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Earn By Loaning is one of those programs that has flown under the radar for over a year. I had the pleasure of interviewing the administration and support team. Here is the interview. (Warning: It is long! LOL) The notes in italics are my inserted infomration. Read the review here.
IMO, I give them a big thumbs up!
Interview:
Q: Hi Craig, Kerry, and Troy, thank you for taking your time to answer questions in this interview. Tell us more about yourselves.
A. Craig Jolly - Full time businessman, Owner Quest Holdings Inc.:
Kerry -(Admin support): I work a full time JOB and I am the administer for the website/support for Quest Holdings Inc./EarnByLoaning.
Troy -(customer support): I am a Full time Dad, after giving up corporate life in the retail sector. I am in the customer/member support dept. for Quest Holdings Inc./EarnByLoaning.
Q: I understand that you have a verbal interview at EarnByLoaning/Interview. I appreciate you taking the time to answer many of the same questions here. Do you have the interview transcribed anywhere for our listening impaired and non-English speaking readers?
A. No we do not. We have not addressed that issue yet. It is an important issue for us and we acknowledge that this is important for our hearing impaired members, but at this point in time we have to prioritize the tasks that are higher on the “to do” list. Rest assured it will be done in the future when the new site is up.
Q: I understand that EarnByLoaning and Quest Holdings, Inc. are separate companies. Would you tell me a little bit about each one and how they are connected?
A. Quest Holdings Inc. is the company. EarnByLoaning is just our online presence for the public to see and get to know us.
Q: Are you involved with any other programs? Have you ever been involved with any programs in the past? If yes, please list them.
A. Craig - I have dabbled in a few programs as a member only. They will however remain unnamed. No involvement currently with any other online programs.
Troy: I have been involved with the MLM industry for about 12 years. I have also been a member in various internet programs over the past 6 years but do not wish to name them as I was only a member and they are all gone now anyway. I have been in customer support for a couple of these internet programs and became disillusioned with them because I knew that they were not treating the members right or they were just plain keeping things from them. Anyone who knows me, knows I have very high morals and values and I could not just sit by and watch people get treated in the wrong way.
Q: Is there a team involved with Quest Holdings Inc? EarnByLoaning?
A: There is a small group of support people and small group of financial managers that I work with.
Q: How long has Quest Holding Inc been in existence? EarnByLoaning?
A: Since basically date of incorporation and domain registration
(Note: Readers the date of domain registration is February 4, 2006, which makes them just over 14 months old. It is registered for 3 years.)
Q: Please share with us your background and why you started EarnByLoaning.
A: Craig: I am a CPA and have been involved with investments for over 10 years. EarnByLoaning was concepted out of talks between myself and Kerry over a year ago. We knew there was something we could do to change the way internet companies were constantly ripping people of after getting them all hyped up about the rags to riches syndrome. We felt it was time we made an effort to bring some respect back to businesses who use the internet. As I am sure you are aware, many, many so called investment programs have come and gone with millions of peoples money, and no way for those people to take any kind of action to recoup their losses. We call those type of companies, Flash and dash programs. and they are abundant. I cannot fathom why people keep doing the same thing over and over again to loose money.
Troy: EBL was born from Craig and Kerry wanting to bring some honesty and respect back to internet business and when Kerry asked me to come on board, I checked out why they wanted to start EBL and was blown away by the vision they had. I just had to jump on board. We have something special here. I really do believe that.
Q: I understand that you do not consider EarnByLoaning a HYIP. Why not? What makes it different?
A: To answer this question isn’t all that difficult. You see High Yield Investment Programs are by nature High Risk with NO GUARANTEE of a profit or any return. You could easily loose everything you invest. The rates you see with HYIP’s is usually very high. The record of HYIP’s speaks for itself.
With Quest Holdings Inc., we offer the written contract guaranteeing that the money you loan to our company is legally owed to you upon a certain date. The contract lists the amount, duration and percent of interest it earns daily through the maturity of the loan. It is signed by both the Lender and the company owner personally. By having a contract for the loan, each lender has a recourse of judicial action affirmed them by the rights of the United States judicial system and it’s court appointed authorities. We do not offer any outrageous return rates for our loan program. Considering what we offer, our program is very low risk.
Q: If you haven’t already answered this, please explain how EarnByLoaning works.
A: At EarnByLoaning, member lenders make a loan to our company for a set amount of money at a set rate of return for a set length of time. Their loan earns interest every 24 hours during the time between making the loan and it’s maturity.
