Pentagon Loan Company is a SCAM
On October 10, 2017 BBB of MD received a consumer complaint alleging that this business is an advanced fee loan scam- charging advanced fees for consumer loans that are never paid out/disbursed to the consumer.
On October 24, 2017, BBB initiated an investigation on this business.
Over the course of the investigation, BBB determined this business is not registered as a business entity with the State of Maryland Department of Assessment and Taxation. BBB also determined that the address that the business claims to operate from is INVALID.
BBB of MD also confirmed that while the business claims to offer consumer/personal loans, the business is not properly licensed as a consumer lender, with the Maryland Office of the Commissioner of Financial Regulation.
Upon review of the loan agreement, provided by a consumer, BBB confirmed that the business did indeed request an advanced "$1555.45 Tax Clearance Fee" that was to be paid "within 5 days.... in order to receive the loan.
Consumers should be aware that requiring advanced fees for a consumer loan is illegal in the state of Maryland.
They go by fictitious names; one of them is Richard Woods
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