Written Bad credit? No credit? Offers abound to help individuals get loans or credit cards, even with less-than-perfect credit history. A South Carolina woman learned the hard way that some deals are too good to be true.
Tyna Milcetich, of Charleston, S.C., had an opportunity in August to move out of her rental home and into a houseboat. She started looking for a loan to buy the $30,000 boat and found Birchmount Financial Services of Oklahoma City through a Google search.
Milcetich said the Web site and the loan application offering personal loans to consumers with poor credit looked like the real thing. She filled out online forms requesting information about a loan. The next day, she received a phone call. "They contacted me back and sent me contracts,” Milcetich said. "Then they told me I’d been approved.” A poor credit history made Milcetich ineligible for most bank loans. She said her common sense was overcome by the surprise and joy of being approved. Milcetich filled out contracts, gathered documents and faxed everything back to the company at their 405 area code. A representative instructed Milcetich she would need to pay $2,400 in collateral before the loan could be disbursed. Thinking it the opportunity of a lifetime, Milcetich emptied her savings account and wired the money.
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