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  1. #1

    Has Snap Gone Crazy?

    Does anyone know whats going on at Snap? I submitted two one with 520 and one with a 550 credit score and both were approved as premium 15 month deal paying 10 points. Both were ACH deals and the funded the first one same day and the second one the next day. Is anyone else getting offers like this? They said they have made some major changes. Does anyone know whats going on it doesn't make any sense

  2. #2
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    very clever marketing

  3. #3
    Quote Originally Posted by sean bash View Post
    very clever marketing
    Ha Ha Ha so awesome

  4. #4
    Yellowstone is a huge fan of Snap and Mike Landau personally, we are literally doing more and more business with them every month!!

  5. #5
    Quote Originally Posted by sean bash View Post
    very clever marketing
    Was thinking the same thing!

  6. #6
    they must have changed their underwriting process as their approvals are through the roof lately

  7. #7
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    They're following the On Deck model. Application, bank statements, voided check, FUND!

  8. #8
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    Quote Originally Posted by MCNetwork View Post
    They're following the On Deck model. Application, bank statements, voided check, FUND!
    I would have to disagree with this. Problem we have always had with snap in the past is they are quick to give an approval, but then stip for a lot more statements and then 25% of the time revise the offer, which means pissed off merchants who now have to resign another contract for less money. And it reflects badly on our company not snap, because the merchant is dealing with us not snap.

    The great part about on deck is that when they issue the approval , its a firm approval it does not change, they don't stip for an extra 3 months bank statements etc.

    Now if things have changed and snap is no longer stipping for extra statements , and is issuing firm approvals that do not change just on 3 months bank and 3 months processing , then I would love to hear it

  9. #9
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    Quote Originally Posted by Ray Peterson View Post
    Does anyone know whats going on at Snap? I submitted two one with 520 and one with a 550 credit score and both were approved as premium 15 month deal paying 10 points. Both were ACH deals and the funded the first one same day and the second one the next day. Is anyone else getting offers like this? They said they have made some major changes. Does anyone know whats going on it doesn't make any sense
    Ray, who do you work for?
    Rob Buchanan
    Data Axle
    402-836-1206
    rob.buchanan@data-axle.com

  10. #10
    Veteran Reputation points: 157541 J.Celifarco's Avatar
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    I haven't worked with them in a long time, is it really gotten that easy to fund deals there??? Always good people but my past experiences are closer to what Andy is talking about. When did all these changes happen?
    Last edited by J.Celifarco; 01-30-2015 at 02:58 PM.

  11. #11
    Quote Originally Posted by Andy View Post
    I would have to disagree with this. Problem we have always had with snap in the past is they are quick to give an approval, but then stip for a lot more statements and then 25% of the time revise the offer, which means pissed off merchants who now have to resign another contract for less money. And it reflects badly on our company not snap, because the merchant is dealing with us not snap.

    The great part about on deck is that when they issue the approval , its a firm approval it does not change, they don't stip for an extra 3 months bank statements etc.

    Now if things have changed and snap is no longer stipping for extra statements , and is issuing firm approvals that do not change just on 3 months bank and 3 months processing , then I would love to hear it
    I agree with you here man, Never had good success with Snap. Always extra stips, last minute killing of deals, plus Mike used to email my employees and offer them jobs, they used to forward me each email as we laughed at the attempt.

    ODC on the other hand has a great process, Snap is nowhere near them in regards to pricing, systems, manpower, etc...

