I ran across this company's ads on Cable T.V. and the concept of co guarantying a credit app is interesting. I can't vouch for these folks, but I think that it should be legit since they accept Credit Card payments for fees. Obviously if they don't deliver one can dispute the charge with his/her CC Company. Also let's face it they are charging 10% for guaranteeing an applicant, and playing the numbers game that less than 10% will default! I wonder if this is something Credit Works, and the other sites would want to get into?? www.accesscredit-corp.com
RE: Very Interesting Site & Interesting concept. It can work for some of the folks on this board. We at CreditWorks do not charge for our service, we actually pay for the use of our service. Our approach is for the individual or small business to stand on their own, to show the responsibility, the patience and the discipline to build their payment history. We will pay 19.47% APR in 11 months. Eleven months is a long time for some, but usually a member will get a lower rate or higher limit before the loan is actually paid off. Please visit or e-mail for details on how you can build your credit and make some money in the process. http://www.creditsense.com
RE: Very Interesting Site & why not just make the original loan, and add 10% penalty for the lack of good credit? Then you get the original 8-12% plus the 10%. At least this way you are getting 20% instead of the 10%. You have to pay the debt if they default regardless of who gave the original loan so it doesn't really matter if you are just signing on the loan, or gave the original loan. You just make more money by giving them the money yourself.
RE: Very Interesting Site & We really want to concentrate in trading the market. The loans are to help others establish a payment history and for CreditWorks to have more working capital. We rather not compete with their concept. http://www.creditsense.com
RE: Very Interesting Site & That's easy Marvin, These guy's are not tying up any of their capital right now, just like if you cosigned a brothers Credit App. They are generating cash flow with the fees they take in. Second they keep overhead down by not having to service the debts (Payments & Reporting). Incase of default just turn it over to collection agents. Third it's better for the consumer to say have a $1,000.00 Chase or Royal Bank Visa than say $1,000.00 loan from Bob's loanarama. Fourth, they are based in Canada which until reciently did not have even 1 secured card programme (now they do W/ home trust). Obviously they see market potential for this programme.
RE: Very Interesting Site & I'm tempted to give it a try and charge the fee to a Credit Card so I have recourse if it doesn't work.
