Anyone have any advice

MillsFootwearMillsFootwear Posts: 3subscriber
edited January 2008 in Startup Funding
This company wants me to send them some of  my personal info should i trust them? this is what he said im kind of confused as what he wants to see.
 
"We would be interested to provide your company with the loan needed. Kindly send me a scanned copy of any identification material and your contact details. Afterwhich, my company`s agreement would be sent to you to sign."
 
Any advice would help?
Thanks
Mahmoud J. Hassoubah
Senior Vice President
Dallah Albaraka Group
Jeddah, KSA.www.dallah.com

Comments

  • MillsFootwearMillsFootwear Posts: 3subscriber
  • sagetroutsagetrout Posts: 1subscriber
    We require identification but only after we`ve given a term sheet or an offer letter for financing and it`s been accepted and signed by the borrower.   This is to establish that the party who applied for the loan is the same person who is signing a legally binding document.   It`s done to prevent fraud.  
     
    If you`ve received a received a term sheet or an offer letter stating the terms for the loan then the request for a copy of your driver`s license is legitimate.   If you haven`t gotten that then it`s not.  Simple enough?
  • chrom10chrom10 Posts: 1subscriber
    Whenever a loan amount and terms are agreed upon between myself and a client, I will immediately send them a n agreement letter.  I would never ask for any personal ID (other than full name) until the lender has approve the submission letter that I`ve sent them going over the terms of the loan.  If the company is already asking for personal information before anything has been agreed upon then I would be a very leary of what they are doing. 
  • LiveWiseLiveWise Posts: 5subscriber
    I like to deal with people locally when possible and with companies that I know.  So far, I have been treated well and never needed to worry about other problems.  There may be better deals out there, but peace of mind is worth something too.
     
    Be careful of creative loans and financing--look at all the creativity within the mortgage areas.  Be smart!
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