Q: Having members sign a Lender’s Agreement when they lend you money is unique in this industry. Please tell us about it and why you use it.
A: The contract is very simple. It is the vehicle in which members and Quest Holdings Inc. are able to protect themselves to some degree. We use the contract to give the lender the assurance that we are a serious company that intends to provide the services we offer. The contract is essential to many lenders because we are a registered company in the U.S. and they know that they have the power to enforce that contract because of the laws governing our business.
Note: I am having a contract lawyer review the Lender’s Agreement. I am waiting on the results and will let you know.
Q: I understand that Quest Holding Inc is not involved with Forex. Without giving away any investment advice or strategies, would you describe what Quest Holdings does to generate returns?
A: We are active in the investment community and financial markets.
Q: Would you be willing to allow a third party, such as Jude, review your earning information and ID documentation, after signing a non-disclosure agreement?
A: ID documentation shouldn’t be a problem, but as for our internal company financials, No - we are not currently willing to open our books to anyone for security reasons and industry trade secrets.
Q: Since you are incorporated in the USA, are you nervous about running this type of program? The SEC has investigated and shut-down many USA programs.
A: No we are not concerned about the SEC. The typical HYIP’s and surfs have been the target of the SEC. We do not fall into that category of companies because of the nature of our business model.
Q: When I searched the BBB I did not find any complaints against Quest Holding Inc or EarnByLoaning. Have you ever had any filed complaints anywhere? If yes, what was the outcome?
A: To our knowledge, we have not had ANY complaints against EBL or Quest Holdings Inc.
Q: Is EarnByLoaning open to members residing in all Countries?
A: Yes.
Q: I heard on your recording that you report everything to the IRS, What does this mean for your US members? non-US members? Please elaborate on any documentation that you require from members, if any.
A: Members from other countries are encouraged to report earnings as they should to their taxing authorities. We will be requiring members to supply Quest Holdings Inc. with a photo ID and mailing address from which all records can be traced back to.
Q: I understand that you use E-Gold, PayPal, checks, money orders and bank wires for transactions to and from members. I’d like to touch on some of them.
1: Do you have any concerns about using E-Gold, especially since there has been a rash of hijackers stealing E-Gold transactions? Have you ever switched E-Gold numbers? If yes, what was the reason?
A: There is a huge misconception that E-Gold accounts get hacked. This happens because people do not secure their computers correctly. If you do not have the right protection for you computer you are just inviting hackers and key loggers/trojan’s into your computer system. They then retrieve your passwords and walk on in to withdraw your funds.
The other danger with E-Gold is that you need to go through a third party processor or exchanger, if you want to get your funds in and out of E-Gold. If the third party processor is not legitimate, you could lose your money to these scammers. There are some honest ones out there, but you will need to do your own research on that by doing Google searches on reviews of these exchangers.
2. Do you worry that PayPal may close your account due to their Terms of Acceptable Use? I understand that PayPal had Homeland Security investigate you when someone attempted to fund their EarnByLoaning account with $10K. Would you please describe what happened and what the outcome was?
A. It was an international deposit for $10,000 - paypal put a hold in it to verify it was legal and intentional - after all t’s and i’s were dotted it was cleared and no issues since. This wasn’t Homeland Security itself, but, the regulations Paypal was following set forth by them. Keep in mind in the U.S. if you show up to a bank with $10,000 in cash you have to verify where it came from.
3. Do you have a holding period for checks to EarnByLoaning accounts? Do you require extra identification documentation from those depositing via checks?
A. Just until they clear - usually 48 to 72 hours. We haven’t in the past required such identification but we will in the future to discourage identity theft.
4. Bank wires are expensive. If someone wants to be paid via a bank wire, do you charge them a fee?
A. We charge a basic $25.00 bankwire transfer fee to U.S. banks. International bank wires are done case by case basis as they do vary.
5. Do you charge any fees for transactions either in or out of EarnByLoaning?
A. We charge a withdrawal fee. We do not charge for transactions received though. These can all be viewed on the EBL site.
6. Normally when someone is paid it is via the same method they used to deposit. I understand that you prefer it that way, however, what circumstances would you accept for varying the method of payment?
A. We do allow members to use our internal currency exchange, if they need to change the way they receive funds from EBL. We do charge for this service though. Again this can be viewed on the site.
Q: How can you guarantee the return on the loans? Do you use a reserve fund to cover the payments in case of losses? Please elaborate on how and why you chose static returns.
A: We offer members what we know we can safely return. We use this because static returns are easier to track and manage. It is also less confusing for potential lenders to understand how we work. We do have a reserve fund and it is building all the time. The details of this and how much we hold in reserve will not be divulged.
