BBB Business Review
This Business is not BBB accredited
Norwood Lending Agency
63 Wharf St, Morgantown, WV 26501 ! There is an alert on Norwood Lending Agency !
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This business is not BBB accredited.
Reason for Rating
BBB rating is based on 16 factors. Get the details about the factors considered.
Factors that lowered the rating for Norwood Lending Agency include:
- BBB concerns with the industry in which this business operates
- BBB does not have sufficient information to determine how long this business has been operating
- BBB does not have sufficient background information on this business
Customer Complaints Summary Read complaint details
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Customer Reviews Summary Read customer reviews
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ADVANCE FEE BROKERS
As of October 1 ,2012 the BBB has received numerous calls regarding Norwood Lending Agency. The BBB investigation revealed that Norwood Lending charges an upfront fee in order to obtain a loan, and asks that the funds be wired via Western Union. Consumers should understand that this company offers advance fee loans which are illegal in the US and Canada. Anytime a company asks for money up front, even if they provide a check to pay the fee, it is illegal. BBB investigation revealed that Norwood Lending Agency does not reside at the Morgantown WV office they list.
On October 4, 2012, Attorney General Darrell McGraw announced that his office successfully shut down a fraudster's website that was offering "advance fee" loans. Consumers reported that a group calling itself Norwood Lending Agency held itself out as a financial institution and offered "guaranteed" loans regardless of credit history. The group operated a sophisticated website and claimed to be based in Morgantown, West Virginia, using a telephone number with a 304 area code. The Attorney General’s investigation revealed that the company was actually operating in Canada, but was "spoofing" its telephone number to appear local using voice-over Internet Protocol technology. Investigators at the Consumer Protection Division located the owner of Norwood’s domain registrar, which cooperated with McGraw’s office to completely shut down the fraudulent website. Consumers are often targeted by advance-fee scams wherein fraudsters ask victims to pay cash up front to obtain loans of $1,000.00 or more. Once the fee is paid, however, consumers never receive a loan and never hear from the business again.