[JMB]

Just lost a deal to Goldman Sachs marcus program or whatever it was called. I had 12 months 1.23 thought it was a layup to then find out the guy got 3 years 1.07 from this program

When did this start and please tell me its almost impossible to qualify or something lol

[Nunya]

Just lost a deal to Goldman Sachs marcus program or whatever it was called. I had 12 months 1.23 thought it was a layup to then find out the guy got 3 years 1.07 from this program

When did this start and please tell me its almost impossible to qualify or something lol

https://www.bloomberg.com/news/artic...e-middle-class

20 percent of Marcus borrowers at the end of last year had credit scores lower than 660, which would put them in the subprime category.

[WestCoastFunding]

They need an ISO program that pays 8 points on a 1.07

[JMB]

https://www.bloomberg.com/news/artic...e-middle-class

Greaaaaaaaaaat , hopefully word doesnt get out lol

[JMB]

They need an ISO program that pays 8 points on a 1.07

Couldnt agree more

[MidnightAdvance]

Just lost a deal to Goldman Sachs marcus program or whatever it was called. I had 12 months 1.23 thought it was a layup to then find out the guy got 3 years 1.07 from this program

When did this start and please tell me its almost impossible to qualify or something lol

This was named after Marcus from Mantis, according to some familiar with the matter.

[MCA]

I got one of their letters back in early 2017. Personal loan, from what i remember it was a max of $40k. Similar to prosper and discover personal loans. I wouldn't think it would be much competition for MCA?

[Sachip24]

they are going after everyone. Ive seen their mailers they send out its not even to just business owners they send it to everyone. They are going hard to capture market share

[Karen37a]

that program has been around for a bit..

Thats why I have been saying ...regulation = a no no

pay pal goldman...google ventures ...some other really big players will be left and 1 % commission ( if you could ever get in there to do business and most won't be able to)

[Karen37a]

This is also why I said last year I moved my target market from A ....to a minus b c d

Id rather not compete in that minefield

My decision had nothing to do with my character and integrity or inability to get thru background checks( stock fraud)

I can see things coming in advance ...lucky me ( which means you are always going against popular opinion ...selling into the high when everyone is buying ..and buying into the lows when everyone says you are a sucker and stupid)

[Karen37a]

On a positive note.


A lot of money goes into the acquisition of a client ( first loan/advance)....and in a split second and minimal costs they are stacked.

So my plan is ... if they are in a loan( credit card anything) 1st ( not mca loan ) ... i place 2nd with Mca partners if I can get it .

I see them as a new target market ( if I can get to it), we shall see how it pans out ....if they force regulation they are knocking us off the back ( some planned it)


"You Fought with Wallace ...now fight with me...freeeeedooom"

[patrickw]

Do they accept ISO?

[Karen37a]

Do they accept ISO?

lol

usually, those jobs are called customer service ..teller...banker

[Karen37a]

I just want to mention,,...thru all that fighting. I had said that A paper was the one who was going to get hurt ...not D paper.

And if you want to deliver all the A paper independent brokers over to B/C/D paper, and all the phone sales people and isos ... I was fine with it

Everyone have a great weekend


ADD**** AND. if you had a fiduciary responsibility or fiduciary duty like some wanted.. you would be OBLIGATED to meet or beat the 1.07 or be in BREACH of your Fiduciary responsibility and be sued.

SO..When I was arguing on the DF ( not with west coast) or the other who was too inexperienced to understand. I was arguing with the Devil himself ...trying to take ALL of you OUT..but what did some of you do?
join in and yell at me..thanks 2 thumbs up.

sink or swim... the 1099 cold callers will pound the phone...see you all next week

[WestCoastFunding]

Karen, knock it off.

[Karen37a]

Karen, knock it off.

Where is that guy...I am yelling at myself now lol

[fundingsmbs]

the personal loan space has a much wider base of users than the mca space. it is going gang busters right now with a lot of companies pushing personal loans to consumers nationwide. marcus is just one of many. I don't think any studies have been done to see the impact it has on the mca space, but, my assumption is if a borrower can get up to $40,000 at a much lower rate and terms 2--4 years, they will turn down a 12 mo mca offer right away. the flip side to this is, the loans are pg'd so if the borrower defaults, they are personally on the hook for the debt, but, that is no different than lenders who do "loans" in our space that require a PG as well. This is where the MCA product can thrive as it's a performance guarantee and you should explain that to anyone who objects due to a personal loan offer. But, what we may simply see is, a lot of folks indebted by mcas, personal loans, credit cards, all at once.....in other countries credit card debt was not an issue as personal loans were the main product for borrowers, In the USA, its going to be all of the above. kind of scary if an economic dip occurs.

[mcaguru]

I am almost certain Marcus by Goldman is a personal Loan product.

[Karen37a]

I am almost certain Marcus by Goldman is a personal Loan product.

it is...that they are marketing to business owners or just people in general

but others are not ...like pay pal

a few others...they will market to A paper ...so thats pretty much it...fight it out...people only need so much money

[Sachip24]

all the big banks area already in the game in one way or another. Once they get enough market share they will pay millions beyond millions and start lobbying for regulation to wipe out anyone else left.

[StealMyDeal]

I am almost certain Marcus by Goldman is a personal Loan product.

Yes, Marcus is a personal loan. I just got funded the other day. It was great. Simple online application, uploaded paystub and banks, and got funded via ACH. Soup to nuts it took 2 days.

No fees, no prepay penalty, 36 months (could have gone to 48 but didnt need to). Setup autopay on the date of the month that I wanted, and I can change that any time. Online account with real-time balance info, credit score monitoring, the whole nine.

Sweet product, but I dont see it being meaningful competition to MCAs, especially among the higher risk products.

[abfunders]

If anyone wants to be able to fund personal loans and make money off of it, jump in over here:
http://fundingclient.com?p=G2872&w=newpartners

These guys really know their beans, and you don't need to do any work, and there's an up-sell on their paper. You just collect credit report, submit, schedule a phone call. They'll do everyone A to Z from sell to close. You relax, focus on the deals you know how to close, and get paid when it's done. Minimum 680+ FICOs and not endless inquiries or balances on their credit cards.

[Jstarr]

First off its Goldman Sac's - you should see the commercials...... They have an insane media budget.

[Mynameisbob]

What do they charge 10% for credit cards? or do they do offer personal MCA loans?

[abfunders]

What do they charge 10% for credit cards? or do they do offer personal MCA loans?

If you referring to my link I posted, they charge the client for 0 APR cards. It's on their paper, you're doing the up-sell. They also figured out a way to monetize some of the online personal term loan lenders. There's no such thing as a personal MCA - those are straight-up LOANS.