An advanced fee loan company by the name of Wells Financial Inc. is conducting a loan scam. The BBB alerts consumers not to confuse the company with the Better Business Bureau member, Wells Fargo Financial Services located in Des Moines.
The company’s Web site claims to be located in an office in Des Moines, but when asked on the phone they claim to be located in Minnesota. After an investigation by the Iowa Better Business Bureau, the Des Moines location does not exist and is actually the Sears Store at Merle Hay Mall.
Ryan Duggan, the assistant store manager of Sears at Merle Hay Mall states they have no affiliation with Wells Financial Inc.
The Minnesota location goes by the name Accelerated Financial Lending Corporation. The Better Business Bureau of Minnesota reports Accelerated Lending Corporation is out of business and previously consumers reported they sent an advance fee to the company by money order, but never received their loan.
“The company is conducting a typical loan scam,” states Chris Coleman, president of the Iowa Better Business Bureau. “They claim you are eligible for a personal loan, but the catch is you must pay an upfront fee by Moneygram or Western Union.”
The Better Business Bureau advises consumers and businesses to never wire money to an unknown person. Typical loan scams will request a pre-paid fee to be wired and once the money is sent it is irretrievable and the money is lost by the consumer.
The Better Business Bureau also advises when looking for a loan to shop around. Check with financial institutions in your area to see which variations are offered and contact the Better Business Bureau for the company reliability reports.
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