[WestCoastFunding]

This isn’t about damn SEO, 1099s or anything else other than lying to consumers. Just follow what the FTC is actually doing, rather than guessing:




FTC Charges Lending Club with Deceiving Consumers
Defendant promises “no hidden fees” but charges them anyway


The Federal Trade Commission has charged the LendingClub Corporation with falsely promising consumers they would receive a loan with “no hidden fees,” when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans.

“This case demonstrates the importance to consumers of having truthful information from lenders, including online marketplace lenders,” said Reilly Dolan, acting director of the FTC’s Bureau of Consumer Protection. “Stopping this kind of conduct will help consumers make informed choices about loan offers.”

As stated in the FTC’s complaint, Lending Club recognized that its hidden fee was a significant problem for consumers, and an internal review noted that its claims about the fee and the amount consumers would receive “could be perceived as deceptive as it is likely to mislead the consumer.” An attorney for one of the company’s largest investors also warned the company that the “relative obscurity” of the up-front fee in light of the company’s prominent “no hidden fees” representation could make the company a target for a law enforcement action.

According to the FTC, Lending Club ignored these and other warnings and, over time, made its deceptive “no hidden fees” claim even more prominent.

The FTC also alleges that Lending Club falsely told loan applicants that “Investors Have Backed Your Loan” while knowing that many of them would never get a loan, a practice that delayed applicants from seeking loans elsewhere.

https://www.ftc.gov/news-events/pres...ng-consumers-0


It’s simple, don’t lie to people online.

[Karen37a]

The FTC also alleges that Lending Club falsely told loan applicants that “Investors Have Backed Your Loan” while knowing that many of them would never get a loan, a practice that delayed applicants from seeking loans elsewhere.

She also knows that there is a theory or premise in law called "promissory estoppel" which is a legal principle that a promise is enforceable by law, even if made without formal consideration when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment.


Which is why I've objected to the practice of some companies purposefully denying a majority of their fiile in final underwriting after the contract was signed. And why I picked up the slack myself and started Pre Underwtriting more on the front. Then stopped using some companies because I knew they could get me in trouble or sued if a smart lawyer or merchant was estopped ( In the end I figured since most of the Funders and brokers dont understand this...the merchants wont)... Regulation will change this as well.

( I've always objected to having to sit in long boring law classes when I can pass the bar without it)... Several U.S. states offer a little-known alternative path to the bar exam room: “reading the law” — or serving as an apprentice in the office of a practicing attorney or judge.I think only in Calif, virginia washington vermont you take the bar without the extensive law classes and the licence is not reciprocial. I had a choice way back when...complete law school or wall st and money...law school ...money....off to wall st. Then when you live all this regulation from the inside, you really really understand it)


Abraham Lincoln studied law on his own he famously wrote in 1855. “It is a small matter whether you read with anyone or not; I did not read with anyone...always bear in mind that your own resolution to succeed is more important than any other one thing.”

The American Bar Association (ABA) changed everything. Formed in 1878 by a group of 100 lawyers from 21 states, the ABA frowned upon the self-led study of the law, calling for a “national, uniform code of ethics.” Throughout the ensuing decades, it lobbied tirelessly, convincing almost every state to only allow law school students to take the bar exam and ultimately, become lawyers.( this was the last thing I preached to my boring teacher as a quit and headed for wall st)

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** one good thing, because of all this I did not want to make a "promise" or give hope to merchants and kill it at the last second 90 % of the time (ethically, morally, legally), I semi figured out the backdooring in 2 days flat

This is also why I appreciate the good Funders, the ones that treat the 1099 salesforce with respect. Why on earth some thought we were all "telemarketers" "boiler rooms" because we call merchants on the phone is beyond me. (And I am glad that some didnt believe my resume or stories, some wouldnt have let me in the door...I guess getting in a small a amout of trouble made me one of the "gang")

(let's get my cousin Vinny movie" lawyer" against the stuttering guy," lawyer" vs that FTC guy or any other Regulation lawyer who made their way up the ranks by being in court and winning cases, with money and resources of the states or federal govt. When you are regulated they do not have to take you to court and win, they just FINE YOU, sanctions etc ...its going to be a slaughter)

I volunteer to step up to a formal debate( timed with a moderator) against the A-plus paper wonder guy who thinks Isos are boiler rooms

Last I am commenting on this, Your fate is in your hands and remember who tried to block it.