With 49% to 189% Vig, is LoanNow a Lender or a Loan Shark?
Al Capone and Bugs Moran would envy Jesse Stockwell. Our researchers are senior citizens and they had to reach for their nitro tablets when they saw the rates published, yes published, at Jesse’s LoanNow website available here. And if the page disappears, as has happened in the past, we made a pdf facsimile available here.
Republished with permission from uswatchdogs.net.
We are still shaking our heads! 189% interest. That’s one-hundred-and-eighty-nine percent interest! Using their loan example of a $2500 loan paid back over 12 months, you borrow $2500 and you pay back $11,901.25. That’s $9,401.25 in interest! Hell, where we come from, that’s vig. Be serious! You can get a better deal at your local neighborhood loan shark. Even the Chicago Mob is going to buy one of Jesse Stockwell’s books he claims to author on his website, jessestockwell.com. I guess they taught a whole lot more at the Wharton School of Business than we thought. Do they hand out Tommy Guns rather than diplomas at graduation?
Let us present the following scenario of Jesse’s business plan. Please remember, this is pure speculation:
Some poor working stiff who, based on Jesse’s neighborhood demographics is probably Mexican-American, comes to LendingPoint Mortgage where Jesse sells him on the American Dream. He buys a home that he can’t afford via a junk mortgage Jesse signed him up for. The whole U.S. economy then blows up, primarily because of junk mortgage companies like Jesse’s. The poor working stiff loses his home and moves in with relatives. He can’t rent because his credit is now ruined. Jesse comes to the rescue! This time with his new company Debtmerica LLC. Being of a very proud heritage, our poor working stiff signs up to repair his credit rating so he can rent a home. Now according to the New York Attorney General, our poor working stiff makes his payments for a year or so, thinking he is paying down his debt. He then finds out that he has tax problems as the IRS says the debt settlement deduction is taxable income, so he now owes the IRS. To the rescue, Jesse signs him up with another of his companies, Optima Tax Relief LLC. The poor working stiff’s TV and Computer got repossessed so he never saw the warning on the IRS Website or the Fox Business Special on “tax Relief Scams”. Meanwhile back at his relatives’ house, according to the Attorney General, while our poor working stiff has made all of his payments to Debtmerica for over a year, not one payment was made to his creditors! All of the money he paid has gone to Jesse. A sheriff comes to our poor working stiff’s door representing the creditors. But once again, our poor working stiff has Jesse in his corner and this time Jesse signs him up with a 189% loan from LoanNow to pay the creditors who didn’t get paid. But how did all of this happen? After all, our poor working stiff, before his computer was repossessed, checked out Jesse and all of his companies at an independent authority called SuperMoney and he didn’t have even one bad review. If he only knew that SuperMoney was also one of Jesse’s companies, but he found out too late.
While this was a satire, it’s really not very funny. And while what Jesse Stockwell and his companies are doing in reality may not be a crime, it should be.
Do you feel you have you been a victim of Debtmerica LLC? Be sure to see our exclusive story on Getting Your Money Back From Debtmerica LLC?
The following websites also have information relevant to Debtmerica LLC, Optima Tax Relief LLC, LoanNow LLC, SuperMoney LLC and Jesse Stockwell.
- Optima Tax Relief’s Founder Jesse Stockwell: Wealth on the backs of Mexican-Americans?
- Optima Tax Relief’s Founder Jesse Stockwell: Does he really feel women are commodities to be bought and sold?
- Who is Optima Tax Relief’s Managing Partner Jesse Stockwell
- Optima Tax Relief LLC’s Managing Partner would not deny published facts
- Optima Tax Reliefs Founder’s Father Filed R.I.C.O. charges against Jesse Stockwell. Why?
- Was Optima Tax Relief Overturned by Twitter?