Posted on: 05th Oct, 2007 08:00 am
In one of the small business forums that I am a member of but haven't posted there in a while, someone lady from Rapid Funding Solutions posted in my thread to contact her and they she maybe able to help. So I did just that. I emailed her and explained the current situation and her reply was:
She said:
"Funding is unsecurred can use in anything business, working capital, VOD'S. Re-Habbing Properties Investment. Payment is due in two and a half years between(5%-6%). Some credits is necessary.Estimated Timeframe of Funding is 10-12 days.
Thanks,"
This reply sort of concerned me because alot of scammers say they can do loans around 4, 5 or 6%. Well thats my experience on craigslist. I emailed her back:
I said:
"Hello,
Thank you for your response. So the term of the loan is 2 and half years? How much would be my monthly payments? What is needed to get this started?"
She said:
"Thanks for inquiring about our program. Attached are the requirement necessary in order to qualify for the 22k loan. Let me know if you are the associate of yours meets the minimum credit requirements and I can have a lender contact you to discuss the details of the program
Regards
Carol G.
Business Development Consultant
tel:407-705-2622 Fax: 407-386-7436
2822 S. alafaya Trail Suite 160
Orlando Florida 32828
Requirements:
2 years with clean histoey with a minimum of 3 tradelines in Trans Union only (no derogs, collection, lates etc...) No minimum score necessary.
Bank of America checking account ( can be open just before funding)
Employment letter ( We provide the general template )
Copy of ID (frivers license, passport, etc..)
Signed Docs (POA, Basic Info, HB Development)
Estimated Timeframe 12 days."
As you can see, my question was never answered about the 2 and half year payment deal. I've never heard of any lending institution wanting another checking account to be opened for the sake of doing a funding request.
I checked out there website:
http://www.rapidfundingsolutions.com
Here is the whois data:
"
Domain Name: RAPIDFUNDINGSOLUTIONS.COM
Registrar: TUCOWS INC.
Whois Server: whois.tucows.com
Referral URL: http://domainhelp.opensrs.net
Name Server: NS1.IPOWERDNS.COM
Name Server: NS1.IPOWERWEB.NET
Status: clientDeleteProhibited
Status: clientTransferProhibited
Status: clientUpdateProhibited
Updated Date: 05-may-2007
Creation Date: 03-may-2006
Expiration Date: 03-may-2010
Current Registrar: TUCOWS INC.
IP Address: 72.22.69.189 (ARIN & RIPE IP search)
IP Location: US(UNITED STATES)-ARIZONA-PHOENIX
Record Type: Domain Name
Server Type: Apache
Lock Status: clientDeleteProhibited
Web Site Status: Active
DMOZ no listings
Y! Directory: see listings
Secure: No
E-commerce: No
Traffic Ranking: Not available
Data as of: 31-Jul-2007"
These guys are out of Florida according to their phone number on the website and in the email yet the website is out of Arizona but that could be do to who they chose for webhosting. On the website they don't have any explaination of the different type of loan programs which I thought is kinda awkward but whatever. They do have a few testimonials though.
I don't know what do you guys think of this place. Is it shady or am I overreacting with the whole being cautious thing?
She said:
"Funding is unsecurred can use in anything business, working capital, VOD'S. Re-Habbing Properties Investment. Payment is due in two and a half years between(5%-6%). Some credits is necessary.Estimated Timeframe of Funding is 10-12 days.
Thanks,"
This reply sort of concerned me because alot of scammers say they can do loans around 4, 5 or 6%. Well thats my experience on craigslist. I emailed her back:
I said:
"Hello,
Thank you for your response. So the term of the loan is 2 and half years? How much would be my monthly payments? What is needed to get this started?"
She said:
"Thanks for inquiring about our program. Attached are the requirement necessary in order to qualify for the 22k loan. Let me know if you are the associate of yours meets the minimum credit requirements and I can have a lender contact you to discuss the details of the program
Regards
Carol G.
Business Development Consultant
tel:407-705-2622 Fax: 407-386-7436
2822 S. alafaya Trail Suite 160
Orlando Florida 32828
Requirements:
2 years with clean histoey with a minimum of 3 tradelines in Trans Union only (no derogs, collection, lates etc...) No minimum score necessary.
