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10-06-2017, 11:02 AM #1
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- Jul 2015
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Banks Now Offering Daily Pay Loans
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?
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10-06-2017, 11:11 AM #2
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- Oct 2014
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- 260
I have just seen Chase. They are using on decks platform to lend.
Second place? Set of steak knives.
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10-06-2017, 11:17 AM #3
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- Apr 2017
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- Dallas
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10-06-2017, 11:27 AM #4
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- Jan 2016
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- 435
Wells also rolled out a weekly payment product a while back for small business'
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10-06-2017, 11:35 AM #5
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!!
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World of MCA
E.V.P Business Development
___________________________
"Success is a lousy teacher. It seduces smart people into thinking they can't lose."
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10-06-2017, 11:41 AM #6
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- Jul 2015
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- 168
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10-06-2017, 11:43 AM #7Karen37aGuest
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 seeLast edited by Karen37a; 10-06-2017 at 11:45 AM.
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10-06-2017, 11:46 AM #8Disclaimer
This message brought to you by:
CraaaCraaa Radio ョ
http://debanked.com/merchant-cash-ad...nce-directory/
World of MCA
E.V.P Business Development
___________________________
"Success is a lousy teacher. It seduces smart people into thinking they can't lose."
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10-06-2017, 11:48 AM #9Karen37aGuest
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10-06-2017, 12:18 PM #10
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- Sep 2012
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- New York, NY
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- 1,780
And only 10% of merchants will qualify for these loans anyway
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10-06-2017, 01:12 PM #11
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-prosperLast edited by MCAVeteran; 10-06-2017 at 01:24 PM.
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10-06-2017, 01:33 PM #12Karen37aGuest
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10-10-2017, 10:45 AM #13
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10-10-2017, 05:14 PM #14
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- Dec 2013
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- 4,713
Good news.... for subprime but I won't spell it out.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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