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Earn By Loaning (EBL) is an opportunity that everyone should have in their portfolio. Real programs, like EBL, are hard to find and rarely talked about. It’s about time that it gets good press and good buzz! EBL is the first program that I’ve seen that actually GUARANTEES the returns! Everyone else has a disclaimer in their terms of service (TOS) that states that returns aren’t guaranteed. How cool is that? Guaranteed returns!
Read the interview with NoBS HYIP Blog here and listen to the interview at EBL here. Read what others are saying at their forum and at NoBS Network EBL thread.
How It Works:
- Before you can loan EBL any money, you have to fill out an application and have it approved by EBL.
- You loan EBL money for a set amount of time at a set rate of interest. (There are several sets of terms to choose from.) You sign a legal contract, called a Lender’s Agreement, with the terms of the private loan from you to EBL.
- EBL administration signs the same contract. This is what guarantees your returns. If for some reason EBL fails to pay you, you can use the Lender’s Agreement in a court of law.
- After the contract is signed, you have to send your funds to EBL within 10 days, so that it can get posted at Quest Holdings, Inc. If you miss the deadline, the Lender’s Agreement becomes null and void.
- EBL transfers all funds that it receives from loans to Quest Holdings, Inc.
- When your loan matures, you are paid the principal and accrued interest within 10 business days. You may only reuse and/or withdraw after the loan is completely matured, although interim payments are made to your EBL account.
- You can re-loan with the same contract terms as often as you like, once every 30 days. However, if you decide you want one of the other terms, a new contract with new terms must be signed by both parties. You can have multiple loans with different terms without the time limit. Terms vary by amount being loaned and by the length of time for maturity.
Lender’s Agreement
I read through the Lender’s Agreement and am impressed with how it covers all of the policies and terms. However, I am not a lawyer! I have asked a contract lawyer to review it from a legal aspect and will report the results. It’s this contract that protects you, the lender, from the possibility of losing your loan + interest. It is also what makes EBL unique and legal (according to the EBL lawyers.)
This is from their FAQ:
There is a risk involved with any kind of transaction. However, with EBL, you are not giving us money to invest for you. On the contrary, you are loaning us your money with an IRON CLAD contract. These contracts will stand up in any court of law. So, by virtue of this contract you are assured that you have a realistic avenue of recovering your loan(s).
Due to mis-information by many uninformed people, here is a note of interest. You DO NOT need to file a lawsuit to recover lost funds from a breached contract for your loan(s) if it ever came to that. (Especially for International lenders.)
That’s because here in the U.S. anyone doing business across state lines or country borders falls under the jurisdiction of the U.S. Federal Judicial system. All you need to do is file a complaint with the FBI Internet Crime division or the U.S. Attorney Generals office and they would come after us and make us pay up.
We have gone to great lengths to ensure that our company is following all of the Local, State and Federal guidelines concerning online investment programs. Even though we are not a typical investment program, we felt it necessary to put into place safeguards to cover the possible misinterpretation of what EarnByLoaning.com/Quest Holdings Inc. actually is. We are NOT a lending institution. We are Borrowers of money. If we do not receive a Loan Contract as required for Loans, we will not guarantee your funds. Additionally, we may elect to at our discretion to NOT activate a loan without a signed contract. Again, this is to protect YOU!
I’ve seen way too many programs threaten you in their TOS to not try to file a complaint against them. How cool is it that here’s a program that is not afraid of complaints and even tells you where to file? Returns that are guaranteed by a contract, which allows you legal recourse, makes EBL a huge cut above the all the ponzis out there! (Note: Legisi is also a loan program and does not have a contract nor does it guarantee returns. I speculate that Legisi is a ponzi and wannabe loan program.)
Another thing that I really like about EBL is the number of ways you can loan them money and withdraw the returns. They accept e-gold, PayPal, checks, money orders and bank-wires. You can withdraw to e-gold, PayPal or by bank-wire for a nominal fee. Did you notice that PayPal part of the list? Yes, PayPal has approved EBL! They investigated them and found them to be within their Acceptable Use Policy. You can’t use PayPal with a ponzi, because they will freeze the accounts. The fact that they passed the PayPal investigation just goes to prove that they are the real deal!