Q: Is the interest on a loan calculated using compounding or is it simple interest? Please elaborate on why you chose the calculation method.
A: Simple interest - with the guaranteed rate of return we’re offering we can’t compound it as well.
Q: Is the principal returned with the interest when the loan matures?
A: Yes.
Q: What happens if a member needs/wants to withdraw the principal before maturity?
A: We take each type of requests individually. We try to evaluate each circumstance independent of any other actions taken in similar requests.
Q: Why do you offer a referral commission?
A: We decided to offer a Finders fee as a way to help future lenders and the opportunity to ‘earn’ their chance to improve their lives. We believe in the policy that if you work to promote EBL, then you should be rewarded for those efforts. EBL is not just for members who have a lot of funds to put into the program.
Q: Are there any plans to close your program or go private for new investors at anytime?
A: We may setup a separate program but have no intentions of closing EarnByLoaning for the foreseeable future.
Q: What do you foresee for the future of Quest Holding Inc and EarnByLoaning?
A: With our program we see no reason it can’t go on indefinitely.
Q: What support options do you offer your members?
A: We have in place our normal email support, our company forum and our VOIP live support using Skype voice and text chat. We do have phone support, but that is limited to special requests. Only because we want members to use our online options first.
Q: What methods do you use to update your members? How often?
A: We do send out a news letter from time to time. We do not believe we should bombard our members with useless emails.
Q: I’d like to ask about your website, EarnByLoaning.com:
1. Why did you chose to use the GoldCoder’s script, since it is well known for being an easy target for hackers?
A: Well it is not an actual GC script, but a cloned script.
2. What did you do to make it more secure?
A. As I previously stated, it is a cloned script so the security is definitely more enhanced.
3. Are you planning to change it to a custom script? If yes, when?
A. Yes we are having a ground up NEW script being written as we speak. We are hoping it will be done very soon, but we will not use it until we are 100% satisfied with it and it is fully tested.
Q: Is there anything else that you’d like to share with our readers?
A. Please feel free to ask any questions. We may have questions that we choose not to answer. Not because we’re hiding things but we are a private company that doesn’t need every detail of operations splashed on the internet.
We hope we have answered your questions.
B. We would like to address the issue of RegisterFly. We are aware of the ICANN issue. We are trying to move to our other registrar, but, Registerfly is not cooperating, so it’s taking more time.
Note: Registerfly is causing a certificate warning. Please don’t pay any attention to it. They are having difficulties getting transferred away from Registerfly after numerous problems with them. If you remember my articles about Registerfly, you’ll see that there are thousands of domains in the same boat.
Regards,
EarnByLoaning
End of Interview.
Please read my review about Earn By Loaning. You’ll see that I think they are definitely worth the risk! As with any program, use multiple sources of information to form your own opinion. Once you make a decision to go with a program, spend prudently and do not over compound. Get your principal back and take some profits along the way.
JMO - Sharon
A web hosting review does not always lead to the right web hosting services. According to the so authentic webhosting reviews, services like startlogic and hostgator are not that reliable, but statistics speak otherwise.
Popularity: 6% [?]
Q: I heard on your recording that you report everything to the IRS, What does this mean for your US members? non-US members? Please elaborate on any documentation that you require from members, if any.
A: Members from other countries are encouraged to report earnings as they should to their taxing authorities. We will be requiring members to supply Quest Holdings Inc. with a photo ID and mailing address from which all records can be traced back to.
What this means for US members is that each and every one, without exception, has already received a form 1099-int from EBL for tax year 2006.
Great interview there sharon. I might decide to join EBL under your referral. Good work done there
Hold on, maybe I’m reading the FAQ wrong, but the transaction fee for
withdrawals eats up all monies earned in interest.
The example of $500 for 30 days earning 9% and then doing a withdrawal
to e-gold for 8% or PayPal for 6% pretty much wipes out any/all earnings.
In fact, if that % is for the whole $545, I lost money by withdrawing - BIG TIME.
I assume if you want a real return, you have to reinvest a couple of times first. Tigerbuny.
Hi Tigerbunny,
I did the calculations and you don’t lose money, you just don’t make much if you invest in the 30 days and then withdraw everything. However, there are no fees if you roll over the amount into another 30 days. If you’re going to do the 30 days, then roll for 2-3 months, then start withdrawing a portion of the profits, until your principal plus some profits are removed.
