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Ignacio Alvarez of E Loan Finance has faced complaints for scamming clients.
What is a Loan Finance Firm?
A finance company lends money to individuals and businesses but doesn’t accept deposits or offer banking services like checking accounts. They profit from higher interest rates on loans compared to banks. They often help clients with poor credit histories by requiring collateral, like taking possession of assets if payments aren’t made, as security for the loan.
Ignacio Alvarez’s E Loan Finance Defrauded its Client
The finance company working with the loan procedures is brought into a dirty scam zone by an experienced client. So let’s move on to his story that reveals the bad phase of Ignacio Alvarez E Loan Finance.
According to the complaint made by the complainer, a month ago, he received a call from a representative of E Loan Finance. The employee was really kind and made a real effort to help during the call. He claimed that the client was one of the few fortunate clients whose loan application for $5000 was granted.
The employee further acknowledged that his information was stolen from a website he visited in order to learn more about loans. There was no fraud involved in the procedure, and all he required to execute the loan in the customer’s account was a small payment.
According to him, MoneyGram would be used to transmit the funds. By this time, the client was persuaded. He needed a loan desperately, which was a coincidence. Although he had made contact with a few businesses, the approval and paperwork processes were taking too long. The consumer decided to choose E Loan Finance as a result.
He was also familiar with pre-approved loans and was aware that not many businesses, including banks, provide these services. He, therefore, informed him that he would cover the processing charge for the loan. He demanded $200 from the client.
For a loan of $5000, that wasn’t a very large sum. He quickly made the payment. Eventually, after waiting a week without hearing from him by phone, he made the decision to check himself. He acknowledged that the procedure was well underway when he called him.
He was also informed by the staff that he needed an additional $100 to process the loan. He claimed that the credit ratings weren’t all that terrific and that there were some issues with determining them. Once he paid the additional $100 charge, he assured him that the loan would be approved in another 24 hours. He didn’t realize he was attempting to mislead him.
He, therefore, gave him another $100. Even after three days, he had still not received the money. He called him once more, and the employee was so brazen that he informed him that he would once more need to pay $200 for insurance. He said that the lending service would include insurance, which would pay my medical expenditures. The client was now aware that the Ignacio Alvarez E Loan Finance employee was making a fool of himself.
He, therefore, chose to cancel the debt. He stated that he would like the fee he previously paid refunded and would not be using E Loan Finance for a loan. The employee said that the money would be refunded in 7–10 days. He concluded that at least he was returning his money. He called him back after 15 days, but he didn’t answer.
When he then called the company, they informed him that processing the refund would take some time. He was instructed to wait. He has still not received his return after more than a year. and revealed that he is aware that E Loan Finance is a scam operation and that no loan was ever intended to be paid to him.
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About E Loan Finance
E-Loan, Inc. is a provider of financial services that connects its customers with partners that might be able to help them apply for loans. In the late 1990s and early 2000s, E-Loan was a pioneer in the field of internet lending. With Quicken Loan’s later online offering playing catch-up in second place after E-Loan denied a buyout offer, it was the leading website for online lending as of 1999.
Banco Popular de Puerto Rico has a division called E-Loan.
Who is Ignacio Alvarez?
President, Chief Executive Officer, and Director of Popular Bank, Mr. Ignacio Alvarez serves as the CEO of Banco Popular de Puerto Rico (New York). In addition, he serves as president, chief executive officer, and director of Popular, Inc. as a member of the Georgetown University regents board.
The Popular Community Bank Foundation, Inc., Fundación Banco Popular, Inc., Popular Bank (New York), and Popular, Inc. all have him on their boards of directors. Prior to working as a partner at Pietrantoni Méndez & Alvarez LLC, Mr. Alvarez held positions as president at Asociación de Bancos de Puerto Rico, president, chief executive officer, and director at Popular North America, Inc., and chief legal officer a Popular Securities LLC.
E-Loan Financing Company is a not reputable business, and Mr. Ignacio Alvarez, its CEO, who holds such a high-profile position, should try to resolve its issues.
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