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  1. #1

    No Bank Login

    My list is getting shorter and shorter. These are the guys you can go to that dont require bank login.

    CAN
    Ondeck
    Fora (some)
    Snapadvances
    Loanme
    PNC

    Any others?

  2. #2
    Senior Member Reputation points: 50566 ADiamond's Avatar
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    Quote Originally Posted by Murphyls View Post
    My list is getting shorter and shorter. These are the guys you can go to that dont require bank login.

    CAN
    Ondeck
    Fora (some)
    Snapadvances
    Loanme
    PNC

    Any others?
    Wide Merchant just requires a MTD and they fund
    Anthony Diamond
    Underwriter

  3. #3
    Senior Member Reputation points: 30475 Zach's Avatar
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    Quickbridge, National Funding, WBL, MCC, Windset, LoanMe... there's a ton!
    Zachary Ramirez – CEO
    Phone: 562-391-7099
    Email: zach@zacharyjosephramirez.com

    1661 N. Raymond Ave #265
    Anaheim CA 92801

  4. #4
    Senior Member Reputation points: 54975
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    I believe it will get shorter (the list). A crafty merchant can do a lot of harm with funder not seeing specific info.

  5. #5
    We do not require bank login and instead we use a 3rd party bank verification, decision logic type tool.
    Kaitlyn Miller
    ISO Coordinator
    770-617-2377
    KM@SuperiorCapitalfund.com
    http://superiorcapitalfund.com/

  6. #6
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    Quote Originally Posted by KM_Superior View Post
    We do not require bank login and instead we use a 3rd party bank verification, decision logic type tool.
    Decision Logic asks for bank login information.

    Merchants want you to send $50K cash, but you can't login to the online banking. LMAO.

  7. #7
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    It seems to me the companies that actually underwrite deals don't require bank log in . I find it hard to believe that they have a worse default rate then all the other companies that require it .

  8. #8
    Senior Member Reputation points: 54975
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    Michael I -
    I know your finding it hard to believe. they do have higher default when no log-in.

  9. #9
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    Quote Originally Posted by mcaguru View Post
    they do have higher default when no log-in.
    I guess you really are the MCA guru if you are privy to the default rates of every lender in this space, as that is the only way to make that statement. Please publish these lenders default rates. Bucket them into bank login and no bank login while you are at it. I'm sure we'd all be fascinated to see them. I won't hold my breath...

  10. #10
    ProMED healthcare Financing does not require it.

    Quote Originally Posted by Murphyls View Post
    My list is getting shorter and shorter. These are the guys you can go to that dont require bank login.

    CAN
    Ondeck
    Fora (some)
    Snapadvances
    Loanme
    PNC

    Any others?

  11. #11
    Deal Killer. Im telling you.

  12. #12
    When you see ads on craigslist "buy 2 statements get 1 free" it only makes sense to require some type of bank login to verify information prior to funding.
    Christina Rossi
    Business Development
    Account Executive
    Tel: 866-629-4464 ext 229
    Fax: 917-368-6943
    Crossi@maxadvance.com
    www.maxadvance.com

  13. #13
    Senior Member Reputation points: 301165
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    Quote Originally Posted by mcaguru View Post
    Michael I -
    I know your finding it hard to believe. they do have higher default when no log-in.
    Marcus yes i definitely find it hard to believe that bfs or snap has a high default rate . I understand that mantis will be out of business if they didn't ask for it with 2 hour underwriting and funding same day but being put through real underwriting fraud will be caught with out bank log in .

  14. #14
    Senior Member Reputation points: 32550 Funder Mark's Avatar
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    A year back, I funded two deal with a new lender. This company at the time did not require bank login. 4 months later, both clients had defaulted.

    At the very least, having login means you can verify that all the statements you got were accurate. It is pretty much the only way to do actual verification of the account.

    Different companies will allow either direct bank login, Decision Logic, or Join Me. But to fund a client without any financials, only bank statements, and having no way of verifying the client seems foolish at the minimum.

  15. #15
    Well two of the largest players on the block dont require it. ONDECK and CAN. Go figure

  16. #16
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    Here's an idea, sell it.

    "Mr. Merchant, as with any financial transaction, there are checks and balances. When you slide your debit card at the grocery store and enter in your PIN, do you question it every time?"

    "You don't know where that information goes and who sees it, and yet you do it without question many times a day."

    "We aren't even asking for that level of access, all we want is to verify the validity of your bank statements before you make a withdrawal of $50,000 from our account and deposit it into yours."

    "Wouldn't you say that's a fair request?"

  17. #17
    jotucker1983
    Guest
    From my experience, usually when a merchant refuses access to their online banking information, it's later revealed in the process that the merchant was doing something on the "shady" side, such as having doctored bank statements. Think about it for a minute, a merchant has already provided all of the following:

    - Their SSN
    - Their DOB
    - Their Home Address
    - Their Bank Account Info (account/routing number)
    - Background Checks Have Been Ran On The Merchant
    - Their Most Recent Tax Return
    - Their YTD Interim Financials (depending on deal size)

    After providing most or all of this information, why wouldn't a merchant allow a Lender access to their Online Banking to verify bank deposits? Makes no sense.
    Last edited by jotucker1983; 08-29-2015 at 10:03 PM.

  18. #18
    Senior Member Reputation points: 50566 ADiamond's Avatar
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    the fact of the matter is when you're dealing with companies like ODC and CAN capital who have $100's of MM's of dollars to fund out of their default rates and drive their rates down, it doesn't matter they're just trying to put as much money out as possible. and yes they do take hits, it's a fact that companies whom don't do login take more hits, not saying their default rate is higher - I DON'T KNOW but they definitely have MORE DEFAULTS.

    as a funder with a $25MM-$50MM line you can't take $100k hits like the big boys can so you require login to cover your bases. then again, every company that does a 3rd or 4th position I know of will at least try and accommodate a customer if they don't have online banking, they will do decision logic, or a 3rd party call with the bank. not every bank accommodates decision logic or third party calls either, and at the end of the day it's the funders' money if they want login or no funding, they'll get it and it remains a fact that fraud exists in this industry and ISO's know exactly where to place a deal, i've seen ISO's take deals that were marked fraud and not saying they were ethical in doing this but they knew exactly where to take it - to the lender that didn't do login. let's not be ignorant to FACTS.
    Last edited by ADiamond; 08-31-2015 at 01:07 PM.
    Anthony Diamond
    Underwriter

  19. #19
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    ODC, MCC, and CAN all do logins. They use Yodlee on direct apps.

  20. #20
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    We don't require it. Just two most recent full statements
    Jason H l Sales & Business Development
    Quikstone Capital Solutions l Tampa FL
    Direct Line & Mobile 813-371-8233 l Fax 813-371-8233 l Text 727-492-8812
    Jason.Hausle@quikstonecapital.com
    www.quikstonecapital.com


    Direct Lender Since 2005

  21. #21
    Banned Reputation points: 10
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    We will contact the bank manager or other rep at the bank to confirm the latest banking information if there is a concern regarding the bank login information being given out.

  22. #22
    Senior Member Reputation points: 23702
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    And to finally answer the question, here is why lenders require bank logins:

    http://debanked.com/2015/09/major-bu...-consequences/

  23. #23
    1st Merchant Funding can waive the log in credentials as long as we have MTD bank statements. They also have their own platform where merchant's can log in via SMS or email without the funding company seeing their credentials.

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