I give EBL 4 ½ stars out of 5. There are two things that I think are cons. First, they won’t disclose what they are doing to make the returns. Also, the returns are static and I prefer variable for real opportunities. On the plus side, they have stated that the ROI is well within the means of the earnings and there is a reserve fund for times of slow returns/losses. I speculate that static returns are necessary for explicit contracts.
I highly recommend EBL. It’s rare that you’ll see me recommend a program, because most of them are nothing but ponzi scum. Even though I can’t see proof of how they make the returns, PayPal did. I trust PayPal’s investigation and feel very certain that EBL, and Quest Holdings, Inc., is a very real company with an excellent opportunity for you to make money. As with any opportunity, 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.
———— Grade A ————
JMO - Sharon
Edited to add: Due to the responses in this thread, EBL Administration has decided to permanently lower the e-gold withdraw fee to 6% and the PayPal withdraw fee to 3%! Please note that these changes will be done manually, until the new script is in place. It’s good to see that all individuals together do have an influence! (Note: The fees still prohibit EBL from being a good bet for HARs. It is intended for those wanting to make long term profits.)
Edited 10/7/2007 per a request from EBL support.
Popularity: 5% [?]
I don’t know Sharon…it is a goldcoder’s script and UNLICENSED at that. I always get a little queasy when goldcoder scripts come into play but for a site to claim to be legitimate and for it NOT to be legally licensed really does lend a ton of questions in my eyes.
To Check to see if a gold coder’s script is licensed go here:
http://www.goldcoders.com/?page=checkdomain&error=turing
I think this is good. But seems the interest is only good for big spender. Its a waste of time for small players. As long as CEP is around, why waste my time?
Hi Leo,
I asked them about the script in the interview. They said that it was not the GC script. It is a clone of GC with a lot of enhancements. I know it looks like GC, but how can you tell if it is an actual GC or not? Anyway, they are going with a custom script as soon as it passes their tests.
Hi Marius,
I’m not sure why you would think it is only for big spenders. The smallest loan is $30, which is not big IMO. Also, CEP is now closed and nothing has been proven on whether CEP is a ponzi or not and CEPTrust is still unlicensed (although Trevor is working on getting it licensed.) I would tread very lightly with CEP. Yes, they have been paying for as long as EBL, but that doesn’t mean anything.
The most critical question is not what script they use or the amount of the loans, it is whether they have a real method for generating returns, which is outside of the program itself. The answer for EBL is yes and it was verfied by PayPal. I have yet to see the same question answered about CEP. Don’t get me wrong, I’m not anti-CEP. However, they are unproven and deserve a yellow light. EBL gets a green light, IMO.
JMO,
Sharon
I would agree with Sharon. I just invested about an hour ago. Not that I’m cheerleading but this seems like a genuine opportunity. Far better returns thatn I can get from my stock portfolio.
Even if it is improved GC script they can at least pay the license fee which is 145$.
EBL is required to annually report interest payments of $600 and higher made to U.S. residents by issuing IRS form 1099-INT.
If the interest amount is below $600, the investor may choose not to receive a 1099-INT form. Of course, the interest amount is still taxable income that the investor is responsible for reporting.
Only interest actually paid should be reported by EBL for tax purposes. If an investor is compounding and accruing interest, under current regulations, EBL isn’t required to report that interest until it is actually paid to the investor.
Are there any US members who can confirm receiving their 1099-INT or possibly a 1099-DIV from EBL for tax year 2006? I’ve looked on their forum for any news related to this issue but couldn’t find any.
Hi Harry,
It isn’t a GC script. It’s a look-alike and has more security than a GC script. I’m sure they paid for it. But, why would they pay a license fee to GC? Is the look and feel of GC patented?
Thanks,
Sharon
opie999,
I myself have only been invested in EBL since Feb 25th, 2007, so I can’t comment on the 1099-Int form.
But, I will be withdrawing interest later this month (and every month from now on), so I will be posting “I’ve been paid” messages on the forums as I receive the money in my PayPal account.
