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  1. #1

    Lendistry Charging Up Front Fees

    Just recently partnered with them and sent them a file. Then I find out they charge $200 upfront non refundable application fee to the borrower. That made the hair stand up on my head. Charging up front nonrefundable fees has traditionally been one of the quickest ways to unveil a fraudulent lender and also the quickest way to be shut down by bank commissioners. I checked Lendistry's BBB rating and found out its only been listed as A+ since Feb 10, 2018. That's right, its only been there for a month.

    Has anyone had an experience with Lenistry? If so please opine.

  2. #2
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    I am pretty sure they are legit.

  3. #3
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    Quote Originally Posted by kturner317 View Post
    Just recently partnered with them and sent them a file. Then I find out they charge $200 upfront non refundable application fee to the borrower. That made the hair stand up on my head. Charging up front nonrefundable fees has traditionally been one of the quickest ways to unveil a fraudulent lender and also the quickest way to be shut down by bank commissioners. I checked Lendistry's BBB rating and found out its only been listed as A+ since Feb 10, 2018. That's right, its only been there for a month.

    Has anyone had an experience with Lenistry? If so please opine.
    Nothing wrong with a $200 upfront fee - weeds out the tire kickers and possibly prevents the deal being shopped all over the planet.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  4. #4
    Senior Member Reputation points: 30475 Zach's Avatar
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    I will vouch for Lendistry; they are a stand-up organization of the highest moral caliber.

    I have personal friends who work within that organization and have worked several deals with them and I can assure you they are not shady or unscrupulous in any way.

    Dave Lambert hit it on the head... it's smart to weed out the tire kickers and serial shoppers.
    Zachary Ramirez – CEO
    Phone: 562-391-7099
    Email: zach@zacharyjosephramirez.com

    1661 N. Raymond Ave #265
    Anaheim CA 92801

  5. #5
    Many states will snatch your lending license if you charge an upfront application fee then deny the loan. I just haven't seen that model from a major lender since the 90's.

  6. #6
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    Quote Originally Posted by kturner317 View Post
    Many states will snatch your lending license if you charge an upfront application fee then deny the loan. I just haven't seen that model from a major lender since the 90's.
    I will play devil's advocate - MCA's are NOT Loans.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  7. #7
    Karen37a
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    If you charge upfront fees its a great way to get the FTC breathing down your neck also breaking rules on credit, they could block you from pulling credit reports in the future...pull your processing account too.

  8. #8
    Quote Originally Posted by karen37a View Post
    if you charge upfront fees its a great way to get the ftc breathing down your neck also breaking rules on credit, they could block you from pulling credit reports in the future...pull your processing account too.
    agreed.

  9. #9
    Who else offers monthly payment business loans besides Lendistry and Funding Circle? I know Breakout does as well but they really offer a monthly payment working capital product, not a true business loan, and Funding Circle seems like they are about to go in the tank.

    Who else is out there?

  10. #10
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    Quote Originally Posted by kturner317 View Post
    Who else offers monthly payment business loans besides Lendistry and Funding Circle? I know Breakout does as well but they really offer a monthly payment working capital product, not a true business loan, and Funding Circle seems like they are about to go in the tank.

    Who else is out there?
    Outside of the banks, really no one large-mainstream. Some private money. But stacking has put too much risk on these types of lenders.

  11. #11
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    Quote Originally Posted by kturner317 View Post
    Who else offers monthly payment business loans besides Lendistry and Funding Circle? I know Breakout does as well but they really offer a monthly payment working capital product, not a true business loan, and Funding Circle seems like they are about to go in the tank.

    Who else is out there?
    YOu can try LQD although hard to qualify I have not had any luck with approvals there yet. If merchant has real estate with Equity you can try Lift Forward. Sean is sometimes on here I forgot his handle, he is stand up guy though working deal with him now actually very nice one too.

  12. #12
    Quote Originally Posted by Sachip24 View Post
    YOu can try LQD although hard to qualify I have not had any luck with approvals there yet. If merchant has real estate with Equity you can try Lift Forward. Sean is sometimes on here I forgot his handle, he is stand up guy though working deal with him now actually very nice one too.
    Good info thanks!

  13. #13
    Karen37a
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    Quote Originally Posted by kturner317 View Post
    Good info thanks!
    yes ...try lift forward. I am sure they will message yuo if they see this

  14. #14
    Karen37a
    Guest
    (Ive seen and heard of many people arrested in various states. We are not regulated( its an advance not loan) but it drags you into compliance territory and the danger zone )

    one states rules

    The Florida Office of Financial Regulation was the lead investigative agency, partnering with the Volusia County Sheriff’s Office to investigate the fraud. The case is being prosecuted by the Florida Attorney General’s Office of Statewide Prosecution.

    The OFR urges consumers to be mindful of certain potential red flags when seeking a loan. If you are in the market for a loan, be wary of the following:

    Unlicensed individuals. Verify the license of the company or individual with whom you plan to do business beforehand.
    Offers of guaranteed loan approval. Legitimate lenders rarely make such representations without first qualifying an applicant.
    Unsolicited offers. Being contacted by a loan broker does not necessarily mean that you are dealing with a legitimate lender or that the loan offering itself is legitimate.
    Upfront fees. Any loan broker who insists on collecting a fee before a loan transaction closes is acting outside the law.
    The Florida OFR announced the arrests.

