Better Business Bureau issues warning

Better Business Bureau serving the Atlantic provinces (BBB) is warning consumers in the region about a company with a concerning pattern of activity.

BBB has recently received numerous complaints from consumers who have paid money to insure loans from Wincanton Lending, and have not received any funds in return.

Nine consumers have filed complaints and there have been more than 835 inquiries about the company. The complaints are currently pending as BBB is waiting for the business to respond.

“The people who we have heard from are understandably disappointed about not receiving the loan this company promised them,” says Peter Moorhouse, president and CEO of Better Business Bureau Serving the Atlantic provinces. “But what makes this situation even more concerning is that they have also paid between $1,000 and $2,500 for loan fees.”

Consumers apply for personal loans online and are approved right away for amounts anywhere from $10,000 to $40,000. Once approved, people are told that they need to insure the loan in one of three ways having a co-signer, putting up collateral or paying money.

As consumers are told that they do not qualify for the first two options, they are directed to send money upfront for an insurance fee on the loan in the amount of $1,000 to $2,500.

Consumers can send money in a number of ways Western Union, email transfer, Visa Voucher of Prepaid Visa, PayPal or direct deposit into a bank account. After sending the insurance fee, consumers advise that they have not received the loan, are being asked for additional upfront fees or are having trouble getting a response from the company.

Wincanton Lending is not registered with the Registry of Joint Stock Companies and they are not located at the address they provide. The website for Wincanton Lending was only registered in June 2015.

BBB reminds consumers as a precaution, do not provide any personal or financial information to any unknown firm over the Internet or telephone. Contact the Better Business Bureau toll-free at 1-877-663-2363 or visit www.bbb.org/atlantic-provinces

FACT BOX:

Signs of an advanced fee loan scam

If you apply for a loan online and experience any of the following, don’t deal with the company any further:

- You are guaranteed a loan, without providing financial information, even if you have no credit, bad credit or are going through or have been bankrupt.

- You are guaranteed a loan even if local legitimate lending institutions have refused you.

- Upfront fees are not disclosed initially.

- You are asked to send money to the company to pay an upfront fee for insurance, administration, legal fees or taxes.

- If the business is not registered in the province or state for which they have provided an address.

- The company pressures you into sending money right away.

Better Business Bureau serving the Atlantic provinces (BBB) is warning consumers in the region about a company with a concerning pattern of activity.

BBB has recently received numerous complaints from consumers who have paid money to insure loans from Wincanton Lending, and have not received any funds in return.

Nine consumers have filed complaints and there have been more than 835 inquiries about the company. The complaints are currently pending as BBB is waiting for the business to respond.

“The people who we have heard from are understandably disappointed about not receiving the loan this company promised them,” says Peter Moorhouse, president and CEO of Better Business Bureau Serving the Atlantic provinces. “But what makes this situation even more concerning is that they have also paid between $1,000 and $2,500 for loan fees.”

Consumers apply for personal loans online and are approved right away for amounts anywhere from $10,000 to $40,000. Once approved, people are told that they need to insure the loan in one of three ways having a co-signer, putting up collateral or paying money.

As consumers are told that they do not qualify for the first two options, they are directed to send money upfront for an insurance fee on the loan in the amount of $1,000 to $2,500.

Consumers can send money in a number of ways Western Union, email transfer, Visa Voucher of Prepaid Visa, PayPal or direct deposit into a bank account. After sending the insurance fee, consumers advise that they have not received the loan, are being asked for additional upfront fees or are having trouble getting a response from the company.

Wincanton Lending is not registered with the Registry of Joint Stock Companies and they are not located at the address they provide. The website for Wincanton Lending was only registered in June 2015.

BBB reminds consumers as a precaution, do not provide any personal or financial information to any unknown firm over the Internet or telephone. Contact the Better Business Bureau toll-free at 1-877-663-2363 or visit www.bbb.org/atlantic-provinces

FACT BOX:

Signs of an advanced fee loan scam

If you apply for a loan online and experience any of the following, don’t deal with the company any further:

- You are guaranteed a loan, without providing financial information, even if you have no credit, bad credit or are going through or have been bankrupt.

- You are guaranteed a loan even if local legitimate lending institutions have refused you.

- Upfront fees are not disclosed initially.

- You are asked to send money to the company to pay an upfront fee for insurance, administration, legal fees or taxes.

- If the business is not registered in the province or state for which they have provided an address.

- The company pressures you into sending money right away.