Better Business Bureau of Southern Arizona is warning of advanced fee loan company, Billerica Financial, allegedly located in Auburn Massachusetts. BBB was made aware of Billerica Financial after consumers contacted BBB to inquire about Billerica Financial’s business practices.

Billerica Financial, which markets itself nationwide, offers personal loans for an upfront fee of over $800, with no request for verification of ID, date of birth, social security number, or any type of collateral. BBB attempted to contact Billerica Financial by phone and by mail to inquire about the business. The company provided no response.

The business website states their address is 48 Sword Street in Auburn MA. This address is occupied by an unrelated legitimate business. Billerica Financial is not licensed by the Massachusetts Division of Banking, or by any other state, to disperse loans, as is required by law

BBB recommends that consumers shopping for a loan look for the following red flags of an advance-fee loan scam:

Red Flags: Be wary of:

• Guaranteed approval. It’s a warning sign if the company promises loan approval before the borrower applies.
• Pressure to act immediately. Advance fee loan schemers will try to get consumers to send money or give out personal information (bank account information, credit card and Social Security numbers) before providing any paperwork.
• Hidden fees. Be suspicious if the lender understates loan costs or won’t provide a written summary of all fees associated with the loan.
• Evasive tactics. Be wary if a company refuses to provide location information. If they hesitate to reveal their physical location, it is usually a ploy to avoid law enforcement detection.
• Internet lenders. When applying for loans online, the consumer may have to fill out a detailed application; providing bank account information and other personal details. If the lender does not abide by strict privacy policies or fails to secure their website, identity theft risks abound. Additionally, some internet lenders may attempt to bypass state usury, licensing and consumer protection laws by residing in states with lax regulations or outside the U.S.
• The lender is not registered in your state to do business. Check with the state’s financial or banking regulators.
• The lender asks you to wire money or send a money order before you can receive the loan. You might be asked to wire money to another country. Consider this a giant red flag.

The BBB recommends the following tips when shopping for a loan:

BBB Tips:

• Don’t buy into bogus loan promises. If a loan offer is made and you must pay to get access to the funds, it is a scam. It is illegal for telemarketing loan providers to offer a loan and require an upfront payment before it is issued.
• Never wire money or send money orders to obtain a loan. Legitimate lenders won’t pressure you to wire funds. Never send funds to a third party.
• Be wary of loan approval or financing guarantees. Be suspicious of any lender that pre-approves loans or financing without checking your credit status or contacting references—especially if you have bad credit or no credit record. (more…)

As Valentine’s Day approaches, Better Business Bureau of Southern Arizona warns that Cupid’s arrow may be aimed directly at consumers’ wallets. Those who find themselves awash in love’s emotion should remember that con artists thrive on the fact that emotion can trump logic.

There are three categories of scams that we all should be aware of at this romantic season as well as throughout the year.

Online Dating

Their photo may be attractive and their story may sound compelling but that person you met through an online dating site may turn out to be the very opposite of your soul mate. Photos, profiles and stories can be easily faked on dating sites. One common tactic is to claim to be a successful overseas businessperson with no family.

After what seems like sincere conversation in which many questions are asked of you, the scammer can skillfully employ psychology to say precisely what you want to hear.

Once the ice is broken and a comfort level has been reached on your part, the heart of the matter is arrived at: they need financial assistance. They may want you to cash a check for them or otherwise help them out of a financial difficulty. It could be travel expenses, medical expenses or some other type of debt. At any rate it is your money less than your heart that they are after. MoneyGram, one of the major global money transfer companies, has estimated that romance scams defraud victims of over $10,000 for each occurrence. For those so victimized, whatever the amount, a website called romancescams.org can be helpful.

Online Florists

When love is in bloom many rely on the traditional symbol of thoughtfulness, the bouquet, to convey their feelings for that special person. But be aware that online florists are not always reliable. If the flowers that are actually received by your loved one are inferior arrangements from those ordered, or even not delivered at all, it can be a wilting experience. (more…)

Cochise County residents can do their part to reduce the millions of tons of electronic waste that ends up in landfills and protect against identity theft at an event scheduled for Saturday, February 18th from 9 a.m. to 12 p.m. at Ace Hardware, 3756 E. Fry Blvd in Sierra Vista.

Better Business Bureau of Southern Arizona has partnered with the Sierra Vista Police Department, Ace Hardware, Suburban Miners, and Shred-it for Shred Fest 2012. Organizers are offering electronics and cell phone e-cycling in addition to secure, on-site shredding. Donations are appreciated.

What to Bring
Electronic equipment such as: PC systems, CPUs, monitors, mice, keyboards, printers, scanners, laptops, modems, hard drives, speakers, power cords, cables, phones, powers strips, desktop copiers, fax machines, cell phones with batteries and small TVs (no consoles). Television donations will require a $10 recycling fee.
Paperwork such as: old tax returns, bank statements, check book registers, credit card statements, medical records, NO PLASTIC PLEASE. That means no three ring binders, presentation folders or garbage bags. Data CD’s will be accepted if they are separated from paperwork. There is a five-box shred limit due to time constraints.

Donations
Donations for shredding are appreciated. Your donations will support BBB’s community and military outreach programs in Cochise County.  Electronics and cell phone donations are free with the exception of televisions, which incur a charge of $10

Where’s my stuff going?
Electronics: All electronic items will be collected by Suburban Miners of Tucson. These items are cleaned of securely stripped of data. Whole systems may be resold if they are salvageable. If not, they (more…)