Mortgages

Is that lender legit? (part 2)

Comments 29 Comments

Last week I explored what sounded like good advice about how to check out a business and figure out if it was legitimate.  Despite some very logical sounding advice, that usually starts with "everyone knows that you should . . . "I found out that it isn’t as easy as it sounds.  Most people don’t know how to check out a business. Last week we checked with the Better Business Bureau and Chamber of Commerce to find out if United Lending is a legitimate business.   This week we are going to try two new pieces of advice – Licensing and references.

I would ask if they are licensed

Licenses?  It is always best to choose and deal with a lender that is well known, because a reputable lender is probably licensed in your state.  But since I am trying to find out about a company I have never heard of — United Lending Financial Services in Maine, I need a different approach. There are all sorts of different kinds of licenses. Where do I start?

It is easy but it will take some time.  First, I need to find out (1) if United Lending needs to be licensed to offer me a loan California, the state where I live, and (2) if so, is it licensed in California.

First, try asking the lender. The easiest thing to do is to ask them or check their website and look for the licensing information.  For an example of what you should see go here.  What should you ask?  Can you believe what they tell you? No, but take whatever information you can get from them because there are ways to check it out quickly. If they don’t respond to your questions they probably are not a legitimate business. Here are some good questions to ask:

1.  Where is the company incorporated? What year was the company incorporated?  In this case United Lending told me they aren’t incorporated.

If a company is incorporated you can go to the state Department of Corporations or appropriate state licensing authority for corporations, and do a search on the business name.  If it is incorporated you will find it.  To find the appropriate licensing authority in your state go here or here.

2.  If the entity is not incorporated ask:  What type of business entity it is; What state it is registered in, and What year it first registered in that state.  (All states want to collect taxes so if it is a legitimate business it will be registered somewhere.)  United Lending told me it is a small private lending company and is not incorporated.   

3.   Ask if the business is licensed to loan money in the state where you live? If the answer is yes, ask them what license they hold in your state.   You can check this at the state site licensing authority.

I went to lenderlicense.com and clicked on ‘Useful Links.’ When I clicked on "California" I was directed to "The Department of Corporations." I clicked on "Financial Service Licensing Information" and found out that lenders must be licensed in California to offer the type of loan United offered.  Next I searched to see find out if United Lending Financial was licensed.  Ah hah!  United Lending Financial Services is NOT licensed to offer loans in California.  Now that was easy.

If you live in another state that doesn’t require lenders to be licensed I would try the website for your state and local government: From there go to the Attorney General’s site.   First check and see if there are any complaints issued against United Lending.

Next try the Department of Corporations (Some states provide this service on the Secretary of State site).  Maine had a search feature so I was able to search for particular business name — United Lending Financial in Wells, Maine wasn’t listed.

Finally, just to make sure, I clicked on the "Contact Us" button and sent an e-mail asking about United Lending Financial Services Company.  Within 24 hours I had an e-mail response – United Lending Financial Services does not exist in Maine. It is a scam organization using a Maine address.

I would ask for references

Great advice, especially if the company is a privately held company.  Ask for references from professional entities, funding institutions, insurers, partners, borrowers, accountants and attorneys. And, ask to see their financial statements.  If they balk or refuse, you have your answer – don’t deal with them.

What is your advice for finding out if a business is legitimate?

  • Karen

    Is the lending company Premier Global Financing Legit? The address is 410 Park Avenue New York, New York 10022. I need to know before I commit to an agreement. Thanks!! Karen

  • http://www.credit.com Credit.com

    That is a loan scam. Do not send them any money.

  • billie

    anybody ever here about emerald financial solutions? is it a legit company. located out of new york

  • Jody combs

    It is a scam took me for $800.00 dollars stay away

  • shaniqua crawley

    is united lending service a scam they requested i give them 29.95 and i will receive a 20,000 dollar have anyone heard of them before me and my husband send them our money your advice will be greatly appreciated

    • MEGAN

      Did you get your money?

    • perry

      Shaniqua, did you ever receive any money from United Lending? I just saw your post and I was about to pay them, but I wanted to see if you were successful?

      • Paula Edwards

        There was united lending source and united lending services co. ULS screwed me out of money, but no, ULSC was really legitt.

