First Source Funding Group

This company claims to provide loans. They advise potential victims they have found alternative lending sources for the loan amount they are seeking and ask the customer to send various amounts of money via money-gram usually several hundred dollars to a location in Canada for processing or insurance purposes. The loans are never received. ~~We urge caution. This company has assumed the identity of a defunct company. The name of the company the principal officer and the Real Estate license used belong to an actual mortgage service company who are no longer in business. The address used by the company is also similar with the exception of a different suite number. Typically fraudulent promoters will assume the identity of actual businesses to lend credibility to their activities.~~Our experience with these types of companies has been that they usually offer to make loans or to provide you with guaranteed lending sources despite little or no credit history or bad credit. It is typical for them to 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 only a pre-recorded message and their calls are not returned~~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.