Please read this if you are thinking of joining NLC, a multi-level marketing fraud company similar to Amway. Since I have heard about horror stories on Amway losses, I limited my losses to $125 after foolishingly joining this fraud pyramid scheme. Here is how I lost $125 and some valuable time.
I didn't have a job and wanted to get in to something as a beginner. A new friend at a common meeting place lured me to NLC as a great place for making money & the possibility for working from home at your own hours (would be ideal for a mother of 2, right!) She mentioned mortgage business and all names like Washington Mutual, Chase, Citi, and all such big banks are the primary sources for their lending business. At a Business presentation meeting at the Richmond Hill, NY office, Mr. Rio, a branch manager presented how great the business is and said they generate thousands of loans more than their competitiors which keeps their costs so low and very competitive to local banks and brokers. He also mentioned that they dealt with every bank. They mentioned that NLC can even gurantee rates in the middle of night when other brokers and banks are closed for business. They help everyone succeed and offered free classes to train everyone become a loan officer. His contention was they make money when I bring a loan. Even though I am skeptical, I thought at least I can learn about the business for $125 even if their rates and fees are not as good as they promise.
They held classes every week for about 2 months, but that covered only how to fill in a loan application. That's it! Classes are over.
Since I didn't know how to proceed when I had a client, I asked for help from my immediate superior who introduced me to this and promised me all the help. Verbally a rate was quoted by this superior and when the customer insisted on written quote, an outrageous expensive quote was sent.
We sent a honest information seeking eMail to Mr. Sookram (Branch Manager for this NLC and top of our heirarchy, New York), but he never replied. We asked him simple questions like, Where do I find the various bank's broker quotes for NLC (general area at myNLC gave quotes only for 3 banks out of which HSBC was the only brand name recognizable), who is my superior to work with in clearing loans and getting proper good faith estimate, what are the steps in training, what kind of customers should I target, etc. Our immediate superior had no answers either and we bruised our relations with them.
Realizing that we lost our $125 and valuable time, we decided to stay away from them and also advised any one that we know to stay away from NLC.
Lesson learned! If you can't lie to your teeth and don't bother about converting friends to enemies, stay away from NLC and similar multi-level fraud schemes.
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