BBB Business Review
This Business is not BBB accredited
Amway Finance Group
Phone: (347) 562-2648 Fax: (877) 839-8613 View Additional Phone Numbers 132 Oliver St, Suite 200, Boston, MA 02110 ! Amway Finance Group is Believed to Be Out of Business !
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Amway Finance Group appears to be operating as an advanced fee loan business.
Advanced loan businesses typically offer loans to individuals with poor credit. Consumers are told that they must wire money to the business as a down payment/collateral/loan tax/processing fee before they can receive the loan. After wiring such funds the consumers are told that further money is needed to secure the loan. Ultimately, the consumers who have contacted us after sending money to an advanced fee broker have never received their loans nor have they received a refund of the money they paid upfront. It is illegal for lenders to require any form of advance payment in order for consumers to secure a loan.
This business is not BBB accredited.
Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.
Reason for Rating
BBB rating is based on 16 factors. Get the details about the factors considered.
Based on BBB files, this business has a BBB Rating of No Rating. The reason is as follows:
- This business has no rating because BBB has information indicating it is out of business.
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ADVANCE FEE BROKERS
Consumers Beware of Advance Fee Loans
The scenario is all too common: a consumer receives a call or e-mail or sees an advertisement for a pre-approved loan and calls to receive an application. The business says yes, they can offer you a loan regardless of your credit history, if you pay an up-front "insurance," "security," or "processing," fee in advance.
Too often, those with bad credit - who can least afford it - end up losing their up-front fee and never hear from the business again.
According to the Federal Telemarketing Sales Rule, if someone guarantees or suggests that there is a strong chance they can get or arrange a loan or other form of credit for you, it's against the law to ask you to pay - or accept payment - for their services until you get your loan or credit.
Better Business Bureau, along with the Federal Trade Commission, offers the following points to keep in mind before you respond to ads that promise easy credit, regardless of your credit history:
As of 6/8/2009 this business is not licensed with the Massachusetts Division of Banks.