Consumers submit an online application to the company. Sovereign Capital Lenders informs the consumer that they have been approved for a loan. Consumers report that they are then told that they need to obtain insurance or that they need to put money down before the loan funds will be transferred. The consumer may be provided with loan agreements and insurance policy documents to sign. In most cases, funds are requested from the consumer to be sent to an address in Canada; however, the consumer does not obtain the loan proceeds after sending the insurance deposit or down payment and is then unable to obtain a refund of the fees sent for the loan.
Sovereign Capital Lenders claims to have an address of 1815 N 45th St, Seattle, WA 98103, and their Web site sovereigncapitalfl.com includes a “contact us” address at 1617 John f. Kennedy Blvd, Suite 1260, Philadelphia, PA 19103. Sovereign Capital Lenders is not licensed by the Department of Financial Institutions to lend money in Washington. The Pennsylvania Department of Banking has no listing for Sovereign Capital Lenders and it appears that both addresses being provided to consumers are fictitious.
Additionally, Sovereign Capital Lenders is not registered with either the Washington State Department of Revenue or the Office of the Secretary of State to do business in Washington.
If you feel you have been a victim of a potential advance fee loan fraud, please contact the Federal Trade Commission at 1-877-FTC HELP (382-4357), or online at www.ftc.gov.
Also, victims should report their experiences to the Internet Crime Complaint Center at www.ic3.gov.