Thanks, Nelson.
Sharon mentions a previously recorded interview wherein EBL claims to report everything to the IRS. Any attempt on their part to downplay or avoid the question of 1099 forms will raise a huge red flag. At that point, whether their script is licensed or not becomes moot.
opie999,
I remember now, we already had this conversation before. And as I explained before, they posted on their forum about the 1099-Int. They were explaining how they calculated them and the post served also as a heads-up to investors that they were getting them.
The date the post was entered was on Feb 19th, 2007. So don’t worry about that, they are not downplaying anything.
I believe someone else asked about this at the EBL forum recently and they answered quickly. Here’s the link to the recent question and answer on the 1099-INT form:
http://earnbyloaning.com/forum/viewtopic.php?t=98
sharon, how do you know that paypal investigated and approved them?
is there some kind of proof?
if somneone contacted paypal and mentioned what they did, would paypal be fine with it?
Hi Israel,
I just tried finding where I saw the information, but couldn’t find it quickly. I’ll keep looking.
I do know that PayPal flags all transactions over a certain amount. It is required by Homeland Security. I believe that the amount is $9,900, but I know that $10K transactions are investigated. I’ve personally moved $10K at one time through PayPal and they investigated each transaction. So, it isn’t a stretch that someone did a $10K deposit into EBL via PayPal (only 7% of their lenders use e-gold.)
Assuming that someone did deposit $10K into EBL via PayPal, PayPal would have done an investigation. Not only was the $10K a flag for investigating, the person doing the deposit was outside of the US. PayPal has the strictest anti-ponzi rules of all of the payment processors, IMO. If they investigated and found EBL to be a ponzi scheme and/or the person depositing did not have a legitimate source for the money, they would have stopped the transaction and frozen EBL’s PayPal account.
I did contact PayPal about a similar program recently. The canned response I got mentioned their privacy policy and that there were no PayPal unresolved complaints. PayPal will not confirm or deny whether a site is a ponzi, rather their actions speak volumes.
So, did I physically see proof? No. Do I believe it happened? Yes.
JMO,
Sharon
Nelson
Excellent. Then there should be at least a few US members who can confirm receiving their 1099-INT for tax year 2006. How about just one?
Well, opie999, you are going to have to ask EBL support about that one, because no one has posted about receiving a 1099-INT form.
Sharon, the Pay Pal incident was talked about in the last conference call. So it really wasn’t posted by them. It was posted by me in the EBL threads on many boards. I also did the same at No BS:
http://www.nobsnetwork.net/specific-hyip-discussion/392-earnbyloaning-com.html#post841
Please be advised that what I wrote was what I remembered the following day. The conference call lasted for several hours and it was late for me, so I jumped into bed afterward. I can remember also that Craig as the owner of Quest Holdings, Inc., had to provide documentations of the business to Pay Pal and this lasted for a month.
“…no one has posted about receiving a 1099-INT form.”
Thanks, Nelson. That speaks volumes.
No it doesn’t. Over the year they have been in business not a single complaint on any forum has been registered. Now this speaks volumes.
I am curious, have you signed-up at EBLs forum to ask your question? Have you tried e-mailing them?
Well Sharon,
I see this blog has a few questions about the 1099 INT’s to it and the Paypal investigation.
First off, only 2 members made over the $600 mark. Most of the lenders were small loans so thery didn’t add up quickly. That is just how they were testing us out in their own way. We did have one member make over $3,000.
That lender is the one who also caused the investigation by Paypal under the Homeland Security act.
I have asked the member if I could reveal some of the details and they do not want their information publicised. This is something we cannot help.
What I can tell you is that this was an international transaction from Australia for $12,500.00. It did take almost 30 days for Craig to provide Paypal with documentation on the company, it’s business model and financial records.
I will have to admit that when it happened I was nervous. Not because I thought Craig did something wrong, but that Paypal would do their ussual philosophy and freeze the account just because they could. Lo and behold though, Craig came through with Flying colors. Paypal gave him the go ahead to continue doing business as ussual.
