WLG scam stands for World Lending Group. They are also known by the names Global Equity Lending (GEL) and National Lending Corporation (NLC).
They provide a unique type of mortgage broker organization called a multi-leveling marketing structure. This structure is usually considered illegal and a type of fraud and so can also be though of as wlg scam.
WLG scam actually offers a type of franchise. This means that it's up to the person to make the money and you pay a fee to use the WLG name and organization. It is an interesting fact that they still charge a processing fee regardless of weather or not they get a sale.
In order to be accepted as a seller of loans in WLG scamyou must go through a few weeks of training that costs around $200. After you get done with this training you will be able to sell their loan products to others. The starting commission can be as high as 40% for people who are just out of training.
As you generate more sales you will eventually be able to keep more and more money.
Another thing you are allowed to do is recruit people under you. This means you get a share of their sales plus the sales that you make. This kind of organization takes on a lot of public criticism. Not many people trust WLG scamor its loans because of how it is a lot like a franchise and they think it as wlg scam.
The biggest problem with all the people who hate this kind of group is that so far WLG has remained fairly clean.
There are a lot of other companies that look like they are more respectable which have had even more problems with executives cheating people and performing illegal things in general.
You just have to trust the company in general and hope for the best. There is no real way to tell if you're going to be cheated unless you do a thorough investigation and maybe even some legal action.
One of the big reasons why people distrust this type of company is that there is no real product. If you buy a computer you can see who made it and can probably track down someone who can help you fix it if something went wrong with it.
In a franchise brokerage company however, there is nobody that you can really turn to that can help you if something goes wrong. Yes, there are executives but the guy above you is probably your best friend and then the guy above him is just his friend.
You have to go through lines of people just to get some help. This frustrates people and turns them off from these types of companies.
In the grand scheme of things your best bet is just to not invest in this type of company if you don't trust them.
This keeps you safe from being scammed and cheated out of your money and time and it also keeps you clear of any legal action if the company is ever investigated. Sometimes the best sounding offers and deals look great on the outside but are hollowed out and rotten on the inside.
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