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We found that they charge very high up front fees. A lot of people reported it as a scam.1 of 1 people found this helpful
Use it at your own risk.
Their website doesn't inspire confidence in me...so there's that.1 of 1 people found this helpful
I would find out what their interest rates are.
Most of all I'd give serious consideration to CC08's reply.
7007, Try FactorGirl
Jan 8, 2008
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thanks everyone, I'm just looking for money for start-up and can't seem to find it anywhere being on limited credit. I'll e-mail you right now CC08. Thanks again everyone, just wanted to know if it was a scam or not.
I would not say it's a "scam" because they tell you in black and white (actually in red and white, which is even more appropriate) how it works:
You give them $2,500. They acquire what's called an "aged shelf corporation" -- a company that was created and basically put on a shelf (it hasn't actively conducted business, but the attorney who created it filed taxes, paid license fees, maintained a telephone number, applied for credit cards, etc. in the business' name -- so over a period of time, the business has built value). Obviously, the older the entity, the more it's worth. (An attorney in the office next door charges about $750 for one he created last year, about $4,000 for one that's two years old, around $30,000 for one that's 20 years old.) For $2,500, these guys probably aren't getting you a company that has a lot of credit already.
So . . . next you get an upsell. For $2,500 more, they can get you a two-year-old company with a S&P listing and a D&B rating -- it's even already on the federal government's list of approved bidders and contractors! Sounds good, so you pony up the extra bucks.
They acquire the company, amend the corporate filing to transfer the firm to you, and set up a $100,000 line of credit. "Is that satisfactory?" they ask (explaining that more is better and why not get a half million dollar line of credit if you can?). You go for it.
They set up the $500,000 line of credit, you confirm that it's satisfactory, and they bill you for the fee that is just plain as day on their website -- 5 percent of the amount of the credit line they obtain for you, less your initial $2,500 deposit. In other words, you paid them $5,000 already and now owe them another $20,000 (and you haven't made a penny in revenue yet).
There are probably some "can't miss" business scenarios where doing this might make sense . . . but not many in my opinion.
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I was looking at this and was wondering what everyone thought about this site. Not too sure but I did find them as a registered business when searching on yahoo. And they do offer a 100% satisfaction garuntee. Would this be false advertising and lawsuit material if they stole your money? Look and tell me what you think please.....Thank you!