Now as for any 1099 INT’s, the lenders who did make over the U.S. required $600.00 minimum were all, but 1, internationals. The one that was sent We have not gotten permission to divulge information about.
Sorry about that, but I am sure if it were anyone of you and you asked us not to divulge that information, you would take us to task if we did.
We can only hope that members will willingly come forth with information that will help others define who we are and how we operate.
Now as for the GC script part. I cannot say 100% it is not some form of a GC script. We bought this from a guy in Singapore who stated it was a cloned version. I personally do not know what the GC script looks like in the programming pages on a server. So to compare the 2 is impossible for me as I understand it, the GC script is all encrypted. But, we are having a new script wrote from the ground up. When that is up and running at 100%, we won’t have to worry about if it is, or, isn’t a GC script.
I hope this answers a few of the questions.
By the way Sharon, we are very pleased to be of help to you in any way we are able. Thanks for the favorable review.
EBL_admin
Great response. Measured and informative. Thank you for stepping up.
Nelson
Didn’t mean to touch a nerve there bud. I was hoping to get answers from admin in a *public* venue. Mission accomplished. Thanks again.
We’re still amigos, right?
wow look at their withdraw costs:
8% egold
6% paypal
I am not sure if they also charge a fee (most likely do) depositing?
If you join the monthly plan and invest the max then your returns will look like this:
(($2000*0.005%)*30)=$2300
$2300-0.8%= $2116 - deposit fee (Wire is usually 1.5 to 2%)
So in this case you will end up with Approx $50 for your trouble after a month. Remember that you can’t also withdraw your principal or interests until the loan matures.
Happy investing.
Ross.
opie999,
I didn’t mean to look like I was tearing your head off. But I just wanted to emphasize my point.
Hi Ross,
They do not charge a deposit fee. On 2,000 for 30 days, you earn $300. If you withdraw everything after 1 cycle to egold, then it is $2116, which is $116 profit. If you withdraw to paypal, it is $2162, which is $162 profit. Both examples are exact and not approximate. I wouldn’t suggest a Bank Wire for amounts under $5K.
No, it isn’t as much as the ponzis out there, but it is significantly more than traditional savings accounts, money markets and CDs.
As stated earlier, you do not pay any fees, if you roll over to another loan without withdrawing. I suggest rolling for 2-3 months and then withdraw a portion of your profits every month or go for the longer term loans. For example:
Loan $2,000 for 30 days at 0.5% and get $2,300 in your EBL account after 30 days.
Loan $2,000 for 30 days at 0.5% and $300 at 0.3% and get $2,627 in your EBL account after 30 days.
Loan $2,000 for 30 days at 0.5% and $627 at 0.4% and get $3,022.24 in your EBL account after 30 days.
If you decide that you’re done and want to withdraw it all, then for your $2,000 you’d have $3,022.24 in 90 days. If you withdraw to e-gold, it woud be $2,780.46. If you withdraw it all to paypal, it would be $2,840.91. Profits of $780 or $841 for 90 days worth of loans is pretty nice, IMO.
JMO,
Sharon
I stay away from this one and I advise ppl to be very careful before they join.
Anyway as the minimum loan is low ($30), invest only what you can afford to lose.
Hi Luc,
I’m curious if your advice is based on something in particular or if it is because I asked questions about GPP, which you are promoting? If it is based on something real, please share with us why you’re staying away and advising others to tread lightly?
I find it incredible that when ponzis, like the majority of programs, and potentially dangerous programs, like GPP, are introduced, people are cheerleading them like they are the next best thing. Yet, when a real and relatively low risk opportunity is introduced, the same people are ready to pounce all over it. Is it because the presence of a real program threatens the life of ponzis?
I do understand all of those that have posted concerns/questions and have stated exactly what they are worried about. Those issues can be constructively addressed. However, it’s difficult to understand a “stay away” comment with no basis behind it.
This article and my comments are not blindly cheerleading people to EBL. It presents facts and my opinion, which happens to be very positive. I understand and respect that not everyone shares the same opinion. (What a boring world we would have if everyone had the same opinions!) However, I do expect those stating a positive or a negative to also spell out why their opinion is one way or another, even if it is an “I agree with so-and-so.”
