Loans
Providence FinancialInformation and Alerts
Alert Details
This business has 1 alert.
Alert
BBB received Scam Tracker reports about Providence Financial, a financial loan company based in Vancouver, BC. Consumers alleged that they applied for a loan and during the process, the loan provider asked them to pay a deposit to release the loan. In Canada, it’s illegal for a loan provider to ask a deposit or an upfront fee to obtain a loan.
BBB reached out to the business with letters on March 5, 2021 and March 19, 2021 to confirm details about their business location, policies and the upfront fee they requested from the customers. BBB also contacted the City of Vancouver on March 5, 2021 to verify if there is a business licence connected to the company’s listed address. However, the City does not have any records for this address.
As of April 8, 2021, BBB has not received a response from Providence Financial. The website for the company, http://providencefinancialcorp.com/ is still active.
BBB Tips
BBB recommends the following to consumers:
Requiring advance fees for loans is illegal in Canada.
If you borrow money, the lender must give you a written loan agreement that shows all charges and terms of the loan.
Before signing a loan agreement, make sure you know the total loan amount (including fees and charges), the interest rate (the lower, the better), any extra fees and the terms of loan.
If you’re thinking about getting a payday loan, look up the lender on the Consumer Protection BC website to ensure they are licensed and to see if they have been investigated or penalized for any illegal practices.
Please check the government’s website for more detailed information.
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