Consumers nationwide continue to be victimized by loan scams for personal loans that require an advance fee and then are never delivered, warns the Better Business Bureau (BBB).
The BBB has received inquiries and complaints about a company called Holloway Lending Group. The company claims to be located at 1905 Harney St., third floor, in Omaha, Nebraska. “As America’s premiere bad credit lender”, this company is offering loans to consumers by “providing clients with the opportunity to obtain finances that they were unable to acquire through traditional lending institutions”.
Although the homepage of Holloway Lending’s website at hollowaylg.com displays a large picture of the building on Harney St, an investigation by the BBB reveals that it does not have Holloway Lending Group as a tenant. The address is for a UPS store. In addition, the company’s web site originates from Toronto Canada.
A consumer from Jacksonville, FL has recently contacted the BBB about Holloway Lending Group. She had been searching for personal loans online when she saw a pop-up for Holloway Lending Group. After completing information online, she received several phone calls from a company agent who stated that Omaha, Nebraska is the location of the business. After several conversations, the consumer borrowed money from her daughter so she could wire $452.14 plus $27.23 in Western Union fees to Jamaica to acquire a $5,000 loan. The consumer was contacted a second time by the company that requested an additional payment of $452.14 claiming that the consumer’s credit was so bad, more money was needed to acquire the loan. The consumer did not wire the second payment and filed a complaint with the BBB.
Another consumer from Georgia also reported that she searched online for a company that would provide loans for people with bad credit and reviewed pop-ups from companies stating they would match her with lenders. She completed some online questionnaires and then received a phone call from a representative at Holloway Lending Group who asked if she had applied for an online loan, the amount of the loan, and verified her contact information which included her Social Security number. The consumer did not proceed with a request for a loan and contacted the BBB about the company.
Jim Hegarty, BBB president and CEO, said, “Phony loan schemes victimize desperate people who go online searching for loans. Scammers prey on individuals who are struggling financially. Once they find victims, they will do whatever they can to strip them of what little they may have. It is always dangerous to provide a Social Security number to anyone online. Once a scammer has the information, they can use it to steal your identity as well as your money.”
The BBB offers the following advice when looking for a personal loan: