As of March 2009, the BBB has received an increased number of inquires about this company that claims to be located at 2002 Eastwood Road, Wilmington, NC 28403. After investigation, it appears there is no such company at that address. Consumers should be aware that the lender's names may also be false, and no such individuals may exist.
Boswell Capital Group has been soliciting clients who have been researching loan options online. Consumers are being told they do not qualify for a traditional loan, but Boswell Capital Group can help. They are then directed to complete a loan application requesting personal information such as social security number, date of birth, employment information and monthly income. The BBB has reviewed a copy of a loan agreement contract. It states that an amount totaling 8 monthly loan payments must be paid upfront. The BBB's records indicate consumers have been required to send upfront fees ranging from $900 to $5000. The consumers are given instructions to wire the fee to a bank account in Canada. The loan agreement also states that the funds will be released to the consumer no later than one business day from the time the loan agreement is executed and the collateral payment has been wired to Canada.
The Better Business Bureau has not spoken to any consumers that have received the promised loan. It is the position of the Bureau that Boswell Capital's advanced fee loan offer is deceptive and misleading.