Washington State Department of Financial Institutions

Consumer Alert: Broadway Lending Group

May 21, 2008

Consumers are finding Broadway Lending Group’s website and are contacting them regarding obtaining a loan. The company requires the consumer to pay a certain number of monthly payments in advance of receiving loan proceeds. This appears to be an advance fee scam.

According to information provided to the Better Business Bureau, potential borrowers are requested to complete an online application requesting personal information such as income, social security number, and date of birth. The consumers are then contacted by a “Senior Loan Consultant” who requires completion of additional paperwork that includes financial account information. Consumers are told to wire advance payments via Western Union to Canada prior to the release of the loan.

Broadway Lending Group claims to have an address of 740 Duke Street, Norfolk, VA 23510. This is a valid address, but they are not located at this address. According to the Virginia Bureau of Financial Institutions, Broadway Lending Group is not licensed as a lending institution in Virginia.

Broadway Lending Group is not licensed by the Washington State Department of Financial Institutions and is not listed with the Washington Secretary of State, the Department of Licensing, or Department of Revenue to do business in Washington.

Consumers should contact the FTC at 1-877-FTC-HELP or www.ftc.gov and Internet Fraud Complaint Center at www.ic3.gov.

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