Omega One Loans review: Fraud and scam

This is an online lending company that promises loans to individuals with bad credit. I stupidly applied for a loan to this company and they called to tell me that my application had been accepted. However, I would have to send 5 months worth of payments up front before I would receive any money. They even sent me a loan agreement over the internet.

This did not set well with me so I started investigating. The first thing I did was google their address at 400 Federal Street and the only company listed at this address is Vicor Corporation. I contacted Vicor and was told that they were the ONLY company at this address and they had never heard of Omega One Loans.

When I recontacted Omega One Loans they assured me they were legitimate and that this was their address. She even said that there may be 2 Federal Streets in Andover and that I just got the wrong one. When asked if they were a registered business in the state of Massachusetts, she replied with 'of course' adding that they were in the second stage of getting accredited through the Better Business Bureau. When I checked with the state there is not any company listed with this name and the Better Business Bureau had never heard of them either. The person I spoke with at the Better Business Bureau insisted that I also report this company to the FTC, which has been done.

After speaking with the FTC and BBB I have found out that it is illegal for any company to ask for money up front like Omega One Loans did. I was never able to find any negative information about the company when I was looking for a loan so hopefully this will stop others from applying to the company as well.