[fundingsmbs]

I agree. And they will walk away from other states that follow along. People cant demand risky capital at low rates from people. Default ratios prove its not working model.

Id search for my posts on default ratios/ sba statistics etc ...but it isnt worth the energy

everyone thought folks would walk away after AMI got sued in Cali. Today, CA still remains one of the largest markets for the business. Being transparent doesn't mean you have to walk away. Just disclose your rates fees etc and you will be fine. when you borrow a payday loan, the APR is disclosed. It's not pretty but its disclosed. As far as saying an MCA cant be put into an APR, the majority of MCA's today are repaid with a fixed daily or weekly repayment vs through a variable cc split. If you have a fixed repay product, you can state the APR.

[Karen37a]

everyone thought folks would walk away after AMI got sued in Cali. Today, CA still remains one of the largest markets for the business. Being transparent doesn't mean you have to walk away. Just disclose your rates fees etc and you will be fine. when you borrow a payday loan, the APR is disclosed. It's not pretty but its disclosed. As far as saying an MCA cant be put into an APR, the majority of MCA's today are repaid with a fixed daily or weekly repayment vs through a variable cc split. If you have a fixed repay product, you can state the APR.

Most cant sell 1.20 or 1.25 on paper let alone 51% apr ..200%

Salespeople will survive...I am most likely going to get a licence in Calif if it passes, so are other brokers/isos that I know ..

It was never 100% in my best interest to fight regulation..it was just the right thing to do

( which is why they speculated that I cant get a licence...but some people are not motivated by greed alone...it would be nice to keep the mca industry alive....the guys who sell on rate and need low rates will be gone though, thats a beneift _ the ones who were slandering me lol )

[WestCoastFunding]

The net effect will be that merchants will flip out when they see the rate, and say they’ll NEVER take the advance.... the day before they take the advance.

[J.Celifarco]

this bill is a done deal and is going to pass. Unfortunately other states now have something they can use as a model and this is where we as an idustry can get screwed.. California has always been a harder state to get deals done in because a lot of companies require a lending license, this bill passing will not have a huge affect on the industry. Where we will have a problem is if this bill becomes the model for other states to use for their own regulation. This is why it is important to have a voice in the room fighting so that any legislation that does pass in terms of regulation doesn't kill us.. Anyone who thinks there wont be more bills like this in the future in other states is kidding themselves.

[Karen37a]

The net effect will be that merchants will flip out when they see the rate, and say they’ll NEVER take the advance.... the day before they take the advance.

Want to bet me?

You are talking to a girl who sold jack la lane health club memberships( when she was 17) ...10k after finance costs...coj like .to people who showed up once and never came back again LOL

add* since the fuzz is watching...they had 3 days to cancel and its not my fault they never game back

[WestCoastFunding]

Want to bet me?

You are talking to a girl who sold jack la lane health club memberships( when she was 17) ...10k after finance costs...coj like .to people who showed up once and never came back again LOL

No business likes an MCA’s rates. They take the MCA because they have a need, and because an MCA is the only option available. There will still be a demand for money. And as long as MCAs are the only financing option to address the subprime need, it will be business as usual.

[Karen37a]

No business likes an MCA’s rates. They take the MCA because they have a need, and because an MCA is the only option available. There will still be a demand for money. And as long as MCAs are the only financing option to address the subprime need, it will be business as usual.

Its ws 36 % ...and they got a membership card not money...wake up

Remember I can sell a refrigerator to an Eskimo in blizzard holding 2 penguins going over a waterfall

[WestCoastFunding]

Its ws 36 % ...and they got a membership card not money...wake up

I dont even know what you’re talking about.

[Karen37a]

I dont even know what you’re talking about.

I sold a gym membership..the interest rates were 36%....they got a membership card not money, then exercised once or twice never came back they were locked in a 3 year contract

Money is easier

Some said some used car guy was going to beat me in sales...they drove away in a car...people walked out with nothing.

I had to learn how to sell OLD school stye..no complaints...then I went to wall st. I trained the morons some look up to

Salespeople are not order takers they will still make sales

I actually HELP people ...even though I can sell anything...

[J.Celifarco]

What does gym memberships have to do with anything here? And how does that have anything to do with what is going on in California?

[Karen37a]

What does gym memberships have to do with anything here? And how does that have anything to do with what is going on in California?

You never seem to understand ...re-read it

Some people are STILL going to make sales...do not kid yourselves. The only people hurt are the non-sales people ( the ones who wanted the regulation)

I told you this numerous time

__

Add.To sum this up The brokers who couldn't make sales before will never make sales now. Regulation is never good...you can't let them in ever, once they get in they come for more and more and more and more. People will get sued because of regulation, thats why they put it in place. When people get money at a high rate they will always look for ways to not pay it back...always. And they lie they will say anything to get out of it.

