BBB Business Review
This Business is not BBB accredited
Loan America Financial Corp.Additional Locations
Phone: (877) 814-7737 901 Wilshire Drive, Troy, MI 48084
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Consumers report that this firm offers loans for an advance fee. These loans are targeted towards individuals with insufficient or poor credit histories. Consumers are asked to send the fee, to an individual, by Western Union to various locations throughout Canada.
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 Loan America Financial Corp. include:
- BBB concerns with the industry in which this business operates
Factors that raised the rating for Loan America Financial Corp. include:
- Length of time business has been operating
- 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|
Additional Complaint Information
Our file experience shows a pattern of complaints, alleging misrepresentation about the loans, failure to provide the loans and failure to provide refunds.
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
Advance Fee Brokers
Alternate Business NamesLoan America Financial Corporation
Prospective loan brokers should realize that successful
achievement and advancement depend on one's ability to obtain
loans for clients. Large earnings cannot be guaranteed, and
potential loan brokers should realistically evaluate their own
ability to do this type of work before making large investments
of time or money. Contact those already in this highly
competitive field to learn of their experience. Check with
local banks, savings and loan associations and other financial
institutions to determine if they will do business with a loan
broker. Check local and state requirements relating to the kind
of business to be conducted, including business regulation
departments and your state securities commission to determine if
there are any licensing requirements or restrictions. Some
states require licensing if you act as a mortgage broker or if
the loan is secured by real estate. Check with newspapers to
determine if they will accept loan broker ads.
Why Accreditation Revoked
The BBB urges consumers to exercise extreme caution before considering any advance fee loan offer. The BBB strongly urges customers to check with their local financial institutions - banks, credit unions or savings & loans - prior to considering these types of offer. The BBB also suggest that consumers question why a company would extend a loan to someone with a poor/nonexistent credit history, when other financial institutions would not do so.
The BBB suggests that consumers contact their local financial institution to find out if they charge an upfront fee for a loan. The BBB suggests consumers request any fees be deducted from the loan amount, rather than paying these fees in advance. Consumers are advised that it is virtually impossible to recover money sent to an individual by wire transfer (i.e., Western Union or MoneyGram).