Finance Questions? Ask a Financial Expert for Answers ASAP
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I read your question in detail and Irrespective of the name of the company, let me try and throw some light on this.From what I understand from what you have detailed, these companies use your credit worthiness to help people borrow and use money whose own credit is not good to make them eligible. I do not know how they do it, but they pay you 10% of the money as remuneration. There is one more possibility that by doing some kindly of documentation from you, they may be raising their own lines of credit based on your credit worthiness and good score and might be lending this money again at hard rates to needy people who cannot borrow.THIS IS THE REASON, that you see new hard queries on your credit. It must be certainly by the creditors / proposed creditors.Without going into the detail, my very straight advice would be to STAY AWAY as any kind of default by anyone else can directly ruin your credit. There is no point in being lured by the 10% that is being offered.MY ADVICE WOULD BE SIMPLY TO STAY AWAY FROM THIS. I see absolute lack of transparency and do not advice you going on this unconventional and novice route, which has been totally unheard of.
You may leave positive rating if this helps. Alternatively, please feel absolutely free to revert with additional queries and I will be more than happy to keep assisting you.Warm Regards,