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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Description

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.

BBB Accreditation

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

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 1
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

0 Customer Reviews on Loan America Financial Corp.
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

top
BBB file opened: September 05, 1995 Business started: 01/01/1985
Contact Information
Principal: Mr. Scott Kania, Branch Manager
Business Category

Advance Fee Brokers

Alternate Business Names
Loan America Financial Corporation
Industry Tips

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).  

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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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BBB Complaint Process

Your complaint will be forwarded to the business within two business days. The business will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the business's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

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What government actions does BBB report on?

BBB reports on known government actions that are relevant to the business's marketplace dealings with the public.

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