April 8, 2014, Charleston, WV - The BBB is warning consumers of an advanced fee loan company that is using a fake local address in hopes to appear legitimate to loan applicants.
The BBB has received numerous phone calls from consumers stating Lendwell Financial Services advertises loans for consumers with blemished credit at a significantly lower rate. As part of the loan process, applicants are asked to provide a cosigner or an insurance deposit in order to get the loan. The deposit is to be added onto a Green Dot MoneyPak card or sent via Western Union. Some applicants were instructed to send as much as $600 via the MoneyPak card before they would be able to receive the loan.
Investigations conducted by the BBB reveal that the address listed on the company's website of 1601 2nd Ave, Charleston, WV 25387 is actually occupied by several other businesses including: Right At Home and the Alzheimer's Association. The third space at the address is currently available for rent.
Frank Cilona, BBB CEO states "It's heartbreaking when you hear about people sending advanced fees for these types of loans. Often times, the money they are sending could be used to pay their rent or buy groceries for their families. In the end, they have no loan, are out their $600 and they are worse off then when they started".
Further BBB investigation revealed the email address being used by a representative of Lendwell Financial Services is linked to another advanced fee loan company based in Georgia by the name of Blazer Financial. The Georgia BBB gives Blazer Financial an "F Rating". The BBB has made several attempts in contacting Lendwell Financial Services via phone, however the company has not responded.
The BBB would like to remind consumers, it is illegal for companies doing business in the United States to promise you a loan or credit card and ask you to pay fees for it before they deliver. Consumers should use caution when conducting business with this company or any business offering loans with an advanced fee.
Consumers should check on any loan company before signing loan paperwork or sending money by contacting the BBB at 800-362-0494 or www.bbb.org.
For more than 100 years, Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2015, people turned to BBB more than 172 million times for BBB Business Reviews on more than 5.3 million businesses and Charity Reports on 11,000 charities, all available for free at bbb.org. The Council of Better Business Bureaus is the umbrella organization for the local, independent BBBs in the United States, Canada and Mexico, as well as home to its national programs on dispute resolution, advertising review, and industry self-regulation. BBB of South Central Louisiana, Inc. has been serving the local community since 1950 and services the parishes of Ascension, Assumption, East Baton Rouge, East Feliciana, Iberville, Livingston, Pointe Coupee, St. Helena, St. James, Tangipahoa, West Baton Rouge & West Feliciana.