BBB Warning: Beware Online Loan Scams

Do some careful research in advance and to use extreme caution when applying for a loan online

BBB serving Vancouver Island is warning consumers to do some careful research in advance and to use extreme caution when applying for a loan online.

BBB was recently contacted by a consumer that claims to have lost nearly $7,000 to fraudsters pretending to offer online loans through a company using the name Business Fund Group. The fake loan company set up a website with a fake address in a popular local business centre in Oak Bay. The victim paid thousands in “fees” that were supposed to secure the loan, as well as cover legal and insurance fees. Once the fees were paid to the fraudsters the fake company removed its website, disconnected its phone and disappeared with the money, leaving the victim with no loan and in greater debt.

Tips to consider:

  • Carefully research the company first.
  • Locate the company.
  • Get it in writing.
  • You should not have to pay a fee to get a loan.
  • Never wire money.
  • Use common sense.


Just Posted

Search continues for missing Campbell River teen

Jordan Holling, 17, went missing almost a week ago, but the community is rallying to find him

Community rallying for family of missing 17 year-old

Ground searches, meals being prepared and thousands of posters have been circulated

Language barriers a huge hurdle for new Canadians

Campbell River Immigrant Welcome Centre takes over LINC program, but needs your help to keep it here

Don’t chuck it out, see if it can be fixed

Campbell River’s fourth Repair Café event helps breathe new life into old or broken items

Mirror Morning Oct. 23

For the full story:Campbell River RCMP request help locating missing youth Community… Continue reading

Ex-employee describes alleged sexual assault by B.C. city councillor

Complainant was a teen during the alleged 1992 incident

Amazon gets 238 proposals for 2nd headquarters

Submissions were due last week. Online retailer has said tax breaks and grants would be factors

Justin Timberlake invited back to Super Bowl halftime show

A ‘wardrobe malfunction’ with Janet Jackson caused a national controversy during his last appearance

A scary box office weekend for everyone but Tyler Perry

‘Boo 2! A Madea Halloween’ scared up a healthy $21.7 million in its first weekend in theatres

Even as long-form census data returns, Statcan readies for day without it

Wednesday’s release is expected to show immigrants making up a larger share of the population

B.C. VIEWS: Horgan fumbles salmon farm threat

Lana Popham falls for anti-aquaculture propaganda

WorkSafe BC: Public not getting the message about asbestos

Despite numerous awareness campaigns, rate of asbestos-related disease continues to rise

WATCH: 10,000 signatures gained to stop ‘no pets’ rental policy

Pets OK BC said about 1,700 animals were surrendered to the BC SPCA last year due to housing issues

Most Read