Financial Plus, Inc.

This company offers loans and mortgages, ranging from $7000-50,000, to individuals who cannot receive financing from traditional lenders. The offer requires consumers to pay advanced fees for life/disability insurance by wire transfer to Private Lenders Association of Canada in c/o Irene McDowell. The offer purports a 100% guarantee that the consumer will receive their funds within 45 minute-2hour time frame of receipt of the insurance payment. After 3 months the insurance fee is supposed to be refunded to the recipient. No loans are provided.

The insurance policy sent to the respondent is addressed from a Shawn Wilkins of Trusted Choice Insurance Co. and bears the Trusted Choice insignia. The policy does not provide any contact information for Trusted Choice; instead it refers the customer to contact the financial consultant directly for any further questions. On September 14, 2007 we contacted Trusted Choice, Inc. a division of Independent Insurance Agents & Brokers of America, Inc. located in Alexandria, VA and confirmed that this company is not affiliated with Trusted Choice and is using their logo, name, and trademark without authorization.

This company also operates as World Financial and World Financial Solutions in Ontario Canada and Erlanger, KY. Separate reports are available at www.bbbmwo.ca or www.cinbbb.org.

In general, these types of companies offer to make loans or to provide you with guaranteed lending sources despite little or no credit history or bad credit. Often they use names similar to those of recognized lending institutions or official-looking seals or other insignia to give the impression they are a lender. Although they neither lend you money nor provide you sources that will, they charge a fee in advance for the services they say they will perform. Their address is usually a post office box, and their paperwork does not include a telephone number. Even if the company has a published telephone number, callers often reach a only pre-recorded message, and their calls are not returned

Complaints about other companies engaging in similar types of businesses generally allege that after fees are paid, the promised loans do not materialize. Most often, they never hear from the company again. In the rare cases where they do, they may receive only a list of lenders to whom they may apply for credit. They do not end up with a loan, and despite any guarantees or promises to the contrary, refunds are difficult, if not impossible, to obtain.

You have the right to cancel your contract with an advance fee loan company for any reason and at any time up to five days after the date of the transaction. The contract must have attached to it a “Notice of Cancellation” form for you to use if you decide to cancel. After you cancel, you are to receive a refund of any payment you made within 15 days after the seller receives your cancellation notice.

We advise against doing business with a company that charges an advance fee for obtaining or helping you obtain a loan. Any credit services organization (a term that includes advance-fee loan companies) who charges an advance fee for such services is in violation of the law.