  • brittany

    did anyone find out if they are legit or a scam? ULSC approved me for 5800 and said to pay 29.95 but im skeptical

    • http://ULSC maria

      did you get your money or was it a scam?

      • CHRISSY

        don’t do it.

    • Paula Edwards

      got it

      • Lee

        me too. no problems.

  • CHRISSY

    Please DO NOT send ULSC any money. Yeah it’s a small fee of $29.95, but you can keep it in your pocket as this is not a loan company nor are they brokers. What they do is match you with bad credit loan companies then you have to apply to each one of them by yourself and 9 out of 10 you will be denied and having your credit score drop drastically for too many inquiries. If you need a loan just google bad credit loan companies and save your money. And don’t dare ask for a refund as they state, you will wait forever! Good luck!

    • Paula Edwards

      Yeah, well I sent them their fee, and it saved my butt. I ended up getting more money than i even asked for initially. What I found out the problems most people have is that on their applications they lie, then the lender catches on and obviously denies them. Don’t lie on your application and remember, we DO have bad credit, so don’t bite the hand that might feed you. I say do it. Be honest. Dont tell them you make 100,000 a year and make 6.00 an hour.

  • Elias Lozano

    I have been thinking about using their service but I went to the New York BBB and there
    was a complaint filed. This did not sound good for me, I would want more assurances they are licensed in New York,

  • Paula Edwards

    Don’t get confused by the name!!! There was a company called United Lending Services and they were in Chicago, and there was one on 303 water street in NY. Those are both out of business and from what I read a scam. BUT United Lending Services Co of NY is in business and that was the ones who helped me. I didn’t think of this until I told my cousin about ULSC and she got the wrong name and got mad at me. I realized she searched the wrong company. Im just saying, make sure you get the name right.

  • Francis Alberti

    ULSC is NOT a scam, but they are not a lender. Just read their site… It says that they match you to lenders. I did it and it was worth the $29 because I have applied to 10 lenders before them and I was denied. They can’t perform magic but they do find lenders that will work with you, at least in my case. I had a 600 credit score too. As Paula mentioned, just don’t lie on your application. I would recommend them, I thought it was well worth the money.

  • Lee

    ULSC in NY? Theyre good! People are just stupid, “united lending services co” is not “united lending service”, “united loan source” or any other name. It;s like eating at a restaurant called Burger Queen and telling people you ate at Queen Burger. NOT THE SAME. You’re probably retarded if you think they are someone else. I got more money from them than any stupid bank that is too snobby to do business with people with bad credit.

  • becky

    My credit is so bad – like less than 400.. Do you think they can help me? Need about 5000.00 to get out of debt..

  • becky

    My credit is less than 400.. Do you think they can help me? Need about 5000.00 to get out of debt..

  • becky

    my credit is less than 400 – can they help me?

  • Tj

    All these people on here saying how good it is how do we know they are not apart of the scam and just trying to suck us in by saying how good the company is???

  • FRED

    how long did it take to process loan?

  • laura

    it is against federal and state law to require a fee for a loan application. I understand they are refering you to other companies but my opinion you can do the research yourself. If you found them you can find the information they send you and it is likely if you are really searching for a loan and have applied at many different compnaies they might end up refering you to the same companies that have already denied you there is no knowing or gaurantee what you will get as far as referalls and you might as well keep your 30 dollars and keep looking. I think that what Im going to do they havent been in business except since July of this year and its too convenient that a basically brand new compnay to the industry is charging you to do something when none of the others charged you to deny you right.

  • Stacey

    Just curious how long did the loan take to process and what kind of process and info did you have to give for the loan?

  • Danielle Ashley

    I find it a little odd that Paula Edwards is on numerous sites talking about how she was approved for a loan from ulsc.I also find it funny that you have to pay money for them to do a service that you could do for free.I understand it is tough to find a lender with poor credit but something just doesn’t sound right

  • http://ulsc Monica Robertson

    I typed a dob that’s 2012 and ulsc still approved me for a 15000 loan. Now tell me if they are a scam of not….

  • Jayj78

    Is this company real not ? UNITED LENDING SERVICES CO. 244 5th ave. NY, NY

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