Applying for a loan while living abroad

Found this ad floating around about foreign loans:

Looking to fund a big project? Maybe you want to take advantage of some good luck, or you need cash to cover your Fulbright Program studies abroad. Or perhaps you’re looking to switch to an EV, upgrade your ride, or finally get into a new home. It happens—maybe you’re unemployed, a student, or just stuck in some banking red tape or a credit hiccup that was totally out of your hands. Most banks won't touch you because of that. But you still have to fund your dreams and what matters to you. That shouldn't be a dealbreaker. Check out these different personal loan options tailored to whatever you need. Our process is fast and simple. You can grab a loan with terms ranging from one to fifteen years at a fixed 2.8% rate, so you can finally make those plans happen. We offer a variety of options: Personal loans, auto loans, motorcycle loans, work-related credit, mortgages, consumer finance, and the Fulbright Program. Every offer is designed to fit your specific situation, whether you own a house or you're renting. Reach out for more details.

😕😕😕

What you get when you rely on Google Translate...

Probably. But even after I insisted we stick to English, they kept using this format...

For example, it looks like this:

Good evening
Per your request, here is the repayment plan for the loan of ...... over a period of .... years.

Loan Details
Loan Amount: .....
Collateral: .......
Annual Credit: 2.8%
First payment date upon receipt of funds: 04/2011
Monthly installment: .......
Just like other loans, coverage will be provided in the amount of $958 to protect the loan in the event of illness or death, because nobody knows what the future holds
regarding reserves.
So, if you find yourself unable to repay due to circumstances
beyond your control, the insurance company will step in and take
responsibility.
Keep in mind that the life insurance premium will be paid immediately after signing the loan agreement (the document establishing the legal bond between us where you
receive the credit from me).
If you have reviewed the repayment method and find the terms acceptable, please respond by completing

@Venuss

Wait, which overseas bank is this even supposed to be?

We haven't even made it to Chase yet because we're stuck trying to figure out the wire transfer $958 to cover the loan upfront 🙄

Attention, fellow forum members and readers!!! I’m dropping a highly intriguing link here, especially since the people involved in this whole mess are actual real-world players—some of them even being high-level bankers (A. Walter)... so you all can decide for yourselves how much you really want to trust those big financial institutions when you're out there applying for a loan in the States!!!!!

To add my two cents, there’s an entire mountain of coverage across the American media landscape regarding August Walter, Mary Toplak, Vladislav Koller, and Wells Fargo... specifically concerning that whole "Local Credit Union" scandal that the press has been tearing apart... so, if you ask me, you get what you deserve... It’s funny because that bank operated right here in the States too, and it seems like nobody can touch them, which is just... interesting... If you dig deeper, you can see that this gentleman (A. Walter) was running loan operations in America regardless of the fallout, utilizing his own set of middlemen here just as he did in other regions—with Koller acting as his go-between for both himself and his bankers until the Local Credit Union scandal finally blew up, at which point Koller just shifted his business over to different branches... honestly, who is actually playing who in this mess?... They keep hiding behind the excuse that they had authorization to issue those loans, but the evidence is all right there... Walter should spend the rest of his life behind bars if you ask me... and don't for a second think those big-shot bankers aren't just as guilty... it’s nothing more than primitive greed from people who only care about how much cash they can shove into their own pockets... that’s the truth about those shady loans... I suspect you’ll lose your appetite for this whole thing once you read up on the Local Credit Union scandal just like I did... it's absolutely revolting...🙄

Does anyone here know how to secure an unsecured personal loan abroad? For instance, maybe in Austria or Switzerland... I've heard there are options out there that aren't tied to a mortgage—just straight cash loans or unsecured lines of credit with terms up to 20 years and interest rates capped around 5% or 5.5%. Currently, my salary is about $1833. I have a loan through Chase totaling 25,000 euros (monthly payment is $833, with 4 years left), plus some American Express debt of 30,000 (which I've restructured to $167 per month). I also have a Federal Reserve $5.25 overdraft on my checking account—back when I took out that Chase loan four years ago, I didn't have any funds in there, and the balance was sitting at a deficit of about $3000... My goal is to consolidate everything, take out a much larger loan from overseas, and then invest whatever is left over. Honestly, I’m willing to offer a 10% finder's fee to anyone who can actually make this happen. To make matters worse, I lost 70% of my own capital because I was foolish enough to lend it to "friends" who claimed they needed help. I trusted them blindly, and I've been paying for that mistake for four years now. If anyone has any leads or can help, please reach out! 🙏

Jesse Alvarez3 said:We haven't even made it to Chase yet because we're stuck trying to figure out the wire transfer $958 to cover the loan upfront 🙄

Please, please read this carefully!!!
I was actually looking into getting an international loan just like this one.
I ended up finding some company online based in the USA.
I reached out to them, and they were insisting that I pay for the credit insurance upfront. Just to be safe—you know, being cautious—I asked them to send over their official business details.
And what does the guy do? He sends me an address, a phone number, and a tax ID... but he leaves out the actual name of the company. No name at all.
So, I went ahead and searched a US business registry to see if I could verify them using that tax ID.
After that, I asked him to please, just send me the registered name of the firm.
He finally sent a name, but it had absolutely nothing to do with the company registered under the tax ID he gave me earlier. It was a total mismatch.
As soon as I called him out on it, he just ghosted me. Completely disappeared.
That's why I'm saying, please be SO CAUTIOUS about who you send "insurance" money to. There are way too many people out there losing thousands of dollars to scams like this.
NEVER, ever send money for stuff like this through Western Union....
I'm still out here searching for a legitimate loan—but so far, no luck!!!!

