153 inquiries | Advance Fee Loan Company
(888) 324-6260
Company Rating
F
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BCA's Summary and Analysis:
One complainant alleges she was contacted by phone and agreed to pay the company $2000 in advance for a $10,000 loan.The customer complains the money was sent, but the company failed to fund the loan as agreed. The complainant requested a refund.
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Company Info
This company's business is providing loans and related services.
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Licensing
California law requires that companies advertising or offering to improve your credit record, history, or rating must be registered with the Attorney General's Office as a Credit Services Organization and post a $100,000 bond. To verify registration and bonding, contact the Office of the Attorney General by writing to; DOJ. Attn. Public Inquiry Unit, P.O. Box 944255, Sacramento, CA. 94244, by calling (916) 322-3360, faxing (916) 323-5341, or visit their website at www.oag.ca.gov.For businesses outside of California, please check with the agency that regulates this industry.
BCA has no information regarding government actions at this time.
This company contacts consumers with poor credit histories telling them they have been approved for a large loan to consolidate their bills. Those who are receptive to the solicitation are asked to wire or send an advance payment or "deposit" amount to a Canadian contact. In one case, after sending a $1500 deposit, the victim was again solicited for additional funds in the amount of $495 which the company claimed were necessary to fund the loan as they had made an error when quoting the original amount. To date, no loan has been received. If you are asked to pay a fee for the promise of a loan, we urge caution. Watch out for ads that claim your past credit history does not matter. Banks and other legitimate lenders generally evaluate creditworthiness and confirm the information in an application before they guarantee firm offers of credit — even to creditworthy consumers. Scam lenders may say you’ve been approved for a loan, then call or email demanding a fee before you can get the money. Any up-front fee that the lender wants to collect before granting the loan is a cue to walk away, especially if you’re told it’s for “insurance,” “processing,” or just “paperwork.” All fees should be clearly explained. Legitimate lenders often charge application, appraisal, or credit report fees. The difference is, they disclose their fees clearly and prominently; take their fees from the amount you borrow; and the fees usually are paid to the lender or broker after the loan is approved. It is illegal for companies doing business in the U.S. by phone to promise you a loan and ask you to pay for it before they deliver. In our experience, these fraudulent promotors usually give their companies names that sound like well-known or respected organizations and create websites that look slick. Some scam artists have even pretended to be the Better Business Bureau or another reputable organization, and some even produce forged paperwork or pay people to pretend to be references. Always get a company’s phone number from the phone book or directory assistance, and call to check they are who they say they are. Get a physical address, too: a company that advertises a PO Box as its address is one to check out with the appropriate authorities. Watch out for lenders who ask you to wire money or pay an individual. Don’t make a payment for a loan or credit card directly to an individual; legitimate lenders don’t ask anyone to do that. In addition, don’t use a wire transfer service or send money orders for a loan. You have little recourse if there’s a problem with a wire transaction, and legitimate lenders don’t pressure their customers to wire funds. Lenders and loan brokers are required to register in the states where they do business. To check registration, call your state Attorney General’s office or your state’s Department of Banking or Financial Regulation. Checking registration does not guarantee that you will be happy with a lender, but it helps weed out the crooks.
We know of no other matter or practice relating to this company that may assist you in your consideration of this company.
BCA has no information regarding advertising review at this time.
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