Unsolicited Loan Check from Personal Finance Company

[outofcredit]

Yesterday's mail included an instant loan check from a company called "Personal Finance Company (PFC) which is affiliated with Mariner Finance.  The check was for 1200, with an 18 month repayment schedule, ridiculous APR of 35%. Says that if all payments are made on time the final cost will be 1587.  So, my question is, is this a legitimate check that only requires signing and depositing into a bank account to activate the loan?  If so, isn't this a "dangerous and risky" form of solicitation on the part of the company?  What if the "check" had been somehow delivered elsewhere etc?  Are loans from these types of companies the type that are referred to as "consumer finance loans?"

Oh, it also offers an additional 500 if I go into their local office with the check to finalize the loan.  How do they know I even qualify for the instant 1200 check loan?  I am baffled.

[SouthJamaica]

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@outofcredit wrote:

Yesterday's mail included an instant loan check from a company called "Personal Finance Company (PFC) which is affiliated with Mariner Finance.  The check was for 1200, with an 18 month repayment schedule, ridiculous APR of 35%. Says that if all payments are made on time the final cost will be 1587.  So, my question is, is this a legitimate check that only requires signing and depositing into a bank account to activate the loan?  If so, isn't this a "dangerous and risky" form of solicitation on the part of the company?  What if the "check" had been somehow delivered elsewhere etc?  Are loans from these types of companies the type that are referred to as "consumer finance loans?"

Oh, it also offers an additional 500 if I go into their local office with the check to finalize the loan.  How do they know I even qualify for the instant 1200 check loan?  I am baffled.

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Shred it.

[sarge12]

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@outofcredit wrote:

Yesterday's mail included an instant loan check from a company called "Personal Finance Company (PFC) which is affiliated with Mariner Finance.  The check was for 1200, with an 18 month repayment schedule, ridiculous APR of 35%. Says that if all payments are made on time the final cost will be 1587.  So, my question is, is this a legitimate check that only requires signing and depositing into a bank account to activate the loan?  If so, isn't this a "dangerous and risky" form of solicitation on the part of the company?  What if the "check" had been somehow delivered elsewhere etc?  Are loans from these types of companies the type that are referred to as "consumer finance loans?"

Oh, it also offers an additional 500 if I go into their local office with the check to finalize the loan.  How do they know I even qualify for the instant 1200 check loan?  I am baffled.

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Yes it would be a consumer finance loan and will actually harmyou credit score even being on your CR, even if paid perfectly. About as close to being a legal loan shark as anything...shred it now...don't even think about it!!!

[Anonymous]

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@outofcredit wrote:

... APR of 35% ... How do they know I even qualify for the instant 1200 check loan? 

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When you look at your credit report you'll see they did a SP and so your profile must meet their UW criteria. At 35% there's ample room to miss on a few. 

[AverageJoesCredit]

Kelloggs Frosted Mini Wheat it

[Anonymous]

If it were me, I'd give it to my bunnies to chew (it has to be on plain/matte paper and ink, though, glossy ink and paper aren't good for rabbits)!

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@AverageJoesCredit wrote:
Kelloggs Frosted Mini Wheat it

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[MakingProgress]

I got one of those yesterday from Marianer Finance.  My offer was for $2,536.    Where do they come up with a number like that.  It went straight to the shredder.