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    5 Replies Latest reply on Jul 29, 2008 11:45 PM by Iwrite

    Wilson Terry Loans - I have my doubts.

    Iwrite Pioneer
      The posts for this company are what concern me.

      It doesn't feel right, the posts give enough information to get people interested but nothing solid to research.

      I normally stay away from loan posts but this one bothers me because it appears to be a concentrated effort. I have seen scams like this before and I didn't want anyone to get hurt.

      Be careful. The website does not work. The phone number is from the UK. There are no references to this company anywhere on the web that I can find.

      This doesn't feel right. Please be careful and do your homework. Do not share any personal or business information before you are sure who you are dealing with.

      I almost think people offering loans on this forum should be screened or something.

      I may be wrong and I hope they will come on this forum and prove that I am. But until then - I will have my doubts.
        • Re: Wilson Terry Loans - I have my doubts.
          Iwrite Pioneer
          It appears they were flagged and removed.

          Good.

          Will someone who understands the loan process explain to this forum the questions a business owner should ask before exchanging information or selecting a company to apply for a loan from? Give us the do's and the don't's. What are the signs of scams?

          I don't feel comfortable doing this but someone really needs to. You may not find a loan on this forum but you should get the information to keep you from being taken here.

          I really don't know why this bothered me so but it did today.
          • Re: Wilson Terry Loans - I have my doubts.
            chefstacy Wayfarer
            I actually got an email on this company. Sent them an email and waited to see if i heard anything back about 2 days ago at 530 in the morning i received a Phone call from someone in United Kingdom stating they were from the Wilson Terry Company i was so upset they called that early i asked if he was crazy and if they really thought people would believe them. Then i hung up. Well not to long after that i received an email. These people are fake and i would advice everyone and anyone to have nothing to do with this company..
            • Re: Wilson Terry Loans - I have my doubts.
              whalteva Wayfarer

              "I Write" excellent post. So what does it take to find a legitimate company that can
              provide actual loans? Remember those that are posting on here offering loans are
              merely brokers. Most "unsecured" loans are just simply applying for business credit cards.
              Or, they will BUILD YOU BUSINESS CREDIT......WHOOPEE...... D&B paydex scores or
              the Experian business is all important but EVERY lender cares more about your PERSONAL
              credit score. I speak from experience. I've been taken from those that would build business
              credit for you only by applying for department store credit cards. Pay on time and it keeps
              your paydex score high. That and a dime might get you a cup of coffee but not an actual
              business loan.Every bank want security. SO is there an actual lender/broker on here that
              can work with someone LEGITEMATELY and help them get a loan?? Not a "company"
              that will just offer to build "business credit", or charge ridiculous up front fees. Or a company
              that takes a percentage from your credit card sales. Come on, a broker that can actually find
              a bank business loan providing the client can provide the necessary credentials???

               

               

                • Re: Wilson Terry Loans - I have my doubts.
                  Iwrite Pioneer
                  I am sorry, I don't know. I would think that a bank, credit union or finance company would step forward but no.

                  I understand the need to qualify people, and to protect the assets of their bank or financial institution but there needs to be a way to help small business owners.

                  Here are three thoughts I had:
                  • Could you imagine how much business a bank could do if they had a program to help those who have bad credit get out of that hole? I am not talking about charity. What if the bank started with small loans $1000 to $2500, and if the person paid it back on time they would then be eligible for a slightly bigger loan. This process would keep repeating itself. Different people would enter the program at different levels depending on their credit scores and history. I am no banking expert but I would think this program could earn the bank more money over time, while helping small business owners build credit.
                  • What about bringing the micro loan products that are working all over the world here to the US? We will invest money to raise people from poverty all over the world except within our own shores. I really think micro loans are the answer to most of the requests here. A really smart business person would set up a program in the state.
                  • Another option would be to create investment clubs that are designed specifically for small business owners with credit issues. A group of people (15 - 40) could each contribute money monthly to a fund. Then they would using a pre-determined criteria decide which businesses they want to invest in.
                  I do not have the answer but I do know that bad credit score does not mean a person is not worth giving them a chance.

                  My suggestions are not perfect and may not work at all but until we try, how can we be so sure they won't? They sure beat telling people to wait until they can build their credit up.

                  I am stepping off my soap box.