Results 1 to 25 of 173
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07-16-2020, 10:59 AM #1
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Want to know what it looks like when you're not successful in this industry?
https://youtu.be/YTkvTwkecpE
Go watch this.
You spent 15 years in an industry that you suddenly want to promote as "predatory".
You were considered "a guru" by some rich guy you can’t say because of legalities.
You have someone on your panel on the podcast that got fired for backdooring deals.
You have someone who moderated a cash advance closer's group.
The only reason you are doing this is because you either:
A. Got Fired.
B. You weren't as successful as your mind thought you were.
C. You just want some attention.
YOU were predatory for 15 years, suddenly have a change of heart? Lmao. But you waited until the pandemic where the industry is at an all-time low to start this? Alternative Financing News, you guys are absolute jokes, and need to hang it up.
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07-16-2020, 11:36 AM #2
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Maybe he will get lucky and make money off youtube.
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07-16-2020, 11:44 AM #3
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Dave had a great idea for a product at Primary Cap. He was definitely trying to be the "good guy" in the industry, being creative, in his pitch to me.
To say "give business to your bank" is correct. But what if the bank doesn't want your business?
The biggest predatory loans are Student Loans: https://www.youtube.com/watch?v=RjWWTTMj0xw (there's a 3-hour version and what he did on his show)
They're empowered by Congress and the price of university has risen and we are all forced to pay for it. 18-year-olds are not credit-worthy to take out $100,000 of debt!
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07-16-2020, 12:40 PM #4
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A bunch of hypocrites, they are disgusting.
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07-16-2020, 01:17 PM #5
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hey amanda care to explain the hypocrites.Were you hurting merchants all these years? do you not have any merchants that love you , like you claimed so many times on this site ?
Also let me know when you have jay on your show.perfect fit
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07-16-2020, 01:23 PM #6
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He is going to push business owners to "Community Banks" - sounds good, EXCEPT they will not lend to that merchant that needs quick funding.
Example, I closed a small mca credit card split - merchant needed under $4K for a piece of equipment.
Credit is not good - a quick funding dealDave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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07-16-2020, 01:52 PM #7
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this is hilalrious. They think they're gnna stop merchants from taking money because they made a YouTube podcast? Only views they'll be getting is from mca forum sites.
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07-16-2020, 01:57 PM #8
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I mean from a business standpoint you have to respect the idea and hustle. MCA is quickly becoming a disgusting industry and everyone knows it. It's no secret.... News articles are being released all the time about how shady funding companies and brokers are and people are starting to even get arrested lol. This entire dailyfunder forum went from talking about how amazing this industry was a few years ago to now talking 24/7 about a new shady broker, funding company, or sales rep. Even people at the top of this industry constantly remind everyone that we need to either self regulate ourselves or we are all ****ed. So not only are they seeing this trend and moving into a new direction with it but they are also doing a podcast about it and creating a digital alternative finance entertainment business model which works so extremely well in today's climate. Everyone knows about the great people who work in this industry, and we all respect them. But we also all know about the large number of scammers, people who can't get a job anywhere else because they have criminal records so they come and **** **** up here, the people who are not allowed to be stock brokers anymore, and the people who just straight up get erections at the idea of screwing people over, etc...
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07-16-2020, 02:06 PM #9
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Every industry has good and bad people. Regulation cant change the mindset of a person. They will just look to get around regulation.
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07-16-2020, 02:07 PM #10
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I wonder if this is a whole ploy to drive to them business as brokers....
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07-16-2020, 02:25 PM #11
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wait those guys are "experts" who? ..
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07-16-2020, 02:59 PM #12
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https://www.linkedin.com/in/david-korchak-0b5a974b/
David, Primary Cap might still be funding? If this is a marketing ploy to get more honest brokers to work with you, then I must say, good job! I know that he doesn't like the concept of clients forever renewing, and he'd rather fund with an MCA in the meantime, give them credit repair, get them to the bank, and go to the next one.
