[Lendvo]

We received an app where a borrower owed $45k to Chase with daily payments coming out. We've seen Amex working capital but nothing really from any other large commercial bank before on our applicants.

What other commercial banks are offering these products and what are the typical rates/terms you are seeing?

[aredmond]

I have just seen Chase. They are using on decks platform to lend.

[Nikkiclean06]

We received an app where a borrower owed $45k to Chase with daily payments coming out. We've seen Amex working capital but nothing really from any other large commercial bank before on our applicants.

What other commercial banks are offering these products and what are the typical rates/terms you are seeing?

https://www.chase.com/business/quickcapital-loan

[nrh1lp]

Wells also rolled out a weekly payment product a while back for small business'

[CraaaCraaa Radio]

We received an app where a borrower owed $45k to Chase with daily payments coming out. We've seen Amex working capital but nothing really from any other large commercial bank before on our applicants.

What other commercial banks are offering these products and what are the typical rates/terms you are seeing?

I have seen Chase and Wells pulling daily out of statements, most recently in Aug 2017. Now JP Morgan Chase indeed teamed up with on-deck to learn more about the practices in this MCA industry we call Merchant Cash Advance
Apparently right after that Wells Fargo sparked interests and had teamed up with some executives at Can Capital & other players to learn more and get detailed product knowledge on MCA
Now you also have Swift & Paypal joining forces along with Amex alone providing nice size deals to merchant for funding, the rates are nothing compared to the MCA industry from AMEX.
Evolution is coming and this industry is going nowhere no time soon!!

[Lendvo]

https://www.chase.com/business/quickcapital-loan

Yeah I remember that piece of news from awhile back, guess just haven't seen these balances in practice.

[Karen37a]

I do not see this as an extremely positive thing.More competition for A paper...using someone's platform while they get a fee.

I also do not think they know whats in store for them with the stacking, defaults etc. ( no one tell me that they have the best underwriting like you did with can, too big to fail,...and I pointed to lehman)
A paper brokers will drop down to b/d/d

We shall see

[CraaaCraaa Radio]

I do not see this as an extremely positive thing.More competition for A paper...using someone's platform while they get a fee.

I also do not think they know whats in store for them with the stacking, defaults etc. ( no one tell me that they have the best underwriting like you did with can, too big to fail,...and I pointed to lehman)
A paper brokers will drop down to b/d/d

We shall see

Its not only that the rates they offer are nothng compared to mca

[Karen37a]

Its not only that the rates they offer are nothng compared to mca

And they will have the same default ratios and the same stacking issues and collections.

My opinion...we shall see

[MCNetwork]

And only 10% of merchants will qualify for these loans anyway

[MCAVeteran]

And they wont need brokers to fund merchants. Chase, wells etc all have a business customer base already, they really just needed the risk scoring of this business to launch, they have cheap capital already. Its becoming a product arm of the titans


https://www.americanbanker.com/opini...g-will-prosper

[Karen37a]

And they wont need brokers to fund merchants. Chase, wells etc all have a business customer base already, they really just needed the risk scoring of this business to launch, they have cheap capital already. Its becoming a product arm of the titans


https://www.americanbanker.com/opini...g-will-prosper

This is why I said A paper brokers will drop down to B/C/D

I dont see how that will stop the stacking issues

and as mca said 10% of the client base

[Jason Sterling]

And only 10% of merchants will qualify for these loans anyway

You're 100% correct. I've seen BofA, Chase and Wells offering this product going back a few years but it's never taken off. I might lose 2-4 deals per year to Amex and that's been consistent for 6 years straight.

[mcaguru]

Good news.... for subprime but I won't spell it out.