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.
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 13 factors. Get the details about the factors considered.
Factors that lowered the rating for Norwood Lending Agency include:
- Length of time business has been operating
- BBB concerns with the industry in which this business operates
Factors that raised the rating for Norwood Lending Agency include:
- Complaint volume filed with BBB for business of this size
- Response to 1 complaint(s) filed against business
- Resolution of complaint(s) filed against business
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||0|
|Total Closed Complaints||1|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
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.