[abfunders]

And no, the business model isn't fund until collections. It's fund, and they know that some will default. Credit cards are also fund fund fund, then go through collections channels. That's underwriting. JB and his ilk, on the other hand, that was a business model of get back as much money as fast as you can, and then hit them with aggressive illegal collections when they definitely default. Most funders did and do not do that.

[pcfunder]

And no, the business model isn't fund until collections. It's fund, and they know that some will default. Credit cards are also fund fund fund, then go through collections channels. That's underwriting. JB and his ilk, on the other hand, that was a business model of get back as much money as fast as you can, and then hit them with aggressive illegal collections when they definitely default. Most funders did and do not do that.

I kind of hate credit cards too lol. I never learned a single thing about credit cards in middle school or high school which looking back on it I find that extremely odd. When I started my own business I was approved for a 10k line of credit. I have no idea why or how but the bank called me up and said congratulations you will have your card in the mail soon! I'm not saying that this is not my fault as well but it was pretty easy to lose control of that card pretty quick and took me a long time to pay it off. It is kind of odd that no one told me a single thing about how credit cards work and they just handed me a $10,000 line of credit in my early 20's. It almost feels like "wow a major bank trusts me with a 10k line of credit, I should be absolutely fine using this!". I have the same feeling about how easy it was to get a student loan. I was able to take on 30k of debt at 18 years old without hesitation. I didn't need that 30k of debt to do MCA what so ever. My first MCA job literally sat me at a desk, they told me to listen to how other people talk on the phone, handed me leads, and left the room. That was the most training I have ever had in my entire MCA career and I somehow had to pay 30k to get to that point.

[abfunders]

I kind of hate credit cards too lol. I never learned a single thing about credit cards in middle school or high school which looking back on it I find that extremely odd. When I started my own business I was approved for a 10k line of credit. I have no idea why or how but the bank called me up and said congratulations you will have your card in the mail soon! I'm not saying that this is not my fault as well but it was pretty easy to lose control of that card pretty quick and took me a long time to pay it off. It is kind of odd that no one told me a single thing about how credit cards work and they just handed me a $10,000 line of credit in my early 20's. It almost feels like "wow a major bank trusts me with a 10k line of credit, I should be absolutely fine using this!". I have the same feeling about how easy it was to get a student loan. I was able to take on 30k of debt at 18 years old without hesitation. I didn't need that 30k of debt to do MCA what so ever. My first MCA job literally sat me at a desk, they told me to listen to how other people talk on the phone, handed me leads, and left the room. That was the most training I have ever had in my entire MCA career and I somehow had to pay 30k to get to that point.

The debt trap didn't start with MCAs..... "Listen man, everyone's doin' it!"
American Colleges are the biggest ponzi scheme.
https://www.city-journal.org/higher-...ty-bureaucracy *

*very right-wing website apparently, heavily biased one way, but I still think this person did a very excellent analysis. My father died while I was in college and that the life insurance paid off my student loans. Call it lucky, call it unfortunate, call it morbid, whatever you want. But that's a lot of money that I didn't get to my pockets later on in life.