Is the National Lending Corporation legit?

I was introduced to this tonight at a NLC meeting a friend of mine invited me to, and I thought that before I completely dismiss it I would present it to the Teeming Millions first.

So a couple of questions:

  1. Are any of you invovled with this? If so, how is it going for you?

  2. Judging from the website My NLC what do you think?

The people at the meeting were so passionate about it, and I barely understood what it was they were doing. It sounded like a pyramid thing, but I wasn’t sure what was going on. So of course now there’s the pressure to join, but I don’t want to do it without hearing other peolple’s take on it first and researching it myself, which I am doing.

So what do you think?

-Jenny*

I had to get to slide #14 in their presentation, but it’s a multi-level marketing thing (which is a little different than a pyramid thing.)

Here’s how it works. All the NLC people are selling mortgages. Someone recruits you. That person gets a cut off every deal you close. The person who recruited that person gets a cut off that cut. When you recruit another person, you’ll get a cut off those deals. Etc.

Were you introduced to it because you’re looking to finance a home mortgage, or because you want to make extra money?

I was introduced to it by a friend who wants me to join in. So that I could make a little bit of money on the side, and of course, so that he could as well. I just wasn’t sure. I didn’t know if it was a scam for the people who are getting the loans, although they do use well-known banks. And at this point, I’m not sure how you even go about getting people to sign up for the loans. Do I go door to door, talk to random people on the side of the road?

Also, you don’t need a license until you get to the Branch Manager level. I found that odd.

Ay, there’s the rub. There must be a million people trying to sell mortgages, based on the amount of spam I get every day. There’s a finite number of people who need them, and I would guess that the vast majority of people get their mortgages through a bank with which they already have a relationship. You’re competing with all of those banks, credit unions, and other lenders who have more resources for attracting customers and more experience at closing the deal.

Like all multi-level marketing businesses, the pitch is that it’s an easy way to make some money on the side. But unless you have sales experience and/or a pool of waiting customers, I suspect that you’ll find it very tough to seel even one mortgage.

Outfits like NLC are in the business of selling their system, and you are their customer.

And to be honest, this is what I thought. They mainly focused on getting people under you. They never talked about what you actually do. Just about building up sales people under you. I have Sales experience, as that is what I am currently doing, but it’s not something I’d want to do long term. And I for one would think more people would be willing to get a mortgage directly from a bank. It’s all really wierd to me. So thank you for your responses.