Business Profilefor247 Funding Group

The Commissioner of Financial Protection and Innovation (Commissioner) finds that: At all relevant times, 247 Funding Group is and was an entity of unknown form doing business in California, with a stated address of 888 South Figueroa Street, Los Angeles, CA 90017. There is no record of any corporate filings for an entity named 247 Funding Group in California. 247 Funding Group is not licensed as a finance lender or broker with the Department of Financial Protection and Innovation. At all relevant times, 247 Funding Group maintained a website at http://247fundinggroup.com.ng/. The “Get in touch” section of the website invited consumers to contact the company by telephone at (409) 832-0192, or by email at inquiries@247fundinggroup.com.ng. The 247 Funding Group website offered financial lending services. 

In February of 2023, 247 Funding Group engaged in the business of a finance lender and/or broker in California by soliciting applications from prospective borrowers for personal or business loans and entering into a loan agreement with at least one applicant for a loan of $227,000.00. As a prerequisite to 247 Funding Group issuing the loan funds to the applicant, an employee of 247 Funding Group informed the applicant he would have to make a payment of $2,270 via wire transfer to Amanda Watkins, an alleged account manager at 247 Funding Group. The applicant wired that amount to the specified bank. The loan funds were never deposited into the applicant’s bank account. 

The applicant then received an email from an employee at 247 Funding Group asking for an additional payment of $6,200 for “insurance” costs. At that point, the applicant demanded to cancel the loan agreement and requested a refund. The applicant was then told it would cost $200 to cancel the loan agreement. The applicant asked for a cancellation form to effectuate the cancellation, however no form was ever provided. To date, the applicant has not received the loan funds, nor repayment for the advanced fees totaling $2,270. 

Financial Code section 22100(a) provides, “No person shall engage in the business of a finance lender or broker without obtaining a license from the commissioner.”  247 Funding Group has not been issued a license by the Commissioner authorizing it to engage in the business of a finance lender and/or broker under the California Financing Law. 247 Funding Group is not exempt from the licensing requirements. Based on the foregoing findings, the Commissioner is of the opinion that 247 Funding Group has engaged in the business of finance lender and/or broker without a license from the Commissioner. 

247 Funding Group is hereby ordered to desist and refrain from engaging in the business of finance lender and/or broker in the State of California without first obtaining a license from the Commissioner, or otherwise being exempt.