Posted on: 04th Dec, 2006 04:39am
Advanced Financial Services, Inc. is a financial institution providing mortgage lending services and bill consolidation loans. It is based in Rhode Island but it is licensed to operate in a number of states. In some states, Advanced Financial Services operates as AFS Financial Inc.
What are consumers saying about Advanced Financial Services?
In spite of getting an A+ rating from the BBB, the company has received mixed reactions from consumers who have opted for their services. They have shared their feedback about this company in our community forums. There have been complaints against Advanced Financial Services whereas some of the consumers seem to be quite happy with the services offered by AFS Financial Inc. Here's what consumers have to say about AFS (Advanced Financial Services Inc.):
While some consumers have sent their complaints against Advanced Financial Services, others are of the opinion that the company isn't pushy at all. Though the company may send you flier mails for pre-approval, they do not use your personal information, except the name and address when sending the flier mails. Some consumers claim that there may be complaints against Advanced Financial Services (as revealed in BBB reports), but the company has resolved every complaint to BBB's expectations.
If you wish to go for the services of AFS (Advanced Financial Services Inc), or if you'd like to talk to a representative at the company, you may use the contact details given below.
Advanced Financial Services
25 Enterprise Center
Newport, R1 02842
Phone: 1(800) 644-3327
Fax: 1(800) 333-3450
Website: "http://www.myafsloan.com/"
- Affiliation: The company claims to be approved by Fannie Mae/Freddie Mac and the HUD but consumers are quite skeptical about it as they haven't found details of the affiliation on the websites of Fannie Mae/Freddie Mac or HUD.
The company says they are an active member of Mortgage Bankers Association of America and the National Home Equity Mortgage Association. But consumers say, the websites of these organizations do not speak about any affiliation with AFS. - Delayed closing: A borrower missed signing 2 documents but the loan officer at AFS didn't inform him about it. Instead, he kept delaying the closing. The person made repeated calls and each time he was given a closing date, but nothing actually happened. Finally, the borrower called and he was told that his loan has been denied. They cited the reason that he hasn't paid the first mortgage payment. But it wasn't the borrower's fault because the loan wasn't yet closed.
- Advertising low rates: AFS may send you mails promising to approve you for a bill consolidation loan at a low rate of interest. But once you go through the loan process, you may be approved for a loan at a much higher rate. Thus, you may not be able to save as much as they initially promised you.
- Dispute over financing issues: A guest in our forums has spoken about his dispute with AFS Financial Inc. regarding a mobile home loan. He says he had a very bad experience with the company. He had faxed the required papers to AFS for a mobile home loan approval. He had even paid them around $375 for the appraisal and finally he came to know that the company doesn't lend mobile home loans. After repeated calls and messages, the person could only get $100 as refund.
- Flier mails: The marketing department at AFS (Advanced Financial Services, Inc.) may send you mails stating that you're pre-approved for a bill consolidation loan. But this doesn't mean that you're approved. You'll have to go through the entire loan process in order to get an approval. So, it may be just a flier mail to promote the products of AFS and make you contact them in case you wish to choose their services.
- Response to customer calls: The official website of AFS (Advanced Financial Services, Inc) says the company is fast in approving loans. But there are consumers who have sent all necessary paperwork to AFS for pre-approval only to get no response from them even after repeated phone calls and email messages.
While some consumers have sent their complaints against Advanced Financial Services, others are of the opinion that the company isn't pushy at all. Though the company may send you flier mails for pre-approval, they do not use your personal information, except the name and address when sending the flier mails. Some consumers claim that there may be complaints against Advanced Financial Services (as revealed in BBB reports), but the company has resolved every complaint to BBB's expectations.
If you wish to go for the services of AFS (Advanced Financial Services Inc), or if you'd like to talk to a representative at the company, you may use the contact details given below.
Advanced Financial Services
25 Enterprise Center
Newport, R1 02842
Phone: 1(800) 644-3327
Fax: 1(800) 333-3450
Website: "http://www.myafsloan.com/"
Related Forum Discussions
Had anybody use Advanced Financial Services, Inc. (AFS)? They sent me a preapproval file in the mail. They list their address as 25 Enterprise Center, Rhode Island, 02842 with an 800 number.
AFS IS REALLY BENEFICIAL FOR PERSON WHO IS FACING FINANCIAL CRUNCH?
if you read all of the above posts, you'll be able to make that determination for yourself. that's the purpose of the forum after all.
to clarify a little bit...i am not at all qualified, nor do i desire to be, to comment on afs' ability to help people or to harm them. from reading what i have seen on here, however, i would have to state an opinion that anyone receiving a mailing from them not take it at face value but investigate as fully as possible.
