[MCAVeteran]

If lendio is selling leads or referring leads for revenue to can, on deck or other popular funding companies brokers already work with and the leads aren't exclusive, what's the point of buying the leads? The internal sales of these funders can take those leads and undercut your buy rates all day long-

[Eric S]

If lendio is selling leads or referring leads for revenue to can, on deck or other popular funding companies brokers already work with and the leads aren't exclusive, what's the point of buying the leads? The internal sales of these funders can take those leads and undercut your buy rates all day long-

I THINK it was a referral for revenue. The leads were fine until this last spring which is when I suspect CAN and/or ODC started doing business with Lendio or really cranked it up. I don't mind competition at all, but they are selling 1.15 - 1.18 8-12 month deals. They are literally forcing the brokers out as much as possible. CAN even had the nuts to lie to me by saying it was submitted by a broker who received the approval because it was through the auto system and that they reviewed it and changed it to a decline. They literally funded the deal next day. And there was no broker involved, it was a CAN sales rep and my customer proved it. I bet the rep thinks she is so good at sales, crushing it with their 1.18 8 month terms. LOL.

[Eric S]

If lendio is selling leads or referring leads for revenue to can, on deck or other popular funding companies brokers already work with and the leads aren't exclusive, what's the point of buying the leads? The internal sales of these funders can take those leads and undercut your buy rates all day long-

Well, you have to figure out a way to avoid them. We did. And it's important to know where these lenders stand as far as ISO relationship and how much they value the revenue streaming from them. Most manufacturers of a product who sell direct and via distribution channels ensure the end customer doesn't see a difference or the distributor will find another source. This is no different. If they are willing to do this here they are clearly willing to lose the revenue.