About
This business has 1 alert
Important information
- Believed to be out of business:According to information in BBB files, it appears that this business is no longer in business.
- Additional Info:In July 2018, BBB investigated Arrowton Finance Group business practices. This investigation was prompted by a consumer complaint. The consumer alleges they were approved for a $20,000 loan with an insurance payment upfront of $1,450. Arrowton Finance Groups claims the loan insurance is set for $1,450.00 and is for a 7 year credit &
liability insurance plan.
Advance fee loans are illegal in Canada and the US. If a company demands money to "secure" a loan, walk away.
On July 24th, 2018, BBB checked (URL) Arrowton Finance Group's website http://arrowtonfinance.com to determine when it was created and where it was registered. The website was created on July 16th, 2018 and is registered in Panama.
On July 26th, 2018, BBB confirmed by email with QuadReal Property Group, that the address/location where Arrowton Finance Group claims to be located is incomplete. QuadReal Property Group confirmed with BBB that Arrowton Finance Group is not located at 45 O'Connor Street, Ottawa ON K1P 1A4. BBB does not know where the business is physically located. BBB urges caution when choosing whether to do business with a company whose physical location is unknown."
The Government of Ontario requires every company operating in Ontario to be registered - this company is not registered with the Government of Ontario.
BBB shopped Arrowton Finance Group posing as a potential consumer for a loan. During the online application process, the company requests your Social Insurance Number. BBB has confirmed that Arrowton Finance Group 's website is not a secured/protected website.
Consumers who apply online for a loan should make sure the application form is encrypted. If the form is not secure, any information transmitted on the form may be intercepted, which could result in identity theft. BBB could not find any evidence that Acadian Financial Service website is encrypted, or provides secure transmission of data.
If you believe that you have been the victim of fraud, BBB suggests that you contact the Canadian Anti-Fraud Centre. http://www.antifraudcentre.ca
Tips:
- Beware of companies offering a guarantee on your loan especially if you have bad credit or no credit.
- Advertising through a recognized media outlet does not ensure that the ad was placed by a legitimate company.
- It is illegal for a company to request an upfront fee prior to obtaining a loan (insurance, administration fee, etc.)
- If you are requested to wire funds through Western Union or MoneyGram, or to deposit funds in a bank account, it's most likely a scam.
On September 10th, 2018, BBB received information from a consumer alleging that Arrowton Finance Group is now conducting business under the name of Milson Lending. Milson Lending's is using the same phone number (289 922-8545) as Arrowton Finance Group. Milson Lending is claiming to be located at 22 Frederick Street, Kitchener, ON N2H 6M6. BBB of Central Ontario has confirmed this address to be invalid.
To verify this information, please visit: https://www.bbb.org/ca/on/kitchener/profile/loans/milson-lending-0107-1367626
Business Details
- Local BBB:
- Better Business Bureau of Greater Ottawa
- BBB File Opened:
- 24/7/2018
- Alternate Names:
- Arrowton Finance
- Business Management:
- Danny Johnson, Customer Contact
- Chantal Lynn, Customer Service Specialist
- Kelly Johnson, Customer Service Specialist
- Michelle Brown, Senior Manager
Additional Contact Information
- Principal Contacts
- Michelle Brown, Senior Manager
- Customer Contacts
- Danny Johnson, Customer Contact
- Additional Phone Numbers
- Other Phone: (343) 999-8467
- Other Phone: (437) 929-7976
- Other Phone: (226) 984-8615
Licensing information
- On July 25th, 2018, BBB confirmed that Arrowton Finance Group had not obtained a necessary license from Financial Services Commission of Ontario, Ministry of Government and Consumer Services and the Office of the Superintendent of Financial Institutions.
Such a license is required in Ontario for businesses offering loans against "Personal Loans, Payday Loans, Car Loans, and Mortgages" under the Payday Loans Act, 2008.
BBB encourages you to contact the agency or agencies to confirm this information:
http://loanandtrust.fsco.gov.on.ca/loantrust.aspx
https://www.consumerbeware.mgs.gov.on.ca/esearch/start.do
http://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/wwr-er.aspx?1
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