Is there a such thing as loan fraud?

Tweet

This is the situtation: Im looking thru my area pennysaver and i see an ad for loans. ( i have no credit and I've turned down many times before) this one gurantees to approve even if you filed for bankruptcy. I call the number to give it a shot. It's just an answering machine telling me to leave all my info ( name, address, job income, how much you need the loan for? etc.) So i leave the message think no more about it. Maybe about a week later they send a letter in the mail saying I got approved and they broke it down saying it gets paid back over next 5 years for this specified amount every month, fill out the app, get this paper notarized, and send a payment for this company's services. It said $195 but they said they can take an installment of $95 and you pay the rest 7 days after you get the loan. I got all that done packed into an envelope and sent it off last thurday morning. Since then we haven't heard anything from them everytime we call we get the same answering machine. Have any of you experienced something of that matter before?? I live in maryland and this place in is chicago so im thinkin i need to take a road trip with my louisville slugger and personally pick up my loan.