Good luck, everyone

Sarah Wilson75 said:@Venuss

Wait, which overseas bank is this even supposed to be?

I mean, I don't think that's actually a bank... most of the time, it's just private individuals lending money through those kinds of setups.
It feels a bit risky to me, honestly, because you could easily lose your cash and end up in a real mess.
I was actually reading some international forums recently, and they mentioned that by sharing that kind of info, you might be opening the door for someone to misuse your data.

Of course there was no upfront payment. I stood my ground and insisted they just deduct the amount from the loan itself. Then the guy sends me a photo of his and his wife's driver's licenses along with a picture of his family at a church ceremony, claiming he’s a man of God and asking why I don't trust him. That was it. Communication ended right there.

Jesse Alvarez3 said:Of course there was no upfront payment. I stood my ground and insisted they just deduct the amount from the loan itself. Then the guy sends me a photo of his and his wife's driver's licenses along with a picture of his family at a church ceremony, claiming he’s a man of God and asking why I don't trust him. That was it. Communication ended right there.

Those kinds of spikes in behavior are honestly the wildest part....
I'm actually trying to set up something similar myself, so if I manage to pull it off here on the forum, I'll definitely post the details on how and where!
It is just so incredibly important to make sure you never pay anything in advance, because there's a massive chance you'll just end up losing all your money.

Jonathan Ward59 said:I ended up taking out a loan abroad at a 7% rate
since I've been staying on top of my payments, they dropped it to 6.35%
and they even mentioned it’ll go down again eventually
if things get tight, it's way easier to negotiate with them than with our local banks
they don't start breathing down your neck with notices the second you miss a beat—they actually show some common sense
either way, it's better dealing with people overseas than with the crooks we have here

Hey there sasa, I noticed you managed to pull off getting a loan overseas, so I was wondering how you actually pulled that off? Did you use some kind of broker or did you just reach out to the bank directly? Also, how long did it take for the funds to actually hit your account, and which bank were you working with?? thanks...

She actually managed to pull off a loan abroad about a year or two ago when things were still somewhat doable, right Jesse Alvarez3?
Nowadays, you couldn't even get close to those terms...

Yeah, I already bumped them up before
though they’re still climbing—just at a slower pace now

Which bank in which state would you guys suggest if I want to avoid all the massive headaches
with paperwork and stuff... when applying for a cash loan?
I'm looking at places like Nevada right now... they offer the same amount and term
but the monthly payment is exactly $68 lower! 👍 So it definitely makes sense to head out of state
to grab the loan.

Noah Thompson said:Which bank in which state would you guys suggest if I want to avoid all the massive headaches
with paperwork and stuff... when applying for a cash loan?
I'm looking at places like Nevada right now... they offer the same amount and term
but the monthly payment is exactly $68 lower! 👍 So it definitely makes sense to head out of state
to grab the loan.

Does seriously nobody know which bank in, say, Nevada actually lets you pull a loan like this?

sasa00, where did you end up going?

thanks

Noah Thompson said:Does seriously nobody know which bank in, say, Nevada actually lets you pull a loan like this?

sasa00, where did you end up going?

thanks

Honestly, I think your best bet is to just pull up a list of all the major banks in Austria first, and then dig through their individual sites to see if they even deal with non-residents. It’s a bit of a rabbit hole, but it helps. I actually managed to dig up a link from Erste Bank—they’re known for being pretty open to lending to foreigners, so there’s a good chance the regulations for everyone else will be somewhat similar. Just thought I'd share so you have at least a little bit of a starting point to look over. http://www.erstebank.com/English/housing_loan.asp
If you scroll down to the credit terms section, there's some extra info there too.

Ethan Taylor9 said:Honestly, I think your best bet is to just pull up a list of all the major banks in Austria first, and then dig through their individual sites to see if they even deal with non-residents. It’s a bit of a rabbit hole, but it helps. I actually managed to dig up a link from Erste Bank—they’re known for being pretty open to lending to foreigners, so there’s a good chance the regulations for everyone else will be somewhat similar. Just thought I'd share so you have at least a little bit of a starting point to look over. http://www.erstebank.com/English/housing_loan.asp
If you scroll down to the credit terms section, there's some extra info there too.

thanks. I'll see if Erste in Canada has the same setup... 👍

Hey everyone...
I’ve got a question here that I haven't been able to track down in any of the previous threads 🙂
Does anyone actually have any insight or information regarding loans coming out of South Africa?