So it sounds like they get your credit information, and based on that they send this letter out, knowing you're high with credit card debt, etc. So it's enticing. It almost seems like they're doing two things - offering you a re-fi, and also acting as a debt consolidator. And that's the scary part. If i want to pay down debt the "right" way - i'm going to either pay it off from my own cash reserves, or get a loan to pay it off. Having a company contact my credit cards and negotiate a payoff is sketchy, and negatively impacts my credit rating. It sounds like - and i can't be sure - that this is one of the ways they make their money, by keeping the difference on the agreed payout.
In these tough times, it's very tempting. But like your mom always told you - if it's too good to be true, it probably is. The gentleman that worked for a hardship department at the bank said it best - if you can't pay your bills, talk to your creditors. I don't know that I've had HUGE success in talking with them, but it never cost me more money!
In these tough times, it's very tempting. But like your mom always told you - if it's too good to be true, it probably is. The gentleman that worked for a hardship department at the bank said it best - if you can't pay your bills, talk to your creditors. I don't know that I've had HUGE success in talking with them, but it never cost me more money!
i don't think all of the above is quite true, keith. they are not pulling a credit report, but they subscribe, no doubt, to a service that provides "leads." those who come up with the leads go through property records, which provides thousands of names of homeowners, who then get randomly called and/or mailed a solicitation.
they could not access credit files without the express permission of a prospective borrower.
and yes, they talk a "good game" so to speak. i just deleted a message this morning before i came to work that was such a solicitation. the guy stammers in his speech, as if to make it real, tells me he sees that i'm only paying my minimum payments, that i can get a 1.5% interest rate (for what? a day?), and to call him back so he can solve all my problems (i can throw away my extenze?) right away. it is so bogus that all people ought to recognize it, but there are those unfortunate many who think it's real and call back and get hoodwinked.
yes it is tempting if you are in trouble. some people think "any port in a storm" is their solution. well, this particular port isn't one in which to stop for more than a millisecond, i think.
they could not access credit files without the express permission of a prospective borrower.
and yes, they talk a "good game" so to speak. i just deleted a message this morning before i came to work that was such a solicitation. the guy stammers in his speech, as if to make it real, tells me he sees that i'm only paying my minimum payments, that i can get a 1.5% interest rate (for what? a day?), and to call him back so he can solve all my problems (i can throw away my extenze?) right away. it is so bogus that all people ought to recognize it, but there are those unfortunate many who think it's real and call back and get hoodwinked.
yes it is tempting if you are in trouble. some people think "any port in a storm" is their solution. well, this particular port isn't one in which to stop for more than a millisecond, i think.
I am in the process of buying an investment/rental property using AFS as the lender. I have found them to be very responsive, courteous, and forthright, .....so far. I am awaiting a very important appraisel which can show up no later than tomorrow or I will lose the property to another buyer. I will re-post in a week or two after the process is done. So far, so good though.
thanks, jerome; please do keep us posted. i'm sure afs will welcome some good publicity if that is the case.
it is a nice way to go for the validation process of what we get, and how can they offer (their credentials) so if you are promised something that is really a good deal then you should first investigate that whether it is really there or not? whether other competitiors are offering it or not?because it is not going to happen that good deals are offered by only one company.
So make your thorough analysis by visiting their customers if they happento be nearby your area or else just call them for the favor of sharing ther experiences with the company.
I hope it will add some valuee to the discussion.
So make your thorough analysis by visiting their customers if they happento be nearby your area or else just call them for the favor of sharing ther experiences with the company.
I hope it will add some valuee to the discussion.
wonderful idea if you can find their customers, fred. are you recommending that people run down to their town hall or county clerk or wherever the deeds are filed and research who has done business with this company, and then go ring doorbells? i'm not sure i can get down with that at all.
as for paragraph one, i got this: "it is not going to happen that good deals are offered by only one company." however, i'm still scratching my head about your opening sentence(?).
as for paragraph one, i got this: "it is not going to happen that good deals are offered by only one company." however, i'm still scratching my head about your opening sentence(?).
George,
I do not want to go for the each and every county for the credentials rather if it happens to be somewhere nearby my area then only I will go for it.And How I will come to know about it, I will ask the company itself whether they have awarded this 'good deal' to anyone in my area.
As far as my first sentence is concerned, I just wanted to conclude that if at all, all the features of the offer are so good then that good deal becomes so popular that all your competitiors offer the same service sooner or later.
I hope my sentence is not that complicated.
