This Business Is Not BBB Accredited

Corona Capital USA

Corona Capital USA

Corona Capital USA

49 years in business

Providence, RI 02904-2278
BBB File Opened: 10/20/2008
Business Started: 01/01/1968
Type of Entity
Corporation
Business Management
  • Mr. Robert Caffrey, Director
Business Category
  • Annuities
  • NAICS: Direct Life Insurance Carriers

Additional Information
  • Consumers Beware of Advance Fee Loans The scenario is all too common: a consumer receives a call or e-mail or sees an advertisement for a pre-approved loan and calls to receive an application. The business says yes, they can offer you a loan regar...
  • Consumers Beware of Advance Fee Loans
    The scenario is all too common: a consumer receives a call or e-mail or sees an advertisement for a pre-approved loan and calls to receive an application. The business says yes, they can offer you a loan regardless of your credit history, if you pay an up-front "insurance," "security," or "processing," fee in advance.

    Too often, those with bad credit - who can least afford it - end up losing their up-front fee and never hear from the business again.       

    According to the Federal Telemarketing Sales Rule, if someone guarantees or suggests that there is a strong chance they can get or arrange a loan or other form of credit for you, it's against the law to ask you to pay - or accept payment - for their services until you get your loan or credit.

    Better Business Bureau, along with the Federal Trade Commission, offers the following points to keep in mind before you respond to ads that promise easy credit, regardless of your credit history:

  • Legitimate lenders never "guarantee" or say that you are likely to get a loan or a credit card before you apply, especially if you have bad credit, no credit, or a bankruptcy.
  • If you apply for a real estate loan, it is accepted and common practice for lenders to request payment for a credit report or appraisal. However, legitimate lenders never ask you to pay for processing your application.
  • Never give your credit card account number, bank account information, or Social Security number over the telephone or Internet unless you are familiar with the company and know why the information is necessary.
  • If you don't have the offer in hand - or confirmed in writing - and you are asked to pay, don't do it. It's fraud and it's against the law. If you think you've been a victim of an advance fee loan, contact your Better Business Bureau, your local consumer protection agency, or state Attorney General.

Number of Employees: 
1

A

Overview

Corona Capital USA appears to be operating as an advanced fee loan business.    According to information in BBB files this business offers loans to individuals with poor credit.  Consumers are told that they must wire money to the business as a down payment/collateral/loan tax/processing fee before they can receive the loan.  After wiring such funds the consumers are told that further money is needed to secure the loan.  Ultimately, the consumers who have contacted us have never received their loans nor have they received a refund of the money they paid upfront.   It is illegal for lenders to require any form of advance payment in order for consumers to secure a loan.  

BBB Reason for Ratings

BBB rating is based on 13 factors: Get the details about the factors considered.

Factors that affect the rating for Corona Capital USA include:

  • Failure to be transparent about ownership, location, or products/services offered

Licensing information is provided in the BBB Business Profiles to inform the public about industries that may require professional licensing, bonding, or registration. Better Business Bureau encourages you to check with the appropriate agency to be certain any requirements are currently being met.
BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to substantiate their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.
BBB reports on known significant government actions involving the business's marketplace conduct.
BBB reports on a company that is out of business for three years from the date the company closes its doors or ceases to do business.
BBB reports on unauthorized use of the Better Business Bureau's name and/or logo for as long as the business continues to use it in any advertising, or for one year after the business ceases any repeated unauthorized uses.
BBB reports on a business’s bankruptcy as long as the business remains in bankruptcy.
BBB reports when mail sent to the business was returned by the Postal Service.

Corona Capital USA

This Business Is Not BBB Accredited

Corona Capital USA

Customer Review Rating:

100%
This business has no complaints filed

Composite Score: