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Loans legitimate company

Date: 6/19/2018 9:42 AM (PST)

Hi, is USA loan Network a legitimate company?

Category: Business

Responses: 1

1 Reviews

907 Answers

Expert

Date: 6/19/2018 3:22 PM (PST)

Hello Diana. Thank you for contacting Business Consumer Alliance (“BCA”). When considering taking a loan out there are steps you can take to verify the legitimacy of the company. Start by doing a simple Google search of the company name. Next, did your search bring up any complaints or negative reviews about the company. If so, do you see a pattern to the complaints. The next thing you should know is this is a regulated industry. In other words, companies that provide this type of service need to be licensed. In California, the Regulator is the Department of Business Oversight (“DBO”) and the company is required to have a finance lender license. If they are a mortgage lender, then they are required to have a Mortgage Lender license thru the DBO.

For verification reasons and to show they have the credentials, most companies have their license information displayed on their website. I checked the website for USA Loan Network and could not locate a license under their name. According to their website, USA Loan Network is not a bank, lender or loan broker. Although they do not lend you money, they do charge you a fee in advance for the services they say they will perform , but cannot guarantee.

Diana, moving forward I strong recommend proceeding with caution. I am including a link to our report on Advanced Fee Loans: https://www.checkbca.org/tips/loans/advance-fee-loans-100 Our guide contains a lot of useful information, including tips that the average consumer may not be aware of. I’m also including a link to the company’s Disclosure page for your review: http://www.800usaloan.com/disclosures.asp

I can be reached directly at vantillon@checkbca.org if I can be of further assistance.

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