- Report: #537270
Report - Rebuttal - Arbitrate
Complaint Review: Development Of The New World
Development Of The New World1940 Harrison Street Hollywood, Florida United States of America
Development Of The New World Daniel Sheps loan scam, credit establishment scam Hollywood , Florida
*Consumer Comment: rebuttal to the report is false and misleading
*UPDATE Employee: Response
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This company claims to establish business credit. They say they can get a personal loan and also up to $250K in business loans. They run a preliminary report, tell you everything looks great..then take your money and produce absolutely zip.
The business credit is predicated on you establishing a C-corp...which of course they will handle.
Then, they will apply for a binch of credit cards with introductory cash advance rates. Whatever credit line they get for you will be reduced by their 10% finders fee. So ---if it all worked by their standards, you'd be left with 90% of the credit they "establish" for you. Then you'd be stuck owing 100% to the credit card company (in your coporate name)--and as soon as the introductory rate ran out, you're stuck with high interest rates and oh, by the way, the credit card company charges a 4-5% upfront fee anyway. Immediately then you are paying 15% on the money you borrow.
I was desperate at the time. I still told them no after they told me what the next steps were. They were supposed to get me a personal loan first. Once that fell through, I declined all the credit card applications they were going to put in for me. So---i'm only out the $700 credit application fee.
This report was posted on Ripoff Report on 12/10/2009 12:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/Development-Of-The-New-World/Hollywood-Florida-333020/Development-Of-The-New-World-Daniel-Sheps-loan-scam-credit-establishment-scam-Hollywood-537270. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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