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07-16-2020, 03:16 PM #13
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07-16-2020, 03:20 PM #14
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GoodCustomerService = David Korshak said the following:
"Predatory lending/funding is any practice that imposes unfair or abusive loan/advance terms on a borrower/merchant. It is also any practice that convinces a borrower/merchant to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan/advance that a borrower/merchant doesn't need, doesn't want or can't afford."
Source: https://dailyfunder.com/showthread.p...763#post124763
That is true. It's a grey area how to define "unfair" or "can't afford", and I'd like to judge fairly here, that David is going to say in that podcast that an MCA should always be a bridge to a bank, not an end in and of itself, and this whole thing is a very brilliant marketing ploy.
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07-16-2020, 04:09 PM #15
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Hey so I'm Dave Korchak. I'll just say that anyone that thinks I'm out to "Bash" MCA is dead wrong and is probably one of the Predators I'm talking about. And will continue to talk about as long as my rich financial partner likes what I'm saying and doing. But people who know me are well aware that I've done a lot to try and speak up for years on protecting our customers, clients and investors. And some of you have tried to silence me for years because you are the problem. Not me. You take for granted the trust you're given from these people, with their data, their business, money and families, and you are willing to destroy them for what? Simple answer...Money. Ain't nothing wrong with making money, but not at the expense of a human being. Yeah, do merchants **** and steal, and are they bad people...sure...some of them. But two wrongs don't make a right, and don't give anyone an excuse to do some of the things I've seen done to people in this space. It's disgusting and criminal, and everyone here either knows someone like this, or is one themselves and seriously, straighten up your act or cease to exist. We have no room for predators in this world anymore. Yes, I've been to many a gang bang in this business...that's true...but I was always the guy with the condom on sanitizing the joint. I've made money in MCA, not millions, but enough to feed my family for the past 16 years and some just call that a hard days work. Now, a hard days work is measured based on how fat your pockets are. It used to be based on your physical strength and moral attitude. I always had my morals in front of me. Have I sold them a couple times? Absolutely! But I was very weak physically, and very over weight, and now, still have the Dad bod but I can bench 275. I'm a much more WOKE individual today because of what I saw during Covid. What I saw people "Pivot" to in this space, which a lot of good decent people went and helped their clients find PPP loans, for hope of a 1% commission paid for by the tax payers...and some decided to tell them they were declined and sell them a cash advance. During the worst economic climate in all of history, people were pitching MCA. While the government is giving out PPP loans to Reality TV stars who own trucking companies, that have 4 MCA judgements on them, yeah they told small business owners that they didn't qualify for potentially free, or 1% money, and decided to pitch them a 3 month 1.49 with 10% fees on it. If that doesn't piss you off, you ain't in my demographic for this show. I've only once changed my name in this space, and that was when I was a 21 year old Broker at 2nd Source. I've come a long way, and although it may have not be clean or the most lucrative, it was my path that led me here. Cause I give a **** about the merchant. I have care and compassion for them. That doesn't make me stupid, ignorant, a bad salesman...it just makes me a bad salesman in what has now become a TOXIC FINANCIAL PRODUCT. It kills businesses, eventually, just most people don't hang around to see the carnage. But there's hope, if we create the true reform necessary to clean this ****hole up, and make the ground even again. You can **** on me, criticize my life decisions, dig up old dirt....go for it. I'm happy to explain my action for anyone that wants to listen...to the show. Leave remarks in the comment section. I'm all over social media, with my real name, and have no problem engaging with people that truly believe "Enough is Enough!". Have a pleasant day!
