Story Created:
Sep 30, 2008 at 7:39 AM CST
Story Updated:
Sep 30, 2008 at 7:39 AM CST
(September 30, 2008)
On October 4, Saturday, there will be a “Free Benefits Fair” for all veterans. It will run from 10 am to 1 pm at the Solomon Ortiz International Center. Why do we mention this? Because your BBB will be there with information for veterans on scams and especially the BBB Military Line program. Other participants that will be there to help you are the various government agencies; the Texas Veterans Commission, the U.S. Department of Veterans Affairs, the Small Business Association and the Social Security Administration. There will also be private companies including lenders, realtors, and veteran support groups.
Q-What is our scheme of the week?
A- The Better Business Bureau is warning of a new advance fee loan company claiming to be located in Arkansas. For the last 2 weeks, consumers have contacted the BBB to check out Capitol Heights Financial Group. The consumers had been researching loans online and were contacted by the company via email or phone. Regardless of credit history, Capitol Heights guarantees a $5,000 loan no later than one business day from the time the loan agreement and $900 collateral payment are received in their office. Consumers who have returned the agreement and payment have not received the $5,000 loan. The company gives a false address and is in reality located in Canada.
Consumers should ask themselves; why would a complete stranger offer them a loan if their own financial institution will not make the loan?
The Attorney General says:
“You should be aware that loans requiring the payment of a fee up front are illegal. Offers of easy credit to borrowers with low credit ratings should always be regarded with suspicion. If it sounds too good to be true, it probably is.”
http://www.oag.state.tx.us/agency/weeklyag/2005/0505usury.pdf
