About

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:

  Consumers allege that Equity One Loans charges an advance fee for loans.
  
  In the province of Ontario, it is illegal for a company to request an advance fee for a loan. All costs, including insurance, legal and administrative fees, are to be build into the loan repayment agreement.
  
  The Government of Ontario requires every company operating in Ontario to be registered - this company is not registered with the Government of Ontario.
  
  Loan companies conducting business operations in the Province of Ontario are licensed by the Financial Securities Commission of Ontario (FSCO). Allied Capital Financials is not a licensed lender.
  
  The landlord for the building at 144 Westcar Lane has confirmed that no such company as Equity One Loans has ever been a tenant in their building. Mail sent by the BBB to this company at this address has been returned to sender.
  
  The website for EquityOne Loans mentions that their employees are "Certified Treasury Professionals." This is an American designation.
  
  Consumers who do apply online for a loan should make sure the application form is encrypted. If the form is not secure, consumers could be subject to identity theft, and have their bank accounts compromised. It does not appear that the application form on this website is encrypted or secure.
  
  If a local financial institution is reluctant to provide a loan, consumers should wonder why a company in another locale would be willing to do so?