Brockton, MA · Member since 2019 · 26 posts · 9 votes
Hello all,
I have been looking at this new CD for a few months now. My research says it’s legitimate, can’t find anything saying otherwise online. Anyone using this? A 1 month CD returning 6% seems too good to be true but I’d love to park some of my savings ($20k ish)in there and collect $100 in interest every month.
Here’s a link
https://myloan.doctor/hcf-high-yield-cd-account/
Would love to hear from anyone who has used or anyone who has thoughts on it.
Jerry, I talked to Stacy as well, and she mentioned, only accredited individual can do it? Are you the one? Atleast I do not fall into their eligibility! any other option you know of? I found out Driver Loan Investor club as another.... Thanks!
Rajeev, the downfall of SIG, one should pour 200K to be accredited to their company, correct me if I'm wrong, dats what she told me, as of now I can't find better option.
Yes Jerry, either your past 2 years each tax return should show that 200K enormous amount or combined income of 300K to be accredited individual, but that's really hard to meet either of those, atleast at my end.
I did find another option driver loan investor club but they are new in market so I am not that much confident on them though I have opened an account with initial deposit for 3 months only to see what is coming out of it, may be you can check too!
Another is FPCU credit union they have 2percent CD for 60 months which is FDIC insured for jumbo CD, you can check at their website too...
I am trying to find the best and safe option around, will let you know If I discover anything more than above.
Jerry, has Stacey said anything more to you that she can do anything if you are not an accredited individual per their terms or she has just said NO at this point for SIG?
Jerry, what I understood is if you're accredited then you can start with 10K. You don't need to put in 200K to be accredited to their company. As Rajeev mentioned, the crietia is either your past 2 years tax return show that 200K or combined income of 300K with your spouse, to be accredited individual.
Rajeev- Driver Loan is pretty new. 15% is too good to be true - so I'm skeptical.
Yes Harry you are correct for SIG, which is difficult requirement to met, but do not know if there are any exceptions to it if SIG can consider at this point by relaxing their criteria's? and Yes 15% is really too good to be true to me as well, but I did open an account with 50 bucks only just to keep an eye out and build confidence...
Got it Rajeev n Harry, Stacey told me one should be accredited. My eyes got big when I saw dat 15% driver loan, il call them later, did I read it right they are FDIC insured.
I researched Driver Loan. My issue besides obvious too god to be true ( don’t know how it will last) return, is that they issue you K-1 for tax filings. It is horrible to deal with K-1 ( prone to mistakes).
Yes Stan, K1 should be same as 1099-INT but it all depends who is generating it,
Jerry, they are NOT FDIC insured, they are same as loan doctor, as they store money in financial institutions which are FDIC insured so they are saying because of that, which is what loan doctor also said...
Jerry, I am right now playing around a bit with this new thing, what I did was I put down initial deposit of 50 15 days back, and today I did additional 25, and on dashboard everything was fine, and then I cash out 5 bucks, after which dashboard turned out to say me that to either reinvest or pull out all money, even though I cashed out partial amount and wanted 70 to remain in the account but it did not work that way and that's where the difference comes between this new club and loan doctor, meaning my 15 days were reset back to first day which is today, for a starting amount of now 70, and you can click on reinvest button on dashboard only when the cash out request is shown as completed, for to better understand this, as I am new to this club, I had to call them to understand, and requested them to complete the request of 5 buck cash out, as soon as it got completed from pending, I was able to reinvest which I already did.
bottom line is one has to wait for 3 months in full to get the interest but good part is you can have your principal back at any time, down side is if you do this before 3 months as what I did today, you will end up loosing on interest and all is set to day1 if reinvesting...
Still building confidence with these new club, and now waiting for 5 bucks to be back into my account, and to better understand that how much time it will take for this 5 buck to come back... once there is enough confidence then I will gradually ramp up the amount not in one go, but yes, If I do, I will cash out entire amount with interest as soon as its matured, and then wait for few days and then do it again.
Hope it helps... this is my experience so far with this new club.
Rajeev dat helps, il put a bit big amount and hold my breath til it matures. il give you guys feedback how it goes, il just go for my gut feeling this company won't close ASAP.
Yes Jerry that would be good to analyse as it come through. Just to update you I also see my account showing up 5 bucks as what I attempted to cash out, so its showing up in current balance in my bank account, so far so good, If all stays good, I am going to gradually ramp up the amount too in this club. I will keep you posted as well on the progress. Thanks Jerry.
@All my fellow members - Today I found out that - In your loan doctor online account there is a message for this HYCD closure and next steps and they have a very small form to fill in for user if the investor wishes to be notified for any such future investments options available, so you may want to enroll yourself for this. Thanks!
If you are considering an immediate annuity, you are better off looking at structured products. They offer similar protection but with return of principle at the end of 24 - 48 month periods. You do not have to be accredited and can buy in increments of 1k.
Its where we see a lot of folks going who need yield that the bond market can't offer these days.
Happy to discuss at length if there is any interest.
@daniel, il get into it as my driver loan expires in 85 days, I'm all in on this company n nothing much left to invest right now, 15% to good to be true but 5 days had past by, 85 days to go. Minimum 3 months to stay to get full interest.
@Donald, Yep I closed my account already as those people reached out for closures, also nothing new yet from their side. Per my last conversation with them, atleast 2 months before we can expect to see anything, its just expectation that they mentioned, but it could take even longer...