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Jacob Mathews (Manager of GE Money) is a lying scumbag scammer shill.

Jacob Mathews (Manager of GE Money) is a lying scumbag scammer shill.

Jacob Mathews (Manager of GE Money) is a lying scumbag scammer shill.

If you have to borrow online, please be aware it is ILLEGAL for lenders to ask borrowers for any money up front (processing fee, insurance, first 3 months payments, whatever) before borrowers get the loan in their hands  http://www.ftc.gov/bcp/edu/pubs/consumer/telemarketing/tel16.shtm  In this case, the scammer will steal the $350 you put on the cards and you will end up with nothing. Prepaid cards behave like cash and have no legal protection against fraud like credit cards do. All they need are the card numbers, they don't need the physical cards to steal the money on the cards. Scammers prey on victims not knowing this.
What should happen is if you agree to a $100 fee for a $1,500 loan, you have to borrow 100+1500=$1,600, the lender sends you $1,500 and keeps $100 for himself, you pay interest on $1,600 but you should never have to send the $100 up front. Sending money up front to the lender for any reason is ALWAYS a scam. Ditto for putting $$$ down on prepaid cards.

When you applied online, did you give away your SSN and DOB? If you did, be prepared for ID theft (google it) and you may be called by fake debt collectors to collect money for a loan you never received. Some online lending broker sites are set up by scammers to scam your info, then use the info for serial scams -- first a fake loan, then a fake debt collector, then something else. ID info is bought and sold on the scammer marketplace just like scammed credit card numbers, passwords, etc.
The FBI warns about payday loan extortion scams here http://www.fbi.gov/news/pressrel/press-releases/paydayloanscam_120710 
The FBI warns again http://www.fbi.gov/news/pressrel/press-releas ... nt-payday-loans 
The BBB has issued several alerts on this scam, just google "bbb.org alert phony debt collector"

It's safest to borrow locally like from a local Credit Union. Many offer personal loans between a few $hundred and $thousands. The only online lenders I know and trust (I haven't borrowed from them but I've researched them) is eloan.com and prosper.com. If you need the money now, go to eloan because prosper takes time to sign up peers to lend you the amount you want. Best of luck.

What you say is true about the illegality of upfront fees, but potential victims of this scam should be aware that they are not dealing with "lenders" at all. These are common thieves. They aren't technically collecting an upfront fee (although that is the pretext), they are simply stealing.

And they will steal multiple times from the same victim if they can; if someone is tricked into paying the first "fee", there will be some "problem" with the imaginary "loan" which requires the payment of another "fee", and so forth. Some victims don't figure out what's going on until they have paid 2 or 3 or more times.

If someone calls you to offer you a loan -- HANG UP. No legitmate loans are made by cold calls. None. Ever. No exceptions.

I'm not sure what your point is. I thought I made it clear that upfront fees are illegal, therefore no legit lender will break the law and ask for them. Any lender who asks for them is breaking the law and is hence a criminal. Was this not clear?