Washington State Department of Financial Institutions

Consumer Alert:
Pinnacle Finance Group

Loan Scam

April 24, 2013

The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer that related to transactions entered into with Pinnacle Finance Group. The consumer alleged that as part of a loan agreement with this entity, the consumer was required to buy insurance before receiving a loan. The consumer also alleged that Pinnacle Finance Group instructed the consumer to pay for the insurance with a GreenDot MoneyPak card. The consumer further alleged that after payment was made to Pinnacle Finance Group the funds for the loan were never received.

Pinnacle Finance Group is not licensed with DFI and is not registered to do business with the Washington Secretary of State or Department of Revenue.

The entity’s phone number was listed as 1-800-597-0417. The entity’s mailing address was listed as 4701 Atlantic Ave Ste 111, Raleigh NC 27604. However, this address does not appear to be the actual address for this entity. The entity that was formally associated with this address is Pinnacle Finance, Inc, who provides automobile loans in North Carolina.

Further investigation of the entity’s phone number, 1-800-597-0417, has lead to an apartment complex in Canada at 1 Dean Park Rd, Scarborough, Ontario M1N 2W5. No other information is known.

Verify Licenses

DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the "Verify a License" feature on the DFI’s website at www.dfi.wa.gov.

Report Fraud

If you are suspicious of unlicensed activity by a consumer lender in Washington state please contact the Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov.

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