[J.Celifarco]

I am not looking at this from a sales perspective. How many ISOs will be able to afford lending licenses in different states? How many banks will be able to keep paying the commissions they pay if they can't charge the rates they are charging now? This law in California basically is making an MCA illegal, meaning only loans allowed. If that law spreads to other states this industry is screwed. California is now an A and B paper only state after this passes.. All the lower level lenders who offer MCAs will not be able to lend in the state. What good is being able to sell something if there is nothing to sell

[Karen37a]

I am not looking at this from a sales perspective. How many ISOs will be able to afford lending licenses in different states? How many banks will be able to keep paying the commissions they pay if they can't charge the rates they are charging now? This law in California basically is making an MCA illegal, meaning only loans allowed. If that law spreads to other states this industry is screwed. California is now an A and B paper only state after this passes.. All the lower level lenders who offer MCAs will not be able to lend in the state. What good is being able to sell something if there is nothing to sell

Which is what I said would be the net result for 3 long years being attacked and slandered the whole way

And I said 100 times...someone is leading everyone to their death

[Karen37a]

I made 3900 posts explaining all this...this and fighting off people slandering me

dont say I didnt try

[J.Celifarco]

the net result of what selling gym memberships? I dont know what you said 5 years ago so how about we keep it to what is in this thread

Regulation is coming and we as an industry need to get in front of it so that after it comes we still have an industry.. Everyone kept saying there will never be regulation and now because we didnt do anything as an industry sooner MCA's will for all intents and purposes be illegal in one of the largest states in the country. People need to realize how big a deal this can become

[Karen37a]

the net result of what selling gym memberships? I dont know what you said 5 years ago so how about we keep it to what is in this thread

Regulation is coming and we as an industry need to get in front of it so that after it comes we still have an industry.. Everyone kept saying there will never be regulation and now because we didnt do anything as an industry sooner MCA's will for all intents and purposes be illegal in one of the largest states in the country. People need to realize how big a deal this can become

Over 3900 posts of me explaining what would happen etc etc

You arguing with me the whole way and others

there is no "good" regulation...once they arein they create a regulation bubble...they go power hungry nuts

( they get paid to create more regulations and have meeting and enforce laws, fines etc)

Have a great weekend

[J.Celifarco]

I made 3900 posts explaining all this...this and fighting off people slandering me

dont say I didnt try

try what? all you said was regulation is bad and it cant happen or the sky will fall. That is in no way productive or in anyway stop it from happening. If we did a better job of regulating ourselves over the past years we wouldnt be in this position now.

[Karen37a]

try what? all you said was regulation is bad and it cant happen or the sky will fall. That is in no way productive or in anyway stop it from happening. If we did a better job of regulating ourselves over the past years we wouldnt be in this position now.

wrong

go read my posts on self regulation and the creation of Finra / Nasd

ta ta ..

The answers lie in better underwriting/algorithms...not black box underwriting algorithms. Unfortunately that leaves their fate in the hands of salespeople and people want automation( more profit to the top) ...and it cant work long term

Salespeople are King


I know how to get less defaults, unfortunately, its proprietary to me

Market share is going to big entities...and it will get worse...salespeople on the phone can survive, and face to face,,, not SEO

[Kevin Henry-Seacoast]

I made 3900 posts explaining all this...this and fighting off people slandering me

dont say I didnt try

3910...and the day is not over......

[Karen37a]

3910...and the day is not over......

Yes . Arguing over-regulation and the markets and what would happen....people slandering me thinking they an make more sales because of it, now trying to make an excuse to explain it

Don't like to say "told you so"

[Kevin Henry-Seacoast]

Bottom Line.... regulation can and will come to every facet of capital markets and financial services. It is inevitable and sometimes needed. I have said this once and I will say it again. Regulations are always put in place because of something that happened in the past. It ALWAYS is put in place to protect the customer first and the stability of the market. If you don't adapt, change, get ahead of what's coming....you will not last long.

[Karen37a]

Bottom Line.... regulation can and will come to every facet of capital markets and financial services. It is inevitable and sometimes needed. I have said this once and I will say it again. Regulations are always put in place because of something that happened in the past. It ALWAYS is put in place to protect the customer first and the stability of the market. If you don't adapt, change, get ahead of what's coming....you will not last long.

this is true

only one thing ...the true salespeople always survive, the rest are toast

[J.Celifarco]

what is the over under on the amount of time Karen will say slandering me in this thread before it is over??

[Karen37a]

what is the over under on the amount of time Karen will say slandering me in this thread before it is over??

You are constantly saying negative things to me...are you the new jt?

Do I call you a piker?

[J.Celifarco]

You are constantly saying negative things to me...are you the new jt?

Do I call you a piker?

Karen, what did I say that was negative? I just pointed out that you keep saying the same thing over and over, which if you go through this thread you have. Not negative true. And you can call me anything you want because I truly dont care.

Kevin I completely agree with your statement. Getting in front of this adapting and changing is the key to survival and ultimately being successful