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    36 Replies Latest reply on Apr 9, 2009 10:24 PM by omegafunding

    Unsecured Line of Credit?? Is it Legal??

    JasonS Newbie
      I came across an offer for an "Unsecrued Line of Credit" up to 250k. This is somehow based on purchasing an existing corporation and having it transfered to my name. The qualification for the loan would somehow be based on future income of this so called corp even if it currently has no verifialbe income stream. The cost is pretty steep at 17k upfront, for which (of course) they offer financing. I have never heard of this sort of thing before, can someone please shed some light for me? Is it legal??? Is it smart???? It sounds like an open invitation for fraud.