Bank of America checking account ( can be open just before funding)
Employment letter ( We provide the general template )
Copy of ID (frivers license, passport, etc..)
Signed Docs (POA, Basic Info, HB Development)
Estimated Timeframe 12 days."
As you can see, my question was never answered about the 2 and half year payment deal. I've never heard of any lending institution wanting another checking account to be opened for the sake of doing a funding request.
I checked out there website:
http://www.rapidfundingsolutions.com
Here is the whois data:
"
Domain Name: RAPIDFUNDINGSOLUTIONS.COM
Registrar: TUCOWS INC.
Whois Server: whois.tucows.com
Referral URL: http://domainhelp.opensrs.net
Name Server: NS1.IPOWERDNS.COM
Name Server: NS1.IPOWERWEB.NET
Status: clientDeleteProhibited
Status: clientTransferProhibited
Status: clientUpdateProhibited
Updated Date: 05-may-2007
Creation Date: 03-may-2006
Expiration Date: 03-may-2010
Current Registrar: TUCOWS INC.
IP Address: 72.22.69.189 (ARIN & RIPE IP search)
IP Location: US(UNITED STATES)-ARIZONA-PHOENIX
Record Type: Domain Name
Server Type: Apache
Lock Status: clientDeleteProhibited
Web Site Status: Active
DMOZ no listings
Y! Directory: see listings
Secure: No
E-commerce: No
Traffic Ranking: Not available
Data as of: 31-Jul-2007"
These guys are out of Florida according to their phone number on the website and in the email yet the website is out of Arizona but that could be do to who they chose for webhosting. On the website they don't have any explaination of the different type of loan programs which I thought is kinda awkward but whatever. They do have a few testimonials though.
I don't know what do you guys think of this place. Is it shady or am I overreacting with the whole being cautious thing?
"I can have a lender contact you to discuss the details of the program
"
Besides all the obvious typos etc. this statement stands out the most. It doesn't appear that they even are the lender. They simply are going to sell or give your information to someone else.
Often "lead generation" companies advertise unbelievable and unbeatable deals just so they can get your information. They in turn sell this information to many different lenders or brokers who then contact you to get a loan. The loan they offer probably doesn't even exist. They simply lead you along to get your info and then you never hear from them again.
The new checking account is interesting. I see know reason for this to be a requirement unless BofA is the lender and they want to be able to take payments straight from this account. I suspect it is some type of affiliate setup that pays them a commision if you set up a BofA checking account. Once they have this commision they will forget about your loan offering.
Who knows what they are really up to. But if they can't answer a simple question like the 1 you asked then they can't be legit.
Just my opinion and you never know but you know the saying... If it sounds too good to be true...It is
"
Besides all the obvious typos etc. this statement stands out the most. It doesn't appear that they even are the lender. They simply are going to sell or give your information to someone else.
Often "lead generation" companies advertise unbelievable and unbeatable deals just so they can get your information. They in turn sell this information to many different lenders or brokers who then contact you to get a loan. The loan they offer probably doesn't even exist. They simply lead you along to get your info and then you never hear from them again.
The new checking account is interesting. I see know reason for this to be a requirement unless BofA is the lender and they want to be able to take payments straight from this account. I suspect it is some type of affiliate setup that pays them a commision if you set up a BofA checking account. Once they have this commision they will forget about your loan offering.
Who knows what they are really up to. But if they can't answer a simple question like the 1 you asked then they can't be legit.
Just my opinion and you never know but you know the saying... If it sounds too good to be true...It is
Upon further review of their site some additional things concern me very much.
The claim they are a member of the National Association of Mortgage Brokers. They are not http://www.namb.org/assnfe/SearchBroker.asp Check it for yourself if you like. They also have a quote from Donald Trump, lol give me a break why would he promote their company when he runs his own.
This is typical for a scammer they claim that everyone and their brother endorses and uses them. In reality noone does and noone should. If they will lie to get your business what do you think they will do once they have you?
