Loan Insurance

I am working with a loan company and they are requiring loan insurance through another company called XYZ Insurance. I can't find any information about XYZ and I am sceptical because they want me to wire $1800 to them, for this insurance, before they will issue my loan of $10,000. Is this common practice for high-risk loans?

 

Answer:

I would be wondering about this as well. I do not know if this is common practice where you are, but I have not heard of it. If I were you, I would check with the insurance commissioner in your state regarding the companies you've mentioned and I'd also check the Better Business Bureau in the cities where the companies are located. I would do this before I'd send anyone any money.

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