BBB Issues Warning for Cash Loan Company in NC

June 06, 2017

Better Business Bureau serving Eastern North Carolina (BBB) is issuing a warning for a cash loan company claiming an address in Raleigh, NC. Cash Loans Funding was brought to the attention of BBB by more than 60 consumers who have inquired about the business in the past three months and three BBB Scam Tracker reports that indicate two individuals have lost a combined total of more than $1,100 to the company. 

According to consumers, Cash Loans Funding is offering loans, but asking for an upfront ‘insurance fee,’ which is not typical within the loan industry. The company is not listed with the NC Secretary of State’s office nor is it listed with the NC Banking Commission, which regulates state banks and lenders that offer consumer loans.

BBB has made several attempts to contact the company, but mail was returned undeliverable from the company’s Raleigh address that is listed on its website, and the owner of the building, where Cash Loans Funding claims to be located, has no knowledge of the company. Calls to Cash Loans Funding’s toll free line listed on the website also went unanswered.

However, BBB obtained a copy of a Cash Loans Funding contract from a consumer who was skeptical of the company’s offer. In the contract, BBB found a different toll free number and attempted to contact the company again. BBB spoke with an individual who claimed to be the manager of Cash Loans Funding, which he said was located at 1616 Central Boulevard, Charlotte, NC 28219. This address is inconsistent with information found on the company’s website and is not recognized as an existing address.

BBB offers the following tips to help consumers spot loan scams:

Upfront fees. There are application fees, appraisals and credit report fees charged to consumers who are obtaining a loan. However, a legitimate lender will collect these fees from the money they are lending you, while scammers will often try to collect fees beforehand. Any upfront fee you need to pay before getting your loan should raise a red flag. 

Avoid guarantees & unusual payment methods. Real lenders will check your credit score and other documents before providing a loan amount and interest rate, and will not ask you to pay fees via money orders or gift cards.

Research. Loan companies and loan brokers must register where they do business. Always contact BBB, the NC Secretary of State’s office, the NC Attorney General’s office or NC Banking Commission to double check a lender or other financial institution’s licensure and registration.