Woman's loan turns out to be a scam

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PHOENIX -- A Valley woman thought she was improving her financial situation. Instead, she made it much worse.

This is a consumer warning for everyone out there.

Anita Woolway thought she might make things better if she just took out a loan to get herself stabilized. But that loan, she says, turned out to be a scam.

Like many folks, Woolway has a lot of money going out each month.

"Basic -- rent, electric, phone, groceries and, of course, gas," she said.

So to help make ends meet, Woolway had an idea.

"I got on the Internet and looked for high-risk loans because my credit isn't great," Woolway said.

She came across a company called Westgate Financial Solutions and after filling out a form, Woolway says she was approved for a $7,000 loan.

All she had to do was wire Westgate Financial Solutions some cash as collateral.

It was a request she didn't think was unusual.

"My credit sucks," Woolway said. "They need some guarantee somehow."

Woolway wired almost $800 to Westgate Financial Solutions.

But after getting the money, the so-called loan company wanted more collateral.

So, Woolway agreed to wire another $500.

After wiring nearly $1,300, Woolway says Westgate Financial Solutions refuses to call her back and has failed to come through with that $7,000 loan.

"I felt that with that loan, I would be able to get up on my feet and do things for myself," Woolway said.

3 On Your Side looked at Westgate Financial Solution's Web site and discovered numerous grammatical errors, which raised concern.

Since they're reportedly located out of New Jersey, 3 On Your Side checked with state officials only to discover there's no such company licensed to do business.

The so-called loan company also failed to return our phone calls.

This of course is all bad news to Woolway, who was just looking for some help.

"I got taken," Woolway said. "I got taken hard."

I know times are tough but do not make things worse by searching the Internet for loans because what happened to Woolway could happen to you.

Because Woolway sent these guys basically all her money, her car has been repossessed and she faces eviction because she simply has no more money to pay stuff.