sharonsopinion

No problem! We wouldn't be humans, if we didn't make mistakes. I make my fair share of them! LOL

- Sharon

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NelsonN

Sharon has put together a lot of information about EBL at NoBS HYIP Blog:

Interview: EarnByLoaning Interview at NoBS HYIP Blog Community.

Review: EarnByLoaning Review at NoBS HYIP Blog Community.

You wanted more details and Sharon's got a lot for you to mull over. As a member of EBL, I want to thank her for all her hard work.

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allinvain

yep, read it...good job Sharon! I already joined and made a deposit.

shanek

I have signed up and checked the contract, which in my opinion is useless legally, doesnt guarantee anything. Now from their TOS:
This is not true either for this kind of business you need the SEC license.

NelsonN

shanek,

You know I have heard this before so many times on so many forums.

I guess the lawyer Craig has been paying to legally set this business up should be fired then. And the Nevada corporation should be nulled as well because the lawyer has no clue.

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allinvain

"this kind of business"..you mean to tell me you need an SEC license to lend funds to a legal entity (corporation)? give me a break...

someone should speak to a lawyer and get the facts straight instead of just shooting opinions left and right..

on a different note, there are NO guarantees in dealings with any business unless the goverment is involved. Assuming the company behind EarnByLoaning is a real Nevada corporation (I'd like to see a scanned copy of their corporate registration papers), the the only thing you can do if something happens to your money is try to sue them or do as EarnByLoaning says:

"Due to mis-information by many uninformed people, here is a note
of interest.
You DO NOT need to file a lawsuit to recover lost funds from a
breached contract for your loan(s) if it ever came to that.
(Especially for International lenders.)
That's because here in the U.S. anyone doing business across
state lines or country borders falls under the jurisdiction of the U.S.
Federal Judicial system.
All you need to do is file a complaint with the FBI Internet Crime
division or the U.S. Attorney Generals office and they would come
after us and make us pay up."

The point is if the entity is real and it holds real assets and you've got a formal legal contract with the entity then you are entitled to legal retribution under the laws of the country in which the entity is domiciled. Thus I don't really understand how you can claim that the contract is useless legally? how can a written contract between two parties be useless legally if it is in accordance with the proper laws (of course I am assuming here that the contract is legit from a legal standpoint)??

And here is proof that the company is indeed real!

Nevada Secretary of State on Quest Holdings Inc

Shanek, please explain your opinions.

sharonsopinion

What I have been told is, if you borrow money as a company, then you're not classified as a security broker. However, if a company borrows money and tell the lender that they are going to invest it in xyz, then they get classified as a security broker. You can not legally sell securities in the US with a security broker license. So, in order to remain in the first classification, they legally can not tell us what they do with the funds.

The do guarantee that you will receive the written interest and your loan returned to you by the maturity date with the signed legal contract. If you read section 1.7 about defaults, it give the lender the right to demand the loan due in full if the borrower defaults. This is the exact type of agreement that you sign when you take out a loan from a bank. If the borrower defaults, all business and personal assets are frozen and used to pay off debts, which would include all borrowed funds.

JMO,
Sharon

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NelsonN

I should have quoted that section but since shanek said he read it and concluded it's useless legally, I didn't bother.

But now that I am here writing about the contract let me point out section 1.2:

Section 1.2 will automatically protect subsequent re-loans ("loan principal and all accrued interest maybe granted as an additional loan to Borrower") within a 10-day period of maturity in the same PLP plan (according to EBL support if you re-loan to a difference PLP plan, ie, move from PLP 30 to PLP 120, then you will need a new contract). This is what "an additional loan term not to exceed the length of this original loan" means.

So it continues to protect re-loan after re-loan with the same contract in the same PLP plan.

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shanek

Yes,you need to be licensed. if it would be as easy as making it look everything like a loan and avoid SEC regulations, dont you think that most companies would do it? just think about it.

shanek

There is no protection there, you do not need to have a contract to demand in full what you are owed or sue someone for not paying you.
Now the key is, does this contract protect you? the answer is no, if they do not pay you, your choice is sue the company correct? do you know how much costs a nevada corporation? $300 (so no assets for you there) , what are you going to obtain when you sue them and win in court, nothing. So the contract legally is useless.