I think that it is a good thing that you don’t make much with one loan in 30 days. It will keep the HARs out of it. EBL isn’t going anywhere anytime soon, so doing a couple of months roll over or selecting the longer term plans is a safe choice. However, don’t continuosly roll over for ever. The idea is to make a profit and you need to withdraw to do that.
JMO,
Sharon
“Q: I understand that Quest Holding Inc is not involved with Forex. Without giving away any investment advice or strategies, would you describe what Quest Holdings does to generate returns?
A: We are active in the investment community and financial markets.”
Wow! That statement really inspires a lot of confidence! And they guarantee it with contracts?!?!?!?
I find it amazing that some people still fall for this stuff.
Hi Jorhyne,
They have disclosed on their forum that they trade in Small Caps/OTC. I would prefer that they disclose a bit more, but they aren’t going to.
There are two things that inspires my confidence in them…
1. PayPal has investigated them, their business plan, and their portfolio. It took a month, but PayPal approved them in the end. PayPal does not approve ponzis. So, IMO, a trusted entity has seen and verified that they are truly using member’s loans to produce returns outside of the program.
2. They are the first ones I’ve seen, that are public knowledge, to gurantee the returns. Everyone else has a disclaimer in their TOS about returns not being guaranteed. They go one step further and bond that gurantee withe a written contract, signed by the lender and the borrower.
Is their lack of further disclosure then only thing that makes you distrust them? Please elaborate on your opinion.
Thanks,
Sharon
Here is the link to the Nevada, Secretary of State website where the incorporation details of Quest Holdings, Inc., are located.
The "Status" field with the "Default on" date means that the information defaulted from last year’s info. That is, nothing has changed. It does not mean that the corporation is in default.
A year ago I met Craig through 12DailyPro which went belly up along with my 1000 dollars, my brothers 500 dollars and a friends 300 dollars which I repaid him for.
I am one of the first to invest with EBL. Since investing I have quadrupled my money and have withdrawn a third of my initial investment . My account continues to grow every day and I can keep track of it. Support is right there either by e-mail or Skype.
So far so good. Soon I will have my initial investment back. The rest is gravy.
MrDale
Hi Guys,
The Nevada, Secretary of State website is now updated.
We had a bit of a run around with the people doing the paperwork etc… Nothing is instant these days when it comes to government..lol.
Anyway…hope you guys are looking forward to the new site.
Regards
Troy
EBL support
what is the minimum one can invest in earn by loan program
what do you give as a referral fee
rocco,
The minimum loan deposit is $30. The referral fee is 5%. All of the information is on the website at earnbyloaning.com.
Rico
Just to make sure the info is up to date here, withdrawal fees were updated quite some time ago.
PayPal = 3%
Bank Wire - contact EBL Support
Check = $5 for US, $15 for international, extra fee for special delivery
Direct Deposit to bank = TBD
You can see the most up to date info at this link, at least until the new website is up (I suspect the details will be maintained in the FAQ after that):
https://earnbyloaning.com/forum/viewtopic.php?t=219
This program look good, however, I just don’t get the fact that the longer you commit funds to them, the less interest you actually make. For instance if you commit to the 1 yr. loan, you actually make less, than if you place funds into the 120 day loan, and just keep rolling over into that plan. This is the only issue keeping me from trying them out. Something doesn’t seem right about that. I see no other posts regarding this issue, which does surprise me.
I listened to the interview by Craig. In it he says you can reach him/support by e-mail, skype - not sure if i’m spelling that right, and phone. However, they don’t give the phone number to reach anyone, and I don’t see it listed anywhere on the site. Does anybody have an actual phone number for them?
HI BHarrington,
I’m not sure how they came up with the numbers. They have said that they spent a lot of time calculating how much each loan should be. One thing about this program is that you can only have one loan for each plan at a time. For example, when you reach the maximum for the 30 day of $2K, you earn $300. The next month you can take out another $2K loan, but the $300 has to go to a different loan. It doesn’t take long before you max out and have to go to the next length of time in order to keep investing. So, if you just keep rolling over, you’ll reach the limit on how much you can loan.
I hope this helps!
HI Sarah_CA,
Shoot them an email explaining that you’d like to talk on the phone. They will arrange a time and provide you the phone number. They prefer to talk on skype, though. Kerry and Troy are often available on skype.