    “It is illegal in Florida for a loan broker to assess or collect fees in advance of a loan closing,” said Commissioner Drew J. Breakspear. “The OFR remains committed to working with our law enforcement partners to serve justice upon those who seek to prey on Floridians and illegally separate them from their hard earned dollars.”

  15. #15
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    Quote Originally Posted by Karen37a View Post
    (Ive seen and heard of many people arrested in various states. We are not regulated( its an advance not loan) but it drags you into compliance territory and the danger zone )

    one states rules

    The Florida Office of Financial Regulation was the lead investigative agency, partnering with the Volusia County Sheriff’s Office to investigate the fraud. The case is being prosecuted by the Florida Attorney General’s Office of Statewide Prosecution.

    The OFR urges consumers to be mindful of certain potential red flags when seeking a loan. If you are in the market for a loan, be wary of the following:

    Unlicensed individuals. Verify the license of the company or individual with whom you plan to do business beforehand.
    Offers of guaranteed loan approval. Legitimate lenders rarely make such representations without first qualifying an applicant.
    Unsolicited offers. Being contacted by a loan broker does not necessarily mean that you are dealing with a legitimate lender or that the loan offering itself is legitimate.
    Upfront fees. Any loan broker who insists on collecting a fee before a loan transaction closes is acting outside the law.
    The Florida OFR announced the arrests.

    “It is illegal in Florida for a loan broker to assess or collect fees in advance of a loan closing,” said Commissioner Drew J. Breakspear. “The OFR remains committed to working with our law enforcement partners to serve justice upon those who seek to prey on Floridians and illegally separate them from their hard earned dollars.”
    Florida does not require a license for MCA and an MCA is NOT a loan.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  16. #16
    Karen37a
    Guest
    Quote Originally Posted by Yankeeman07 View Post
    Florida does not require a license for MCA and an MCA is NOT a loan.

    Yes I stated that ...but credit reports are regulated

    And you can play semantics all you like...then get pulled into court debating how advances are not loans while I sit on the sidelines making money staying out of financial regulators cross hairs ( like I did since the mid 80's...the licence record only wanted a 10 year history when I filled it out..i was on wall st since 85)

    ( please do not give me lessons on finance and regulations..i was nice on here being "Karen" blending with basement isos...but I am really Elizabeth")

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    Quote Originally Posted by Yankeeman07 View Post
    Florida does not require a license for MCA and an MCA is NOT a loan.
    Lendistry offers loans, doofus.

  18. #18
    Karen37a
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    Quote Originally Posted by WestCoastFunding View Post
    Lendistry offers loans, doofus.
    lol

    ( i secretly like west coast he makes me laugh all day)

  19. #19
    Karen37a
    Guest
    Quote Originally Posted by Karen37a View Post
    lol

    ( i secretly like west coast he makes me laugh all day)
    repeat

  20. #20
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    Quote Originally Posted by WestCoastFunding View Post
    Lendistry offers loans, doofus.
    I appreciate the DF Forum for allowing you a platform to show the world your IQ is less than the digits on your hands & toes every day. I was not making a comment on Lendistry or any other company of what they offer.

    Stating a fact - MCA's are NOT Loans and a license is not required anywhere in the country.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  21. #21
    Karen37a
    Guest
    Quote Originally Posted by Yankeeman07 View Post
    I appreciate the DF Forum for allowing you a platform to show the world your IQ is less than the digits on your hands & toes every day. I was not making a comment on Lendistry or any other company of what they offer.

    Stating a fact - MCA's are NOT Loans and a license is not required anywhere in the country.



    yankee i said this

    (Ive seen and heard of many people arrested in various states. We are not regulated( its an advance not loan) but it drags you into compliance territory and the danger zone )


    Then you said this
    Florida does not require a license for MCA and an MCA is NOT a loan.

    * one good thing about" print" you cant say ...i never said that, or you never said that ( even though some continually do it) like you block your eyes.


    ( now some of you jump on with the whole loan is not an advance speech.....hard to watch over and over again)

    Gl to you waving **


    ps. this is how I know that some people cant "close"...you pick up the wrong cue
    Last edited by Karen37a; 03-13-2018 at 10:33 AM.

  22. #22
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    Quote Originally Posted by Yankeeman07 View Post
    I appreciate the DF Forum for allowing you a platform to show the world your IQ is less than the digits on your hands & toes every day. I was not making a comment on Lendistry or any other company of what they offer.

    Stating a fact - MCA's are NOT Loans and a license is not required anywhere in the country.
    42530248-2A93-480E-8269-9B0AD6DC8E1C.jpg

    Hi Dave!

    It’s with a heavy heart that i inform you that the SoS lists your company as inactive. You’re a rules guy, so you’ll understand that should refrain from soliciting business until you get your **** together.
    Last edited by WestCoastFunding; 03-13-2018 at 10:45 AM.

  23. #23
    Good info. Thanks!

  24. #24
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    Quote Originally Posted by kturner317 View Post
    Good info. Thanks!
    KTurner317, Are you seeking an asset based line of credit?
    Hedley Lamarr......That's Hedley

  25. #25
    Quote Originally Posted by kevinhenry0527 View Post
    KTurner317, Are you seeking an asset based line of credit?
    Yes

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