The administration was abolished in 1994 and its functions assumed by the Rural Utilities Service. You will never get a loan that youwill never have to pay back from anybody.You need to be very careful whenyou are presented with the opportunity to get “money for nothing!
Also beware of the con men that do not charge front fees but want to see ifyou qualify for such a “LOAN”, then notifies you later that you have beenapproved for a “Loan” and want you to pay points, closing costs, advanceinterest fees, etc. I know you see several adsin many publications advertising such a loan. Many people believe that to get a so-called Self Liquidating, Loan one only needs to apply and like magic, there it is!
Amulti-million dollar loan with money pouring out of the envelope!
Not so -but the Self-Liquidating Loan concept is done every day and you can learn how!
A loan that pays itself off is of NO benefit to the lender-so, Why Would They Do It? Con men typically ask for up-front fees to get people a Self-Liquidating Loan.
“Your “Loan” Has Been Approved” is their typical ploy.
Since there is NOsuch thing as a Self-Liquidating “Loan” this should be a tip off that allthey want is your money and you will never see such a “LOAN”!
Remember themoney MUST come first, and if they can’t prove to you how the money willcome first to create such a transaction, you will lose any money you pay tothese con men.
By the early 1970s about 98% of all farms in the United States had electric service, a demonstration of REA's success.
The REA was created (1935) by executive order as an independent federal bureau, authorized by the Congress in 1936, and later (1939) reorganized as a division of the U. In 1949 the REA was authorized to make loans for telephone improvements; in 1988, REA was permitted to give interest-free loans for job creation and rural electric systems.
of Agriculture charged with administering loan programs for electrification and telephone service in rural areas. To implement those goals the administration made long-term, self-liquidating loans to state and local governments, to farmers' cooperatives, and to nonprofit organizations; no loans were made directly to consumers.
The REA undertook to provide farms with inexpensive electric lighting and power.