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07-16-2020, 04:29 PM #16
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Holy shiz... you are the man! Props to you and I totally agree. People always push the limits until the whole thing comes crashing down on everybody. This industry can and is 100% legit when it is done properly. People are so afraid of regulation and change but I am 10000000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000000 00% looking forward to it. I cannot wait until the criminals and dumbasses are forced to find a retail job because they won't be allowed to do MCA anymore. Once merchants stop getting screwed over and lied to, defaults will drop by 123019082341980321980319831 percent and SOOO many more merchants will be looking for real legitimate sales reps and funders. I'm so tired of the dumbass brokers who think they are so cool because they know how to lie and cheat merchants. It always leads to a default and than it ends up becoming an endless cycle of funders trying to figure out how to scam merchants so they can recoup their loses and brokers continuously screwing over both the merchants and the funders money.
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07-16-2020, 04:31 PM #17
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David's point, as I read it is the following:
MCAs are not good or bad.
BUT, MCAs are a fertile ground for salesmen and liars to make tons of money on the backs of hard working members of society. AKA, selling merchant cash advances sucks.
So how do you stop predatory practices?
How much self-regulation and how much big brother regulation is needed in order to protect adults? If anything, more podcasts should focus on the student debt trap. Merchant debt trap? They are business owners after all, and grown adults.
David, correct me if I'm wrong, but you'll admit that pure brokering is okay in and of itself, but you're not so happy with how much lying is going on with the "sales force" attitude, and in which case, there's too much noise going on to be worth continuing without a conductor.
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07-16-2020, 04:37 PM #18
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"How much self-regulation and how much big brother regulation is needed in order to protect adults? If anything, more podcasts should focus on the student debt trap. Merchant debt trap? They are business owners after all, and grown adults."
When you work for a funding company, or lie to a merchant and say you do, they expect you to know what you are doing. When you go to a dentist and they tell you that you need a cavity filled, do you have the dentist show you exactly how they are going to fill your cavity before you get it done? And than after he shows you the procedure do you go home and research it before he starts filling the cavity? In this country, people expect to be treated normal, its not supposed to feel like the wild west and whoever has the biggest pocket is the coolest. Thats ****ing retarded and stop running from your small dick problems. There is more to life than money I promise......
You talk about how student loans are a problem too. That's because students also EXPECTED this country to guide them in the right direction. Once everyone was approved for a 30k-100k loan and told they can study liberal arts or history, we expected that things would work out and we'd have a decent job. The education system failed us because colleges were charging WAY too high prices and they weren't even keeping up with how fast society was moving. They were still telling people to major in history meanwhile people needed to major in computer technology or engineering. It's just another example of when someone is in a position of power, you expect them to guide you not hurt you and than run away once they make a killing.
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07-16-2020, 04:38 PM #19
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That's partially right...and the defense of the broker can come from Amanda Kingsley, my baby sista. I have a problem with the funders in MCA. From top to bottom. I know the way to get rid of brokers is to simply originate on your own. But I don't want to try and originate on my own, during a pandemic, where small businesses are being ass rammed by the whole ****ing planet right now, brutally targeted 40 times a day, 7 days a week by bat **** crazy brokers offering them 15 days 1.499. And we all know that happened. I have proof myself. Nope...I want a lot more accountability from the "A" Paper, Google Reviewed, Deep pocketed, Ad Word gauging, Goliath's of the financial market, and servicing market.
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07-16-2020, 04:52 PM #20
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dave a few bad apples can make the whole bunch look bad . but you know there is plenty of us out there that do things the honest and right way.
What is the goal here?Based on your comments i totally misunderstood it, so can you break it down in a sentence what the goal is.
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07-16-2020, 04:56 PM #21
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Properly define and reform MCA, and in doing so get rid of the bad apples that spoil us bunch!
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07-16-2020, 06:22 PM #22
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07-16-2020, 07:23 PM #23
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self regulation didn't work. it's been talked about for many YEARS.
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07-16-2020, 07:29 PM #24
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07-16-2020, 08:34 PM #25
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David. You use to be fat and now you’re “woke” You’re just bored and boring as ****. You woke ass cancel ass got nothing to do ass but complain ass *****
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