Western Regional Financial Services

This company advertises "bad credit," or "no credit," unsecured loans asking for an advance fee to cover various processing costs. Respondents are asked to wire the advance fee to various locations in Canada or Jamaica. Some consumers reported sending in excess of $5000 on the promise of receiving a $50,000 loan that was never received.

We urge caution! This company's address is actually the address of an appliance repair shop in Riverside, California. The website or domain registration for the company's website shows the site is registered to Jason Scott, 510-1 Agate Road, Toronto, Ontario M3M1J6, Canada. The public phone number listed on the website, 951-680-0069, rings to a fax only and is assigned to a residential customer in Riverside, California.

Our experience with similar offers has been that 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 insignias 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

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.