When I first heard about this I could not believe how many people were affected. I am writing this because of that fact. As I started researching this, I was shocked that in this day and age, (when people hear about these types of scams all the time), that so many would still be cheated.
In this time of economic hardship more and more people are searching out short term loans and payday loans to help them get by or build up their credit. These days everything is online and unfortunately you don't always know what you're getting into. RESEARCH everything. The focus of my post is, "Sigma Solutions LLC" - they are one of the worst companies to have your information.This is how they work.
You decide to look for a loan online. You find multiple companies ready and willing to take your info. You finally find one that is one you either recognize or feel comfortable with. This initial company that you give your information to is legitimate. (usually) This initial company however is not a bank. They are not a loan service. They are a go-between. And I would go so far as to say, they are the sheep's clothing covering the wolf. The next thing you know you are approved. They found someone who is willing to give you a loan. Who would that be? Sigma Solutions LLC, of course. If you decided to do your research half way thru the loan process and have stumbled upon this blog post at that time - stop. Do not go further because the next step is getting you to sign away your rights.
If you are past that point, keep reading. The next step begins with a contract. This is something you would expect from a legitimate company. It tells you how much you've been approved for and what the interest you will have to pay back will be. It's a little high but you expect that since, after all, it's being deposited that day... The bad thing about these companies is that they make you feel like it's completely honest and helpful - their agreements are somewhere in that 5 page range and most people just skim them. The things you are skimming over would be:
1.) Saying that you "agree that you will not bring, join, or participate in any class action as to any claim, dispute, or controversy you may have against us or our agents, services, directors, officers, and employees. You agree to the entry of injunctive relief to stop such a lawsuit or remove you as a participant in the suit. You agree to pay the costs we incur, including our court costs and attorneys fees, in seeking such relief." What you can do is arbitration which is a legal technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons and by their decision they agree to be bound. It's a settlement in which a third party reviews the case and imposes a decision that is legally binding for both sides - it's a form of alternative dispute resolution...Good luck with that.
2.) You authorize them to contact you regarding your "loan" at your place of employment residence at any time up to 9:00 p.m
Other parts include that they can give your info to their "affiliates" and that you are VERIFYING ALL YOUR INFORMATION and authorizing them access to your bank account. A legitimate company would want to talk to you to have you verify it all, they do not need to since you have just verified it all electronically along w/your electronic signature and have given them permission to do as they wish all based on the false premise that they will be depositing money into your account in one business day.
After you sign this, they will take you to a new page that states they will be calling you to verify your information. This is again to make you think they are legit.
I can tell you with certainty that no money will ever be placed into your account.
I think the reason they are able to continue this scam is because so many people are too embarrassed to say anything or they feel like there is nothing they can do. There are several forums and help discussions available for these types of scams - including city support forums and warnings to report them to the FCC - whether anything comes of that I am not sure but let me tell you a few of the things I came across while trying to track down this particular "company", Sigma Solutions LLC.
1.) Their address of:
2150 South 1300 East, suite 50
Salt Lake City, UT 84106
is a CONFERENCE CENTER from which you can rent conference and meeting rooms.http://www.cloudvirtualoffice.com/locations/DetailPage.php?center_id=2146
The important thing to know here is that you can rent this space for a "virtual meeting" - no one has to physically be there. I find this odd. Also this particular address can be rented as an "office-for-a-day" at any point in time.
You know how you always hear that anything can be found online? Well, it's pretty much true. Below is the link to the agreement FROM Davinci Meetings and Conference Rooms regarding THIS ADDRESS, it is TO anyone RENTING it.http://www.davincivirtual.com/shop/message.asp?m=termserv
Here's the rental posting from Davinci:http://www.davincimeetingrooms.com/utah/salt-lake-city-meeting-rooms/319
I say it like this to make sure you understand that Sigma Solutions does not OWN or PERMANENTLY RESIDE at this address. In fact, this is who does: http://www.intermountainlegalut.com/
It's a Defense Attorney's office.
The only real location that I have been able to find for Sigma Solutions LLC, "loan company", is from someone else who stated they traced them to a location in the UK but could not pin point from there. (this was from someone on the city forum)
2.) They cannot give you their TAX ID #.
Any legitimate business will have no problem giving this to you when you ask.
3.) Their PH # they give of 1-800-620-8813 is pointless.
I called them. This was out of curiosity as well as the desire to actually get some information directly from them as to whether they are legitimate or not.
I did speak w/someone who couldn't help. English was not her first or probably even second language. I asked for someone who could help with just being approved for a loan and needing to verify some information. She said OK and that she would transfer me. I was put into a queue that rang a few times and then went to a Vmail machine - I left a message and asked for a call back. I never got one.
Bottom line - this is a scam to get your information.
Complaint reports usually state that money was taken in amounts ranging from 20 - 40 dollars. Small amts. that they state are "fees", (but they cannot tell you what for), and that a lot of people probably just write off as something they forgot to record in their checkbook.
Reports also state that these people are very violent including threats to have you put in jail and even that harm will be done to you if you do not take care of this "debt" which of course, is a lie.
If you are getting calls from 1-800-620-8813 OR 1-800-620-0371 (another 3rd party affiliated that I found out many other people were getting calls from them as well claiming the same things as Sigma Solutions LLC) REPORT THEM, CHANGE YOUR NUMBER, AND WATCH YOUR ACCOUNT. I advise closing and re-opening a new bank acct all together. It is better to be safe than sorry.
Somewhere along the lines you gave your information to someone who was affiliated with Sigma. You either checked a box saying it was OK to give out your information or you failed to un-check a box. You never know what 3rd party companies are affiliated with who and what agreements they have. You also never know the extent of the damage that will be done. Never give your information out online to anyone. http://www.scammer-alert.com/payday-loans.html