  12. #12
    Veteran Reputation points: 134971 Chambo's Avatar
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    Quote Originally Posted by isaacdstern View Post
    they must have changed their underwriting process as their approvals are through the roof lately
    They use an UW portal, much like On Deck. Spits out the offers in 5 minutes

  13. #13
    Veteran Reputation points: 134971 Chambo's Avatar
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    Quote Originally Posted by J.Celifarco View Post
    I haven't worked with them in a long time, is it really gotten that easy to fund deals there??? Always people but my past experiences are closer to what Andy is talking about. When did all these changes happen?
    They don't stack, they don't do California

    They SEE a deal with multiple positions? Auto decline

  14. #14
    Quote Originally Posted by Andy View Post
    I would have to disagree with this. Problem we have always had with snap in the past is they are quick to give an approval, but then stip for a lot more statements and then 25% of the time revise the offer, which means pissed off merchants who now have to resign another contract for less money. And it reflects badly on our company not snap, because the merchant is dealing with us not snap.

    The great part about on deck is that when they issue the approval , its a firm approval it does not change, they don't stip for an extra 3 months bank statements etc.

    Now if things have changed and snap is no longer stipping for extra statements , and is issuing firm approvals that do not change just on 3 months bank and 3 months processing , then I would love to hear it
    Agree 100% with Andy!! Snap is a promising company , I don't really care for their Loan Contract . To much info to many pages and Some unusual items that no-one in the industry has.

    Still very far from On-Deck business model which is the Fastest Gun in the West!

  15. #15

    Has Snap Gone Crazy?

    Jared with all due respect we had to severe ties with your company due to the extremely high default rate we were running with United Capital. It's understandable for you to still be bitter however things have changed since 2010 and the rest of the message board here seems to realize that. We have gone away from the traditional FICO scoring model and are now using our own data driven scoring system which is why merchants are getting premium pricing with low credit scores.

  16. #16

    Has Snap Gone Crazy?

    Only bitter about Mike trying to steal employees. Severing ties in 2011 didn't hurt us. We fund more than you per month like we always have since our inception

    Glad you've changed your model though, hope it helps! I also will publicly say that you're the only funder who would complain about ucs's bad debt. We run single digit everywhere and lots of people know that.
    Last edited by Jared_Weitz; 01-30-2015 at 03:15 PM.

  17. #17
    Thanks for the commentary gentleman. As we all know there is no funder out there that is ALL things to ALL people. And we're not trying to be On Deck either. We simply have made many strides over the years that we have been a funder and we now have pricing that matches up or beats most in the industry (again On Deck aside). We've made it easier to get files funded too. Are we perfect? Of course not but tell me who is? But if you want to get involved with us now is the best time to do it. We continue to make positive tweaks and are always trying our best to make life easy for our ISO's and the merchants they represent. More positive announcements coming down the pike too. Looking forward to a big 2015 for everyone!

  18. #18
    Hi Rob,

    I work for a company called Marlin Leasing Corp out of NJ. When we have leasing and/or equipment finance deals we cant do in house we usually bring them to funders like On Deck, Can and Snap etc...

    It looks from your signature that you sell UCC leads. How does that work exactly? Are you able to provide UCC filings of specific finance companies?

    Ray

  19. #19
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    Quote Originally Posted by Ray Peterson View Post
    Hi Rob,

    I work for a company called Marlin Leasing Corp out of NJ. When we have leasing and/or equipment finance deals we cant do in house we usually bring them to funders like On Deck, Can and Snap etc...

    It looks from your signature that you sell UCC leads. How does that work exactly? Are you able to provide UCC filings of specific finance companies?

    Ray
    Ray, PM me your contact info and I'll have the guy here on my end that already works with you guys get in contact with you.

    And yes we can target specific finance companies.
    Rob Buchanan
    Data Axle
    402-836-1206
    rob.buchanan@data-axle.com

  20. #20
    Senior Member Reputation points: 1322
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    Snap has always done right by me, I only do a few deals a month with them but they always shoot straight

  21. #21
    Veteran Reputation points: 134971 Chambo's Avatar
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    and Gabriella shows up at our office with doughnuts!

  22. #22
    and pizza

  23. #23
    and deli platters

  24. #24
    Veteran Reputation points: 134971 Chambo's Avatar
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    we only get doughnuts on the 4th floor

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