we have even funded people with a score of 350 (which is extremely low). The credit report mainly just assures us that borrowers are who they say they are, and that they have no major felonies or anything of the sort on their record.
Once we have all the necessary information from you and are approved, we will send you a FedEx Overnight containing the contract for you to review and sign as well as a promissory note to sign. The overnight package will also contain a return overnight label and an envelope to send everything to us. (cannot accept fax).
What is the time-table? Once we receive all the necessary info from you, usually we will have made an approval decision within 36 hours. Then we will overnight the contract and promissory note to you, which you will sign and overnight back to us. Once we receive the signed contract, we can send the money same day via wire transfer, ACH direct deposit, or overnight check. So all in all, we usually have approved applicants funded within 72-96 hours tops.
Monthly payments? – Our website is currently being configured to allow our borrowers to have the ability to make payments online. Once completed, all borrowers with Concrete Lending will be able to make their monthly payments online via credit/debit card, Paypal, or ACH electronic check. We plan to have it available to all borrowers within the next 2 weeks. Of course, you can always mail your monthly payment as a personal check or money order.
Loan Terms? – Terms vary by individual depending on income and other factors, but our term lengths vary from 12-60 months (we can usually work with your choice of term length) and the maximum we can lend is $10k per individual, or $25k per individual if there is a co-signer, and under special circumstances we have been able to do business loans for up to $75k with a co-applicant. If you would like to apply with a co-applicant/s, it will greatly increase your chances of getting approved, and may raise the amount of money we can lend. Also, there are no early payment or pre-payment penalties for paying off your loan early.
If this is still something that interests you, please email back to get started with the application process.
All the Best,
Concrete Lending LLC
Here is what does not make any sense to me, if they keep talking about how lending based on a credit report does not make sense, why do they then require a credit report?
It then struck me that someone desperate enough for a loan, when nobody else would consider you, might actually send the information this company requested.
- A valid picture ID
- Verified proof of income. Proof of income can be in the form of last years taxes/W2, six months of paystubs, or six months of bank statements.
- Credit report
A quick check with the State of Illinois could not find any company registered to do business under the name Concrete Lending, LLC.
The domain name for this company was only just registered on March 18, 2010 and even then, only for a year.
I suspect it’s the number of statements they make on their site that don’t make any sense to me that have my radar up. Statements like:
At Concrete Lending LLC you will not be turned down due to poor credit, negative remarks on your credit, too many credit inquiries, chapter 13, or any other number of confusing reasons a bank may turn you down. Unlike most banks today, we do not want to keep you in debt! – Source
So by making so easy to give anyone that can fog a mirror a loan, how is that keeping them out of debt?
And then there is the fact the site really only has three pages. I find it impossible that they “have been in the lending business for 20 years and have been doing personal loans for over 10 years” and they are “We are also 100% licensed and insured for all loans given in the US.” and yet the site has just three pages and no required discloses or licensing language on it.
And then there is this. A comment on the web said that previous calls from 630-225-7421 were collection calls and then “I recd requested info regarding a loan from a Jeremy Pike at Concrete Lenders in Naperville ILLinois. This is the number listed for him on the e-mail. Strange.” – Source.
Finally, for a company CEO that claims his company has been in the lending business for 20 years, why is there no record of a Jeremy Pike CEO in the U.S. then? – Source.
I’m not flat out labeling this a scam. I’m just saying that in my opinion this company just does not add up. Use extreme caution before giving this company any personal information or expecting to get a loan.