There may be legitimate, licensed companies with names that are the same or similar to Amway Finance Group.
The Washington State Department of Financial Institutions is warning consumers to verify the license of any lending professional they are considering doing business with to avoid becoming victims of potential scams.
Amway Finance Group may be conducting an advance fee loan scam. They have a listed address of:
123 Oliver Street
Boston, MA 02110
This address does not appear to be a valid address for Amway Finance Group.
Amway Finance Group has listed a telephone number of 877-245-6821 and fax number of 877-839-8613.
Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that Amway Finance Group is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions.
How the Potential Scam May Work
- Amway Finance Group advertises personal loans using the internet
- Consumers apply for a loan
- Consumers are advised that they have been approved for a loan and must send funds via wire transfer to Amway Finance Group as insurance for the loan
- Consumers are advised to send additional fees in connection with the loan and are then told that after funds are received Amway Finance Group will provide the loan
- Consumers are asked to supply items such as their last pay stub and Social Security Number
- Once a consumer sends the money, no loan is provided
If You Feel You're A Victim
If you feel you have been a victim of a potential advance fee loan scam, please contact the Federal Trade Commission at 1-877-FTC HELP, or online at www.ftc.gov. Also, victims should report their experiences to the Internet Crime Complaint Center at www.ic3.gov.
Consumers should know that Washington state law prohibits threatening or harassing behavior by individuals attempting to collect a payday loan. Only licensed companies are permitted to make payday loans in Washington.