[abfunders]

$45,000 in deposits in July, very nice.
However, when you look at it, there were 3 deposits of revenue for about $22k.
2 others were from cash advances from credit cards he just opened (not 0 APR and not business cards - too bad, he has a FICO over 740, and that will change really quickly)
And the other was from a Fundbox draw.

Looking at his withdrawals, he has Loanme (910/mo), Knight (53/day), PayPal (726/wk), Fundbox (2660/week), and Kabbage (6,929.01/mo)

He has $20657 monthly coming out and $22k in deposits.
This is a default waiting to happen.

[happyman]

$45,000 in deposits in July, very nice.
However, when you look at it, there were 3 deposits of revenue for about $22k.
2 others were from cash advances from credit cards he just opened (not 0 APR and not business cards - too bad, he has a FICO over 740, and that will change really quickly)
And the other was from a Fundbox draw.

Looking at his withdrawals, he has Loanme (910/mo), Knight (53/day), PayPal (726/wk), Fundbox (2660/week), and Kabbage (6,929.01/mo)

He has $20657 monthly coming out and $22k in deposits.
This is a default waiting to happen.

ISO: Needs 100k

[abfunders]

Had it not been for the recent CC openings, I could have done $100k....

[VeganFunder]

soooo is that a decline?

[abfunders]

Well, the broker who submitted this to me claimed he got a $5k and a $7k offer. That's a clawback waiting to happen.

Either way, my options would have been with banks and 0 APR CC's.... the world isn't made for just MCAs. So the banks will decline this file, yes.

[ryan $]

That is insane

[brokerCompany]

At some point merchants have to take responsibility.
Even if they get sold by lying scum brokers.

[abfunders]

I told the other broker that I refused to do an MCA, only the 0 APR and term loan stuff to consolidate. I think I he's refusing to do it also, he's not in a major cash crunch, just that the merchant was hitting him over the head.

I agree, a broker has got to be somewhat responsible.

[abfunders]

Correction: A broker needs to be responsible.
How much responsibility is on the broker? That's a gray area where the broker ends and the lender/funder 's UW starts. Hence we have an on-going discussions on this board about claw-backs.