I am trying to understand the arithmetic. I am going to assume that the fees (application, interest, etc, amounted to $275. In that case, you received $1000 from the loan company and had to send them $1275. The MSC paid you a $500 shop fee, reimbursed the $1000 loan, and paid the finance company fee of $275 (in my example), so they sent you $1775.
You received $1775 from the MSC. You had to send the finance company $1275. Your net proceeds seem to be $500 (which is substantial, of course). You said that you made $1500. I think you made $500. Please help me understand.
@Catmom wrote:
I have done personal lending shops where I took out a personal loan at a finance company for $1000. The shop fee was $500 and the mystery shopping company reimbursed for the loan and fees and I received the loan proceeds, so in total, I made $1500. I had to keep the loan open for three months.
Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008