I do not want to go for the each and every county for the credentials rather if it happens to be somewhere nearby my area then only I will go for it.And How I will come to know about it, I will ask the company itself whether they have awarded this 'good deal' to anyone in my area.
As far as my first sentence is concerned, I just wanted to conclude that if at all, all the features of the offer are so good then that good deal becomes so popular that all your competitiors offer the same service sooner or later.
I hope my sentence is not that complicated.
I'm not sure about these companies not accessing credit reports. I got this type of offer from Chase a year ago, and it listed my credit card balances. It does make sense to me that if a lender knew what you owed, and had a ballpark idea of your home's value (Zillow or another website), they could make their offer. Of course, its still subject to an actual appraisal and confirmation of your income.
Is it true that they can help people who wouldn't otherwise qualify by directly paying off creditors rather than giving the borrower control of the entire sum? Does anyone other than AFS offer this type of package?
I'd be very concerned about the implication in some of these posts that AFS would be trying to "settle" your other debts for less than is owed rather than just paying them off. That would NOT be what I would want. Is this true? I want my debts paid in full, I'd just like a cheaper way to do that.
Would your mortgage balance then be what they actually paid out to your creditors, or are they trying to profit from the difference? If its the former, and its the only way they can make the loan, AND if you know all about it, that might be OK for some people, but certainly not most of us.
Is it true that they can help people who wouldn't otherwise qualify by directly paying off creditors rather than giving the borrower control of the entire sum? Does anyone other than AFS offer this type of package?
I'd be very concerned about the implication in some of these posts that AFS would be trying to "settle" your other debts for less than is owed rather than just paying them off. That would NOT be what I would want. Is this true? I want my debts paid in full, I'd just like a cheaper way to do that.
Would your mortgage balance then be what they actually paid out to your creditors, or are they trying to profit from the difference? If its the former, and its the only way they can make the loan, AND if you know all about it, that might be OK for some people, but certainly not most of us.
Hi leonmyerson,
In my opinion, it is always better to negotiate with your creditors rather than going through a third party for a negotiation. I haven't heard of such a package offered by other creditors. In order to have your debts paid in full, you will have to make the required payments. If you do not make the required payments, none of your creditors will mark it as paid in full. If you go for a settlement with your creditor it will always be marked as "paid as settled".
In my opinion, it is always better to negotiate with your creditors rather than going through a third party for a negotiation. I haven't heard of such a package offered by other creditors. In order to have your debts paid in full, you will have to make the required payments. If you do not make the required payments, none of your creditors will mark it as paid in full. If you go for a settlement with your creditor it will always be marked as "paid as settled".
I have received 3-4 letters from this company and finally called them today. Had a bad feeling when the loan officier wanted my SS#. He did tell me my current credit rating.
What really caused me to say no thanks was:
1. asking for my ss# and not agreeing to mail me the loan package without my ss#.
2. Loan officier told me he was working for Hud thru Advance Financial Services. Just give me a feeling something was not quite right.
I have sent an email to Hud to verify if this supposed loan officier works for Hud. If not haopefully this will be looked into by Hud.
I'm thinking SCAM!!!!!!!
Noticed this company didn't join BBB until last month.
They have over 350 employees wouldn't be surprised some are posting these few positive posts for the company here on this site.
I will be using the prescreen & opt-out notice for this company.
They will not scam me.
What really caused me to say no thanks was:
1. asking for my ss# and not agreeing to mail me the loan package without my ss#.
2. Loan officier told me he was working for Hud thru Advance Financial Services. Just give me a feeling something was not quite right.
I have sent an email to Hud to verify if this supposed loan officier works for Hud. If not haopefully this will be looked into by Hud.
I'm thinking SCAM!!!!!!!
Noticed this company didn't join BBB until last month.
They have over 350 employees wouldn't be surprised some are posting these few positive posts for the company here on this site.
I will be using the prescreen & opt-out notice for this company.
They will not scam me.
justdeb...the first sign of alarm i would see is that he told you your credit rating...that's not reasonable if he was lacking your social security number.
i don't know if these people are scam artists or not, but my disposition towards unsolicited offers of this kind is to simply say no immediately and move on with my life.
i don't know if these people are scam artists or not, but my disposition towards unsolicited offers of this kind is to simply say no immediately and move on with my life.
i received a letter in the mail concerning refinancing. i am interested in bill consolidation. i have a heavy credit card balance and i am wondering if it would be possible to refinance and consolidate my bills as well. please let me know if this would be possible and how much it would cost to refinance and if it would be cost saving to do this, knowing there are a lot of fees to pay when one finances.