Stylus Financial Group advertises in classified ads offering “Fast Approvals! All types of loans! Bad Credit & Bankruptcy Welcome!” Neither the Washington State Department of Revenue, nor the Office of the Secretary of State shows that Stylus Financial Group is authorized to do business in Washington State, and the company is not licensed by the Department of Financial Institutions to lend money in Washington. Stylus Financial Group lists an address in Seattle, Washington, however it has never been located at the stated address and is not a tenant. There is no evidence that Stylus Financial Group has ever been located in Washington.
The company claims to provide various types of loans. After applying for a loan and receiving approval, the consumer is asked to wire money to an individual in Canada for a “credit insurance” policy. The policy is supposed to pay off the loan in the event of default, death and/or, loss of employment and/or illness. The consumer is told that the funds will be received within 24 to 48 hours. However, once Stylus Financial Group receives the money, the consumer never gets the loan.
Although Stylus Financial Group appears to have shut down, consumers should be aware that there are many similar scams. Consumers should never forward money in order to obtain a personal loan.
Victims should report their experiences to the Internet Fraud Complaint Center at www.ic3.gov.