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Important information

• Advertising Review:

  BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims may come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

   On 11/23/2022, BBB contacted the business regarding their advertised products on their website. The business advertised that they are a loan company with multiple credit offers. They also have testimonials that the BBB have asked to substantiate as required by  BBB’s Code of Advertising.

  The business advertised the following product on their website:

  https://www.classicfinance.co/about.html

  Get a cash advance to your bank account with no credit check and no faxing in minutes.

  https://www.classicfinance.co/how-it-works.html

  The APR is the annual percentage rate for a loan is 8.99% to 32.99% and represents the loan cost as related to the repayment timing and the amount of loan taken out.

  Though the APR for short term loans is higher than traditional loan APRs it is still less than interest rates charged for bounced.

  The loan amount you can take upto $1000 to $25000. The minimum repayment time is 90 days. and maximum as per customer's requirements. Before 90 days we cannot accept payment in full.

  https://www.classicfinance.co/testimonial.html 

  “Oh my gosh, you have totally made my day…and life. I have never had a company be so generous to me ever… ever in my entire lifetime”

  The BBB Code of Advertising States:

  1. Basic Principles of the Code

  1.1 The primary responsibility for truthful and non-deceptive advertising rests with the advertiser. Advertisers should be prepared to substantiate any objective claims or offers made before publication or broadcast. Upon request, they should present such substantiation promptly to the advertising medium or BBB.

  1.2 Advertisements which are untrue, misleading, deceptive, fraudulent, falsely disparaging of competitors, or insincere offers to sell, shall not be used.

  1.3 An advertisement as a whole may be misleading by implication, although every sentence separately considered may be literally true.

  1.4 Misrepresentation may result not only from direct statements, but by omitting or obscuring a material fact.

   

  16. Credit

  16.1 Whenever a specific credit term is advertised, it must actually be available to all consumers. The federal Truth in Lending Act, as well as applicable state and provincial laws set requirements for clearly and conspicuously disclosing credit terms in the advertisement.

  16.2 In the United States, advertisers should carefully review the Truth in Lending Act and Regulation Z, which implements the Act, as well as Regulation M, which covers consumer leasing. They contain important provisions that affect any advertising to aid or promote the extension of consumer credit.

   

  16.3 Open-end credit in the U.S.

  16.3.1 The requirements for advertising open-end credit under Regulation Z are complex. Therefore, advertisers are advised to consult Section 226.16 of the Regulation (12 CFR 1026.16) for details, including prescribed terminology and information that must be disclosed. Examples of open-end credit include credit cards and other forms of “revolving credit.”

  16.4 Closed-end credit in the U.S.

  16.4.1 Advertisers are advised to consult Section 226.24 (12 CFR 1026.24) of Regulation Z for details of closed-end credit advertising. Examples of closed-end credit include installment loans and many automobile loans.

  16.4.2 If an advertisement of closed-end credit contains any of the following triggering terms, three specific disclosures must also be stated, clearly and conspicuously.

  16.4.3 The triggering terms are:

  The amount or percentage of any down payment;

  The number of payments or period of repayment;

  The amount of any payment, expressed either as a percentage or as a dollar amount; or

  The amount of any finance charge.

  16.4.4 The three disclosures are:

  The amount or percentage of the down payment;

  The terms of repayment; and

  The “annual percentage rate,” using that term spelled out in full or the abbreviation “APR.” If the rate may be increased after consummation of the credit transaction, that fact must be disclosed.

  16.5 Fixed credit, lines of credit and credit cards in Canada

  16.5.1 In Canada, federal requirements regarding advertising credit vary depending on the product. Advertisers should consult the Cost of Borrowing Regulations set out in the Trust and Loan Companies Act, Bank Act and Cooperative Credit Associations Act for specific requirements concerning disclosure, terminology and layout conditions. These regulations cover forms of closed-end credit, such as fixed credit loans for an automobile, as well as open-end credit, including credit cards and lines of credit.

  16.6 “Easy credit”

  16.6.1 The terms “easy credit,” “easy credit terms,” “liberal credit terms,” “easy pay plan” and other similar phrases must be used only when:

  Consumer credit is also extended to consumers whose ability to pay or credit rating is below typical standards of credit worthiness;

  The finance charges and annual percentage rate do not appreciably exceed those charged to consumers who meet generally accepted standards of credit worthiness; and

  The consumer is dealt with fairly on all conditions of the transaction, including the amount of the down payment, the period of repayment and the consequences of a delayed or missed payment.

  16.7   “No credit rejected”

  16.7.1 The words “no credit rejected,” “guaranteed financing,” “all credit applications accepted” or words of similar import can imply that consumer credit will be extended to anyone regardless of the consumer's credit worthiness or financial ability to pay. They must only be used when all credit requests are approved

  .

  30. Testimonials and Endorsements

  30.1 In general, advertising which uses testimonials or endorsements is likely to mislead or confuse if:

  30.1.1 It is not genuine and does not actually represent the current opinion of the endorser;

  30.1.2 The actual wording of the testimonial or endorsement has been altered in such a way as to change its overall meaning and impact;

  30.1.3 It contains representations or statements which would be misleading if made directly by the advertiser;

  30.1.4 While literally true, it creates deceptive implications;

  30.1.5 The endorser has not been a bona fide user of the endorsed product or service at the time when the endorsement was given, where the advertiser represents that the endorser uses the product or service;

  30.1.6 It is not clearly stated that the endorser, associated with some well-known and highly-regarded institution, is speaking only in a personal capacity, and not on behalf of such an institution, if such be the fact;

  30.1.7 The advertising makes broad claims as to the endorsements or approval by indefinitely large or vague groups, for example, “the homeowners of America,” “the doctors of America;”

  30.1.8 The endorser has a financial interest in the company whose product or service is endorsed and this is not made known in the advertisement;

  30.1.9 An expert endorser does not possess the qualifications that give the endorser the expertise represented in the advertisement;

  30.1.10 The advertiser represents, directly or by implication, that the endorser is an “actual consumer” when such is not the case and the advertisement fails to clearly and conspicuously disclose that fact;

  30.1.11 A consumer’s experience represented in an advertisement is not the typical experience of those using the product or service, unless the advertisement clearly and conspicuously discloses what the expected results will be;

  30.1.12 Endorsements placed by advertisers in online blogs or on other third-party websites do not clearly and conspicuously disclose the connection to the advertiser and comply with each of the provisions in this Code; and

  30.1.13 Advertisers compensate consumers for leaving feedback on third-party online blogs or websites but fail to ensure that consumers disclose such facts on those blogs or websites.

  In the U.S., advertisers should consult the Federal Trade Commission Guides on Testimonials and Endorsements for detailed guidance. In Canada, advertisers should review the Competition Bureau’s publication on Untrue, Misleading or Unauthorized Use of Tests and Testimonials for specific guidance.

  As of 12/13/2022, business has not responded to BBB emails or substantiated claims.