Q: I closed on a micro loan on April 28. Today is May 6. Is the contract null and void if I haven’t received the funds?
The loan is for my small business. I contacted my banking institution and they said no wire was ever received or had been attempted by this company. The loan company claimed they’ve tried to send it and my bank keeps bouncing the money. I am due to have the money deducted from my account starting next month and I had my credit checked. Is this a form of fraud?
A: If you don’t get the money they purported to loan to you, it may constitute fraud. But you need to take steps to protect your interests. First of all, if the only thing you have in writing is the loan agreement that may be problematic. You need to immediately notify the lender IN WRITING that you have not received any funds. Telephone calls are very difficult to prove. Check your loan contract for contact details. If you do not have a copy of the loan agreement you should request one, also in writing. If, after all this, you still do not receive your loan funds, you should file a complaint with the Missouri Attorney General’s office.
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