BBB Alert: Century Financial Group Offers Loans, For a Fee

  
     
February 19, 2014

Century Financial Group, claiming to be from Warren, Ohio, is soliciting their products to consumers across the country in the classifieds of community newspapers. In their advertising, they offer to stop collections calls and loans to individuals or businesses with bad credit.

A New York consumer told BBB that she had contacted this company for a personal loan. A company representative told the consumer that in order to secure a $20,000 loan, she must pay a loan premium of $533.32 and $100.00 insurance policy fee in advance.

A BBB investigation has determined that the address provided to the consumer, 204 Franklin SE Suite 200 Warren, Ohio 44482, does not exist. BBB has attempted to contact the company for comment, but company representatives have not returned phone calls. Mail sent to this location was returned by USPS as undeliverable. This company as a BBB Grade of F, click here for their BBB Business Review.

BBB offers the following advice when looking for a personal loan:

  • Be wary of applying for online loans through unfamiliar businesses or websites. Many of these online application sites are run by scammers or by people who sell your information to scammers.
  • Never wire money or send money orders to obtain a loan. Advance fee loan schemers will try to get you to send money or ask for your personal information (bank account information, credit card and Social Security numbers) before providing you with any paperwork. Consider this a giant red flag. You may be wiring money to another country.
  • Lenders are required to be registered in all states where they do business. Check with the Ohio Division of Financial Institutions first at 614.728.8400.
  • Do not do business with anyone who cannot give you an address that you can confirm as legitimate.
  • Read any documentation carefully and make sure you understand all requirements before entering into any agreement.
  • Official-looking loan documents and sophisticated looking websites are easy to copy or fake. Just because a business appears legitimate, doesn’t mean it is.
  • Check for a free BBB Business Review by going to bbb.org or call 330.744.3111.