I know which ones do not require it... but does anyone know which lenders DO require that you have a CFL license in order to submit a California merchant to them?
I know which ones do not require it... but does anyone know which lenders DO require that you have a CFL license in order to submit a California merchant to them?
Snap
biz2credit
Its not a matter of what lenders, but if you are caught engaging in the practice of soliciting, brokering etc and dont have a license, you could be subject to a large fine.
Contact the Direct Funders for their specific rules Or a Super Iso/iso who has the ability to go to calif for more instructions.
(you will be required to provide a copy of their California finance broker license. A California business is any business located in California where financing is being requested for the California location. The California licensing requirement also applies to referring partners located outside of California.
Please note: This requirement will not apply to referrals of merchant cash advances.
http://www.amlicensing.com/californi...ge-license.asp)
Who doesn’t require a license?
This is the funders that do NOT require:
http://dailyfunder.com/showthread.ph...hout-a-license
IOU Central
Rapid Advance
Kalamata
National Funding
QuarterSpot
If you are based in California, and, sell loans to customer's in CA, you have to be licensed. if you are selling purchase/sale contracts (mcas), my understanding is that does not qualify as a loan and you do not have to be licensed. we spoke to a few attorneys about this. anyone know different? "loans" is the keyword here.
Also BlueVine.