[MCAVeteran]

Read a full spread article in the green sheet on this company after they had gone radio silence for a few years it had seemed. Their PR reads they have 6 month, 9 month, and 12 month fixed term loans with 12%, 18%, and 24% interest rates. It claims there is only a $275 fee to customer to cover underwriting costs and no other fees or origination points are charged.

So, where does the broker come into play here if there are no other fees? If they put the PR article in green sheet, it was to attract ISOs who will want commissions. They did note they are the most "conservative" lender in the space and do not lend to sole proprietors.

Anyone have any decent throughput rates with them?

[Chambo]

I believe they expect you to make your money off of additional fees you would charge

[miked]

it is quite ironic how the industry does a 180. funders used to terminate brokers if they found out even a single point was charged. Now that's what they expect you do to in order to get paid. The benefit to the funder is that they can run around claiming to do 1.12 6 months deals, when after the fees are added, the price is right back to 1.25 and up.

I guess american microloan is back on the map, again.

[AML]

American Microloan (AML) does not allow any fees charged to the merchant by brokers. Only additional cost is out-of-pocket expense reimbursement, similar to admin fees charged by other funding companies, which is about $270 - $330.

AML product is a true loan product with no pre-payment penalty unlike loan products offered by the competitors such as On Deck, New Logic, ARF, BFS, and etc.

Since AML's been around since 2001 as the lowest cost funding source, many companies tried to taint the company's image trying to prevent their merchants from leaving them. Don't believe what you hear from other funding companies or brokers. Check AML's web stie for the correct info or call 866-227-4456. AML will be glad to answer any funding related questions you may have.

AML's rate is the lowest in the industry and AML doesn't have a cap on funding amount.

If you have a high quality merchant who will not accept higher pricing, AML is the only option.

[MCAVeteran]

AML- are you licensed to loan in all 50 states? And if you dont allow any fees (PSF's) by brokers, how would you pay them on 6 mo 1.12, 9 mo 1.18, 12 mo 1.24 as advertised? Wasnt your past practice to allow the broker to charge a origination fee which would come off the loan to merchant and pay the commission?

[AML]

AML can fund in all states except for the following states: AR, CO, CT, FL, NY, OH, RI, TN, & TX.

Commission is paid by AML, i.e., the commission does not raise the rate to the merchant.

Taking commission both from the merchant and AML would be a conflict of interest for the broker.

[Chambo]

Taking commission both from the merchant and AML would be a conflict of interest for the broker.

So you are totally against the reps taking additional fees? I had heard in the past that was how you guys expected the reps top get paid, because there was no commission room in your ultra low rates

[AML]

AML doesn't allow broker charging fees. It is a violation of the agent agreement and the broker will forfeit any commissions

[ezloans]

If you want to make money as a Broker with Micro Loans with over a 90% approval rate go to www.isoapprovals.com

[miked]

If you want to make money as a Broker with Micro Loans with over a 90% approval rate go to www.isoapprovals.com

ezloans your website says you do ach deals with as little as 4,600 a month in gross sales and 2k a month in cc's. is that true or does that only happen in rare circumstances?

[Ryan Shiroky]

they shotgun deals out... I don't understand why an ISO would board up with another ISO... All the major players are known and advertise all over the place, and even smaller funders (the super high risk guys) have exposure. So why (essentially) split commissions with another shop???? I just don't see the strategic advantage (no pun intended)