JMO,
SHaron
This program does sound good, but I was wondering if anyone has actually spoken to, or met with Craig Jolly. I believe that he resides in WA, at least I think he does from the info. I’ve been able to gather. I’m going to wait until the launch of their new site, which I believe is around July 4th, before I make any final decisions to commit funds with them. I do wish they would provide more info. on how they are able to make the type of returns they bring in every month. I find their rates of return to be rather high, and wonder what types of investments, if any, can generate the types of returns they claim to make? I’m not saying they can’t do this, as I have no idea what they are doing, but they must be placing funds into high risk ventures to sustain such returns.
I know there are 2 people that recently joined that are meeting with Craig this weekend in Las Vegas (though Craig is from WA). I’ll try to share whatever info I can get from them.
Meanwhile, you can check a ton of due diligence info gathered from the internet all in one place over here
http:/freewebs.com/4loan
BTW, the post form Sharon above is a little misleading as the 120 day plan has maximum limit of $25,000 per loan, and the one year has a max of $50,000.
So you only max out quickly on th e30 day loans (limit is $2,000)
But since the 120 day plan offers the best returns, especially if you factor in the effect of compounding, you are better off with the 120 day plan.
HI Bill,
I have talked to Mr. Jolly. I found him to be extremely knowledgeable on investment matters. He is a wealth of information! During our talk he explained why they don’t reveal what they do with the money that they borrow. The money you loan them is unsecured. If they tell you what they plan to do with it, it becomes secured. If it was secured, then it would fall under the SEC jurisdiction, due to their volume of loans. So, they can not discuss it with anyone that either loans them funds or might potentially loan them funds in the future.
However, Pensco Trust, a third-party, independent, financial institution, recently audited them for long-term viability. Pensco’s purpose was to approve a self-directed IRA for one of their members. They approved EBL. The rest of us benefit from the result by having the best DD done on any HYROL program on the net (that we know of.) Since they were specifically looking for long-term viability, we can also rest assured that EBL has what it takes to be around for the long haul, with or without new loaners.
JMO,
Sharon
Hi 4EBL,
You’re correct in enhancing my explanation about the loans. I was going for a simple explanation, as I understand it. The 30 day loan was just an example.
They have a number of loans available for each time period, 30, 120 or 365 days. There are 11 loan types in all. Each of the 11 has a maximum. The limit is that you can only have 1 of a given type of loan at a time.
Once you reach a maximum from your return and you want to re-loan with some of your profits, then you need to roll it to the next type or split it into two loan types. If you keep going, you’ll eventually reach the maximum.
This is different than most programs. Usually you can spend as often as you’d like, as long as you ‘re under the maximum. For example, lets say that you have $1,000 that you want to loan them for 30 days. Then a week later you have another $1,000 that you want to loan to them. You’ll have to wait until the first loan has expired or you’ll need to loan it via one of the other loan types.
There is a reason for this stipulation. Each loan type has a contract that you sign. That contract is renewable for an additional loan when the current loan expires. So, you can have up to 11 loan contracts. What they don’t allow is for you to have 2 of the same contract type.
Does this make sense or did I confuse the issue even more? LOL
JMO,
Sharon
Thank you Sharon.
Sharon says:
“Once you reach a maximum from your return and you want to re-loan with some of your profits, then you need to roll it to the next type or split it into two loan types. If you keep going, you’ll eventually reach the maximum.”
Again this is not entirely correct. You only reach the maximum within a given month. In other words, you have to start a new loan if you max out at a given level, but only within that month.
What is not mentioned is that if in the current month you have a 120 day loan for the max $25,000 (which is loan plan PLP2-4 for loans $1,000-25,000), you cannot make any more loans in PLP2-4 in this month. BUT what is not mentioned is come next month, you can actually make another loan in PLP2-4 for up to the maximum of $25,000. So in month #2, you would have 2 120 Day loans that would mature 1 month apart.
The FAQ used to have this information to try to illustrate this, but the end conclusion is that you can actually make new loans each and every month up to about $106,000, whether it comes from interest earned that is available to loan from past loans or from new money.
All their set-up does is maxes how much you can re-loan each month, but that max is hihg enough for most people, so not a bad deal.
Checl above about 5 posts up for a web site with lots of due diligence info located in one place.
HI 4ebl,
Thank you for that clarification! I was wrong. I misunderstood and thought that once you took out a 120 day loan type, that you couldn’t take out another one of those loan types for another 120 days (likewise for the 365 loan types.) I went back and reread the FAQ and their forum. I found this post, https://earnbyloaning.com/forum/viewtopic.php?t=209, which clearly explains that you can take out a new loan of the same type every 30 days, no matter the length of the loan.
This is great! I’ll need to redo my personal strategy. Thank you very much!!
Thanks,
Sharon