Pillar Stone Equity Group and Blackstone Group are both financial services companies, each with a seemingly solid reputation. The truth is that Blackstone is considered a leading advisory and investment organization, while Pillar Stone is a fraud.
Consumers should be aware that companies like Pillar Stone exist online and these are better left unexplored.
Though the Web site of Pillar Stone is no longer operating, it once was very impressive. The company reported to be a “premier source” for identifying money provided by “the most qualified lenders.” Regardless of their credit history, individuals could receive a loan within a mere 24 hours.
This caused many people to apply for loans, some of whom ended up regretting the move.
One customer reportedly wired $770 as a payment on a $5,000 loan that she was guaranteed. The money represented payment in advance required for loan release. She later realized that the advance payment requirement was a scam.
This woman has credit issues and a fixed income and has yet to recoup her money.
She is among the customers who wired multiple installment payments to Pillar Stone. Customers reported that a loan officer repeatedly came back, stating that another fee had to be paid before the loan money could be deposited into their bank accounts.
What Pillar Stone was really doing was running an advance fee loan scam, preying on people with credit issues.
When folks have been declined for bank loans, they sometimes seek lenders that guarantee loans regardless of income or credit history, rather than looking for payday loans. After applying, they are informed that the loan is approved but a fee must be paid to receive funding.
After wiring the requested money, the individual receives no funding. The Better Business Bureau advises that if money is required upfront for a loan, it is usually a scam.
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