Advanced Financial Services - Is it a reliable company?

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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.):
  • 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: ""

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Mini Profile  arampy01

Joined: 04 Dec 2006
Posts: 1

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Post     Post subject: Advanced Financial Services - Is it a reliable company?

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.


Post     Post subject:

From the information I have seen about them on the net, they help people with their alternative financing needs.


Post     Post subject: Advanced Financial Services

They provide mortgage lending services and are licensed in quite a number of states. In some of the states they do their business as AFSFinancial Inc.

They have sent a pre-approval but that does not guarantee that they will approve the loan. For that a loan commitment will be required from them.


Post     Post subject:

For a preapproval you are required to fill out a loan application. Also you are required to provide verification of your employment and source of cash for the down payment & closing costs.

You also need to provide the lender the authorization to have your credit checked.

If you have not filled any loan application with this company then without all these formalities completed sending a pre-approval through a mail is all but just a kind of offer letter which does not have much value.

Mini Profile  helping_user


Joined: 31 Mar 2006
Posts: 806
Location: Hawaii
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Post     Post subject: RE: who is Advanced Financial Services (AFS)

Hi Arampy,

As far as I know, the Advanced Financial Services, Inc is a residential mortgage lender dealing with alternative financing for over two decades. However, it does operate with a different name, AFS Financial Inc in some states. And, yes it does have an office in Rhode Island.



Post     Post subject: I also received this preapproved form letter

I did some searching and discovered that they are a lending institution that was founded arround 1992. They were issued a prliminary injunction on February 21, 2002 by Judge Jorge Solis of the United States District Court in Texas for fraudulent sales and making false guarantees about investments. Larry W. Tyler of Fort Worth, Texas and his company, "AFS" filed for bankruptcy two weeks before the suit was filed.
I don't know how this has affected the company at this date, but Larry W. Tyler was ordered by the court to cease and desist, and he has been barred from any further association.
Mini Profile  adonis


Joined: 22 Oct 2005
Posts: 12177
Location: ALASKA
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Post     Post subject:

Thanks for the information Paul.

I am sure the Community will benefit from it. Smile

Procrastination is the enemy of your financial success


Post     Post subject: AFSI

The Texas company is a different AFS. AFSI was founded in Rhode Island in 1983, I believe. It's still in business and is a direct lender through Fannie Mae and Freddie Mac, along with HUD.
sue s.


Post     Post subject: afs financial ,inc.

is this co. areputable co. to deal with ? I am in Texas..
Mini Profile  gmakerley

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Joined: 09 Nov 2007
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Post     Post subject:

beware of preapprovals sent through the mail. if you have not applied for a loan, why would a company take it upon itself to tell you that you've already been approved? does this make sense?

do you have to pay back the loan for which you've been preapproved? if we can believe that we've been approved for loans that we haven't requested, why can't we believe that we don't have to pay them back, as well?

the reason these lenders exist is because the public is gullible - we believe anything they tell us as long as it sounds good to us.

George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading


Post     Post subject: Advanced Financial Services, Inc

I got a letter in mail from this company about being approved for a consolidation loan. Has anyone set a loan up with them and found them to be good. I have never hard of them, but I am looking for good place were I can get a consolidation loan on my credit cards so I can just make one big monthly payment. I did find their site afsfitfinance. I would like to know more info if afs advanced financial services scam, sence there is so many these days that are not.
Mini Profile  sara


Joined: 05 Jul 2006
Posts: 3236
Location: New Brunswick, New Jersey
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Post     Post subject: RE: consolidation loan from Advanced Financial Services

Hi TJ,

Frankly speaking I don't know much about Advanced Financial Services. But I guess you shouldn't go with companies sending you mails stating that you are approved for a loan. I mean on what basis did they approve you for the loan? they didn't mention it perhaps.

I've heard they are scam artists but I'm not sure since I haven't directly dealt with them. So, what i suggest is, request them to send you a copy of the BBB report, if they have any. It's a reliable report and will give you an idea as to whether they are worth dealing with.

Take Care


Post     Post subject: preapproval bill consolidation loan offer

I, too, received such an offer and would love to hear from someone who WAS APPROVED and who has had a good business relationship with AFS for over a year.
Mini Profile  Caron


Joined: 19 Jul 2005
Posts: 1516
Location: florida
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Post     Post subject: RE: AFS (Advanced Financial Services) loan offer

Hi Alice,

The wise move is to check the offer first. Most often such offers are nothing but mere scams. I'd like to ask what type of a loan offer you're talking about? Also if you say something more about the offer, it'll be helpful for me to give a concrete suggestion.

The fact remains that some people have good experiences with a company, while others may not. So, what matters is the kind of offer you get and whether or not all relevant information is being disclosed to you.

Good luck

Mortgage Shopping made easy with booklet


Post     Post subject:

We just received an AFS debt-consolidation pre-approval mail, too. If you read closely, you'll see that this is actually a mortgage re-fi offer.
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