How can you tell scammer loan companies from real loan companies?

I applied online for a personal loan and was contacted by a rep from a loan comapny in New york. I was told the terms over the phone and then faxed the contract, because I have no collateral there is a security deposit that I confirmed is normal from my bank. They stated that I did not get approved through one of their banks but through a private investor. I am to send money via Money gram to an acconts recievable clerk in canada and then the next day i will get the funds into my bank account number. Given this company does have my checking info and has not done anything funky. Should I be worried this is a scamm or does anyone know if this is lagit?