The claim they are a member of the National Association of Mortgage Brokers. They are not http://www.namb.org/assnfe/SearchBroker.asp Check it for yourself if you like. They also have a quote from Donald Trump, lol give me a break why would he promote their company when he runs his own.
This is typical for a scammer they claim that everyone and their brother endorses and uses them. In reality noone does and noone should. If they will lie to get your business what do you think they will do once they have you?
"I see know reason for this to be a requirement unless BofA is the lender and they want to be able to take payments straight from this account."
Hmmm.... if thats the case then I wouldn't be able to qualify for the loan then. Bank of America has turned me down before, there for what this site is offering is null and void. They say there is no minimum credit score, but if Bank of America is indeed their lender then there is a minimum credit score as per Bank of America.
I just love how these people "say" they can help you but in the end if I would have just shrugged my shoulders and went with it, I'd probably be screwed.
Thanks for your input man:D
Hmmm.... if thats the case then I wouldn't be able to qualify for the loan then. Bank of America has turned me down before, there for what this site is offering is null and void. They say there is no minimum credit score, but if Bank of America is indeed their lender then there is a minimum credit score as per Bank of America.
I just love how these people "say" they can help you but in the end if I would have just shrugged my shoulders and went with it, I'd probably be screwed.
Thanks for your input man:D
Check my second post above if you missed it.
When they say they can "help" they can. They can "help" their checking accounts get bigger. It is unfortunate that so many companies do business this way.
I usually do the following things when I am contacting a new lender. The funny thing is as a broker I need to always be looking for new lending partners. It is amazing that these shady practices even role over to my side of the industry. I find or am contacted by these trolls all the time. Trying to scam me into giving them my clients info. It is really scary to think of what can happen if I let them run their ploys on me.
So what I do is write down everything they state they do or any facts they give me. I then do whatever I can to verify what they say. If even 1 thing is untrue I lose their contact info. I don't even give them the opportunity to resell me and explain what they usually say is an error. Just like that site from your other post. Remember we called him out and he said "oh well you caught me here is the explanation". I don't want an explanation and if you can't get it right on your site or through your salespeople I don't believe you can get it right when it is truly important....When I or my client need you.
When they say they can "help" they can. They can "help" their checking accounts get bigger. It is unfortunate that so many companies do business this way.
I usually do the following things when I am contacting a new lender. The funny thing is as a broker I need to always be looking for new lending partners. It is amazing that these shady practices even role over to my side of the industry. I find or am contacted by these trolls all the time. Trying to scam me into giving them my clients info. It is really scary to think of what can happen if I let them run their ploys on me.
So what I do is write down everything they state they do or any facts they give me. I then do whatever I can to verify what they say. If even 1 thing is untrue I lose their contact info. I don't even give them the opportunity to resell me and explain what they usually say is an error. Just like that site from your other post. Remember we called him out and he said "oh well you caught me here is the explanation". I don't want an explanation and if you can't get it right on your site or through your salespeople I don't believe you can get it right when it is truly important....When I or my client need you.
Wildstorm, what I feel is, one needs to stay away from such emails asking for loan and all kinds of business deals. Even I have sometimes come across such mails and I simply delete them from my account. At times, it's ridiculous!
It's not that one does not send good loan offers but there's an approach to everything. The one that you mentioned is very odd and they'll just speak to you about the loan and won't answer you in details. I guess these are the scammers for whom the entire industry faces the wrath of the common people.
I feel Eric is correct - such emails are not just for the guy next door but for everyone. Perhaps every business has scammers and they're the ones who send such mails. So, be it a broker or a lender or a simply guy like you wildstorm, it's the ordeal of the many.
God bless you all
Samantha
It's not that one does not send good loan offers but there's an approach to everything. The one that you mentioned is very odd and they'll just speak to you about the loan and won't answer you in details. I guess these are the scammers for whom the entire industry faces the wrath of the common people.
I feel Eric is correct - such emails are not just for the guy next door but for everyone. Perhaps every business has scammers and they're the ones who send such mails. So, be it a broker or a lender or a simply guy like you wildstorm, it's the ordeal of the many.
God bless you all
Samantha
