Consumers submit an online application to the company. Springdale Financial Group 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.
Springdale Financial Group claims to have an address of 5860 Ridgeway Center Parkway, Memphis TN, 38120. Springdale Financial Group is not licensed by the Department of Financial Institutions to lend money in Washington. The Tennessee Department of Financial Institutions has confirmed that Springdale is not located at the address being provided to consumers. The Department of Financial Institutions has placed an Alert for Consumers on their Web site regarding Springdale Financial Group. You may view the Alert at www.tn.gov/tdfi or for more information call (615) 741-2236.
The Better Business Bureau in Memphis, Tennessee lists a contact by the name of Adam Parks, Account Executive, (866) 504-3147, for Springdale Financial Group. For more information or to view information from the Better Business Bureau go to www.memphis.bbb.org.
Additionally, Springdale Financial Group 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.