JMO,
Sharon
P.S. This is not an attack on you, rather it is a request to understand why your opinion is negative. Thanks!
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.
I like the fact that EBL’s loans are guaranteed by a legal contract. Still, let’s not go too far here. If EBL were to file for bankruptcy, try getting your money then.
Rico
Just a few points.
1. I believe EBL is a terrific opportunity. One advantage is its relatively small size at just over $130,000 in funded loans. This will allow the traders to perform at their best.
2. You can preserve your returns in EBL by funding and withdrawing with checks. All you pay is a $5 withdrawal fee.
3. Overall, the review was well-written IMHO, but I think that inserting the suggestion that Legisi is a ponzi diminishes its credibility somewhat.
Rico
Firstly, I would be interested to know the findings from Sharon’s lawyer with regards to the contract.
Secondly, it would be better if EBL can also accept Moneybookers or some other payment processors since not everyone can withdraw from Paypal (especially international customers). Moneybookers fees should be lower compared to e-gold or Paypal. International checks/cashier orders payments will be slow since they need to be sent out via snail mail…
To clarify my last post, the credibility I am referring to is that of the review, not of Legisi. An effective, objective review of a program will not attack other programs by name. Doing so provides the appearance of an agenda, whether or not there actually is one.
Rico
HI Rico,
I included Legisi as a comparison. It was started after EarnByLoaning and there have been speculations, besides my own, that it was modeled after EBL. I probably should have left off my opinion of Legisi, but then again I’m known for spouting off my opinion.
Legisi’s recently announced changes appear to be last ditch efforts to get new money and bigger deposits. History has shown that program after program have made similar changes right before the end. If they were not a ponzi, then they would have no need to make such a big grab for new money. If they don’t have an outside revenue source to support 12%, then they are not going to magically create one to support 6%.
By comparison, EBL would continue to survive if it never gets another deposit. Why? Because it has an outside source for generating revenue. It does not rely on new money nor ploys for grabs at new money. Why do I think this? Because PayPal audited and approved them for use.
So, that’s why I put the comparison in my review of EBL.
JMO,
Sharon
Sharon,
Thanks for the explanation. According to what I’ve seen, Legisi started December 28, 2005 and EBL started February 10, 2006. Also, Legisi is going private, i.e. closing to new members June 1. That would seem to indicate a desire to limit deposits. But then again, I suppose that’s when you think the end will be. I’m on the other side of this fence.
But I did enjoy reading your review and share your enthusiasm for EBL.
Rico
I read these comments about legal contract, approved by this or that, no banks pays this amount, safe, I recommend, one year in business and still standing etc..and it seems everyone forgetting how many programs have been in this very spot not long ago and have failed to deliver. Asian pay, Global on line depository, to name a few generally known programs and that i personally did join. they were all legal, took our money and we did nothing.
Now, no one knows what this company does that produces this high returns.I heard “trading” drop somewhere. this on itself is a very high risk business.
What I’m trying to say is, despite all these reassurances please be cautious and don’t let anyone talk you in to any type of investing. because no one can predict when disaster hits high risk programs. Legal or illegal won’t matter. If they have not the money to pay you back you can submit complains to any authority, but no one will be able to get your money back. make sure that you know where your money go’s and what is been done with it, and then determine your investment goals and targets and investment amount.
Good luck.
Ross.
Ross.
Troy, NO problem!… Yes my comment sounds a bit agressive when I re-read it also but it was not my intention. Sorry if I’ve hurted some readers. Anyway what I said is plain logical! Of course I have an experience in investments: I don’t invest in hyips anymore, too many scams.
I’m fully agree with the post of Ross: I consider this program as a hyip too cause the ROI is very high… meaning very risky! So this one is not safer then the other hyips. I answer to sharonsopinion also (below) so you’ll understand better my view.
sharonsopinion, you’re curious to know if my advice is based on something in particular or if it is because you asked questions about GPP, I’m promoting? There’s nothing to do about that! I said that your opinion about GPP is very welcome. But you have also to accept my opinion (as your nickname suggests) if you want to be FAIR. Again am sorry if my post sounds rude but concerning your program, you said they still don’t have a custom script and still unlicensed, you don’t have physical proof but you only believe it happened (is it enough to only believe and pray?) and you don’t know if Paypal investigated and approved them… I’ve read they still had to provide documentations of the business to PayPal. I warn ppl to be very careful before they decide to join cause there are still many things unclear and that you can’t bring the answers.
