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EarnByLoaning sent out the following email earlier today:

Dear EBL members,

We hope you are all well.
We are very busy in the background here doing what needs to be done for getting the members a much better site and back office, than what we have now.
Ok..down to business.

1 -As some of you may already know we have been having some discussions with some forum owners about E-Gold and the fees associated with it. you can read one of them at….
http://hyipblog.nobshyip.net/2007/04/23/earn-by-loaning-follow-up/ here is a snippet of a post on the forum from Kerry….

“If we followed someone’s advice and built up a reserve in Egold of say, $20k and the market dropped like it did last summer, and we had to payout loans through Egold of say $10,000.00, Quest Holdings would have been handed it’s preverbal ass.

That’s not something we are willing to live with. The precious metal market is too chaotic to count on.

I am seriously inclined to recommend to the owner, Craig, to just drop Egold all together as a payment processor. Payout the loans we have already and be done with it.

This may seriously deplete our membership, but that is the price of protecting a programs integrity. It would not affect the remaining members because as we have said all along, we do not need new members or new money to keep meeting our obligations.

I will meet with Troy and Craig and we will seriously discuss this.” ———————————–

Well…we had a discussion about it ( a long one ) and we have come to a decision that some members will not like and some will like.

Effective immediately E-Gold will no longer be a funding option.

Any currently active E-Gold funded loans that members have will be paid out within the next week with whatever interest they have accrued ending April 29, 2007, plus their principal.
No One will be left out, everyone will be paid.
The loans will not be renewed at all, if anyone tries to rollover an E-Gold funded loan it will be reversed and funds returned. We do have the right to not renew loans.

At the moment it will cost you 8% to withdraw your money to E-Gold when you make a withdrawal..
HOWEVER …when your current E-Gold funded loan gets paid out in full to you within the next week we will absorb 50% of the cost.
Yes you heard us right.. We will NOT charge you the full 8% withdrawal fee when your Current E-Gold funded loan is payed out.
We will only charge you 4% withdrawal fee.

If you wish to continue to loan to EBL, you will need to use our other forms of funding. You can not use our internal exchange to exchange to other forms to be paid out to.
EG: PayPal, check/money order, bankwire.

This has been decided after much consideration and discussion, so please understand we are doing this for the good of the program.

It will be business as usual for loans funded with check/mo- PayPal- and bank wire.

2- Now, after much discussion and speaking with the company lawyers, we will be closing the internal currency exchange system.
As E-Gold will no longer be a funding option, there will not be a huge need for this.
Please note*** If you fund your loans with any of our accepted funding options for EG: Paypal … you will be able to email support and simply say “Can I please have my PayPal funds withdrawn to a bankwire or check.” So you are not locked into only one withdrawal source, it is interchangeable by us after you request it.

3- Commissions:
We are still trying to come up with a solid plan for those who have referrals from egold users. We will be meeting through out the weekend on how to deal with this issue. We will update you by Monday morning with our decision.

4- We are temporarily closed for new applications while we are doing maintenance.
We are also deciding on a the way people will sign up, so please be patient.
We are working on the new script with new features and it will be worth the wait.
We appreciate your patience with this.

Well we hope you understand this update and if you have any questions please email us at support or catch us on Skype voice/text live chat.

All the best,
Regards

Craig Jolly
and the
EBL support team.

I just have a couple of comments. First, points 1 and 2 are not negotiable. However, you may request other online payment processors, except those backed by precious metals. There is no guarantee that they will implement the payment processor, but they will consider it. I have no updates on point 3. I do have an update for point 4. Registration is now open. It was closed briefly due to script issues, which have been fixed.

In addition, Craig is looking in the allegations concerning Quest Holding’s Nevada registration. Hopefully he will have a definitive answer for us in the coming weeks. I speculate that if the status needs to be changed, it was just an oversight. Folks, Quest Holdings is real and they are not about to let their registration lapse.

JMO - Sharon

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