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In Reply to: Re: Re: Global One Lending Scam aka WFG Scam = Hubert Humphrey posted by A Happy Person on February 13, 2005 at 06:11:02:
: I was also recently introduced to World Lending Group (WLG). Based upon the presentation on the web, I found it worth investigating.
First of all, I'm not a fan of multi-level marketing (MLM), whether its soap, cosmetics or insurance. In my younger years, I joined a few only to discover that I was too late to make any real money because in an MLM that can only be done by those that get in early. Once you the math, you find out that there are not enough people in the world for everyone attending a convention to reach to top, yet that is what you are being led to believe. While it might be possible for a lucky few to still achieve that level, I find it morally and ethically wrong to lead people to believe that it can reasonably be them. I feel that those that are doing the misleading are not really much different than a pimp.
That said, I do find one basic difference with WLG, and only time will tell if it means anything, you can make money by just doing loans, a lot of it. In fact, it is so easy that you would be stupid not to. However, it appears to me that WLG is making recruiting too easy and thus the focus, like all other MLMs, becomes recruiting rather than personal production, where you might have a chance to learn the profession before you begin to build an organization. If this turns out to be the case, abuses are likely, which will affect those who want to do things the right way, as the originations reputation is critical when promoting financial products. But lets face it, recruiting means growth and growth means fast money for the owners. Following are a few things that I am looking into:
Concerns I have:
MLM stigma
Hubert Humphreys (CEO) past affecting the reputation of the company.
Questions I still have:
Are the loan programs competitive?
Are the loan programs legitimate? (Where is the money coming from?)
Is the loan process easy and quick?
Is there sufficient training and controls in place that prevent errors and abuses from occurring that could affect the reputation of the entire organization?
My advice is to do your due diligence and dont get caught up in the hype. Most people are seduced into accepting something that they know is not right by the lure of big money. Just so you know, there are other options for originating loans, even for those that dont have any experience. Take a look on-line.
In closing, Im not saying not to do this with WLG. In fact, I still havent decided myself. More than likely, I will work on at least a couple of options for a while to see how things go. I hope this has helped.
Brad Bowman
Okay, here is my story and I really hope someone can help me with this confusion. In the past (about 7 years ago), my college friend was trying to recruit my hubby and I to join WMA and WFG but we decided NOT to join after we went to the first presentation to learn about how the pyramid works. We didn't join because the initial investment requirement and when you recruit other people they will also have to put in a large amount of investment $$$.
: Two month ago, my sister invited me to come to the WLG BOP (business opportunity presentation). I also asked my hubby to come because two brains will think better than one :-). After the presentation, we both felt that this business is different than the one we went to 7 years ago. There is NO big investment requirement. You have two ways of making money 1) Recruit and close Loan (this will make faster money because you have BROKER status and can recruit agents) or 2) Close Loan (this will make slower money as if you work for a traditional broker and split the commission every time a loan get closed). So you have option to just do loan OR do loan and recruits.
: My hubby and I took a few days to think over and decided that one of us should join WLG part time. It's a good business for my families because we all into buying properties for investments. With WLG resources, my sister can do our loan when we purchase properties and vice versa. We are in control of the home loan and know exactly the home loan program that will benefit our current family financial. I'm new to WLG but I am very impressed of what WLG can offer me as a part time employee and customers; for example:
: 1) I don't have to have a broker license yet I have status. I can originate loan for client all over America (except New York and Hawaii) and I can recruit agents.
: 2) The on-line resources are superd. Training class, pre-approve letter, Electronic Mortgate Analysis Plan, Loan Application, Communication between agent/loan processor/loan coordinator, and much more.
: 3) The best part that I really like is that my client gets to see all the loan programs that are available to him/her based on the information he/she has given me and the client get the pick/choose which loan he/she wants because only the client knows what loan program will best fit their family financial. I wish I have this same opportunity when we bought our first home 5 years ago.
: The word recruit/pyramid sound not that attractive but can someone explain this to me. A traditional broker doesn't normally produce by himself/herself. In order to make BIG $$$, that broker also hires/recruits many agents because whenever an agent closes a deal that broker will get a peace of it. Am I right? A traditional agent doesn't have broker status; therefore, an agent only gets paid when he/she produces. If a person wanted to go into real estate business ... don't we all want to have broker status?
: Can someone explain this for me? If the founder of WLG (Hubert Humphrey) was such a bad person and scamming everyone all over American all these year ... Why is he still standing and not ending up in jail with all these lawsuits? WLG is everywhere ... internet, meetings, TV, ... they do their businesses openly. Why don't our federal and state goverment officials do anything to help our fellow citizent from getting scam?
: I'm so confuse please help me. Hehehhe :-)
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: : For most multi-level programs, income is dependent primarily on downline recruiting. As a general guideline, if you must recruit to be successful, or if a program's emphasis is on building a downline, it is a de facto pyramid scheme, whether or not it has been declared illegal by authorities. You may just be setting yourself up for wasting much precious time and money, depending on factors that can be identified by answering certain questions. Today individuals go to prison for any type of corporate or pyramid scheme crime.