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Better Business Bureau warns of company offering discounted loans

Updated: Tuesday, November 5, 2013 |
Better Business Bureau warns of company offering discounted loans story image
KALAMAZOO COUNTY, Mich. (NEWSCHANNEL 3) - The Better Business Bureau is warning people about a company with West Michigan ties that it says is targeting victims across the country.

The BBB Western Michigan says it's being flooded with calls and complaints about a company called Woodridge Capital Services.

The BBB says the company tricks people with an official looking website and emails.

Keith Posten, from Birmingham, Alabama, says he fell for it.

"I don't consider myself a foolish man, or I didn't," says Posten.

The company emailed Posten directly offering a discounted loan.

"I did pull up their website; it looked legitimate, it talked to you about their loans, about their company, it gave reviews from other people everything seemed to be above board," says Posten.

Posten then sent Woodridge $700 by Western Union as the first three months payment.

In just the last ten days, the BBB has received 300 calls from people with questions and complaints about Woodridge Capital, and says five people had already sent them money, one person sending more than $1,000.

"This has every appearance of not being a loan company at all but being a short term effort to extract as much money as possible from people and then they'll shut down the website and be gone and you'll never hear from them again," says Phil Catlett with the BBB.

And for reasons the BBB can't figure out, the company lists its address as 8589 Gull Road in Kalamazoo County.

When Newschannel 3 went to the address we found it was just an empty building for sale with no sign of Woodridge.

"It just gives you this sense of credibility online, and you think they're there in Kalamazoo and they're not," says Catlett.

"It's very terrible, since I didn't just have that money to give away," says Posten.

To see the full report on Woodridge Capital Services go to bbb.com and search the company's name.
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