Another thing: You know that even with the best DD you are still limited in your search and you’ll always have someone to contradict your searches (as I see in the posts above), there will be always someone who would find something wrong that you didn’t see before so again you have to accept the different opinions.
You will never know for sure if a program is RELIABLE or NOT based on a DD only. On internet the admins - scammers or not - always remain anonymous and you can never prove at 100% if a program is a ponzi or not: you said yourself that PayPal will not confirm or deny whether a site is a ponzi so you’re not sure if it’s a Ponzi or not. In fact, you only believe this program will pay.
Again I’ll be on the side of the fence and advise ppl to think before they decide to join.
Hi Ross,
Did you have a contract with these other companies?
You mention that in your opinion EBL pays high returns.
Do you know EBL has been criticized by other people on other forums for paying horrible returns, go figure.
I highly respect your opinion and the advice you give is pretty much advice that applies to any investment you make to build your portfolio.
I even have friends I know who have lost money in property.
It’s good to be cautious, it’s out natural defence mechanism.
If people do not have the right frame of mind to look at other possibilities other than their JOB..then good luck to them and I am sure the world wishes them well.
Do your Due Diligence and decide wether it is good for you or not.
Remember..EBL welcomes all new members, but EBL does not need new members to survive.
Thanks for your thoughts Ross.
Have an awesome day.
HI Luc,
I do accept and respect your opinion and I thank you for voicing why you have a negative opinon. That’s all I was asking for, your reasoning.
I agree with you, that one can never be 100% sure about any investment on or offline. Also, that you can’t rely soley on what most people consider as DD (whois information.) For real DD you’ve got to dig as deep as possible and digging is for any investment on or offline. For example, I put money in an offline Money Market that my financial advisor recommended. Within the first year, they had lost over half of my money. My funds were locked for 5 years and while they did continue to grow after that wipe out, I got 2/3 of my original deposit out at the end of 5 years. So, nothing is definite, except a bank savings account.
All we can do is get as much information as possible to either feel comfortable enough to invest or enough disdain to bypass it. The only thing someone shouldn’t do is invest blindly, just because so-and-so said it’s good. Do your own digging. If you still like it, then invest. If you don’t, move on.
Thanks for your insight!
JMO,
Sharon
Thnx sharonsopinion, I appreciate your searches… Not always easy to make a DD so as you said better to get as much information as possible. I’ll keep looking at this one too.
I’ve been with EBL since March of 2007 and I’m very happy with their program, support and believe their claim to be approved to do business with PayPal is genuine.
I’m working with a Self Directed ROTH IRA company to approve EBL as a company to loan money to in a ROTH IRA. If my SD-IRA company approves EBL, I’ll have the best DD I can do and will share in this forum if you all want to hear.
It will be a year before I receive a 1099-INT from EBL. I will share in this forum when it occurs.
Sharon, If it was not for Legisi, I would not have found EBL. I believe that Legisi is an honest, legit company. I have met with Greg McKight in Flint, MI and have been paid every month since Aug. 2006. Legisi support and performance speaks volumes and IMHO is the best HYROLer (High Yield Return On Loan) program out there. It’s my 1st and best program. They were in business before EBL a far as I know (Dec 2005).
I’m not a financial advisor so any advice you use based on my posts YOU DO AT YOUR OWN RISK.
Yes, any DD that is posted is most welcomed. So, I for one would like to hear what your SD-IRA company has to say.
Epayday has an update for you.
http://earnbyloaning.com/forum/viewtopic.php?p=706#706
Chew on that for a while.
EBL_admin & NoBSnetwork friends,
Be sure to look at the 2nd page of the SD-IRA thread at EBL:
http://earnbyloaning.com/forum/viewtopic.php?p=724#724
-ePayDay
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