loans for bad credit

Texas- My husband applied for a loan for people with bad credit. We were approved, have been contacted and have recieved faxed contract. Stipulation for the loan borrowing is to money gram an $$$ amount for the collateral to secure the loan. This money is to go toward the 1st 6 months of loan repayment and our 1st payment will then be due in Sept. We didn't have a vehicle or house we wanted to use as collateral. Is this a "standard" other way to secure a large loan. Paying money (collateral) for money or is this a scam?? I'm getting a little hesitant. The company claims to be based in Florida. Is there any way of checking for legitamacy of the company? Please help before we make a terrible mistake. Thank you!!!!!

Texas- My husband applied for a loan for people with bad credit. We were approved, have been contacted and have recieved faxed contract. Stipulation for the loan borrowing is to money gram an $$$ amount for the collateral to secure the loan. This money is to go toward the 1st 6 months of loan repayment and our 1st payment will then be due in Sept. We didn't have a vehicle or house we wanted to use as collateral. Is this a "standard" other way to secure a large loan. Paying money (collateral) for money or is this a scam?? I'm getting a little hesitant. The company claims to be based in Florida. Is there any way of checking for legitamacy of the company? Please help before we make a terrible mistake. Thank you!!!!!