Need a Funder or Vendor? START HERE

Page 1 of 2 12 LastLast
Results 1 to 25 of 43
  1. #1

  2. #2
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    Well at least this is something that everyone has to be careful with and we can all learn from: Never use the term "loans" or "lending" or "lender" when you are referring to merchant cash advances.

    I know that one funder (Elevate) has their emails combed server-side to prevent anyone in the firm or their clients or their brokers use any of those terms, and they will actually correct someone if they do.

  3. #3
    Senior Member Reputation points: 44858
    Join Date
    Apr 2019
    Posts
    319

    soooo which "lender" is getting sued next, getting raided, getting bought out, bets anyone ?

  4. #4
    Senior Member Reputation points: 2463
    Join Date
    Sep 2012
    Location
    Gainesville Florida
    Posts
    167

    Quote Originally Posted by abfunders View Post
    Well at least this is something that everyone has to be careful with and we can all learn from: Never use the term "loans" or "lending" or "lender" when you are referring to merchant cash advances.

    I know that one funder (Elevate) has their emails combed server-side to prevent anyone in the firm or their clients or their brokers use any of those terms, and they will actually correct someone if they do.




    You are correct, Elevate partners with Performline to monitor all email exchanges and we record all calls to make sure that if the word "loan", "lend", or any other term that can lead to be construed as loan product. But we do go further than that and spend our time educating merchants and our partners alike on the usage. From our welcome calls, to our signatures stating what product elevate provides, and our bi weekly notices to merchants that they can have their payments adjusted as it is contractually with in their right. As you know Elevate is transparent in everything we do to provide the best experience for all but most important so that the small business owner is aware and fully knowledgeable in the product Elevate provides.

  5. #5
    Senior Member Reputation points: 76187
    Join Date
    Jan 2018
    Posts
    508

    Quote Originally Posted by HeatherF View Post
    You are correct, Elevate partners with Performline to monitor all email exchanges and we record all calls to make sure that if the word "loan", "lend", or any other term that can lead to be construed as loan product. But we do go further than that and spend our time educating merchants and our partners alike on the usage. From our welcome calls, to our signatures stating what product elevate provides, and our bi weekly notices to merchants that they can have their payments adjusted as it is contractually with in their right. As you know Elevate is transparent in everything we do to provide the best experience for all but most important so that the small business owner is aware and fully knowledgeable in the product Elevate provides.
    I had no idea you guys do that. That's awesome. A lot of people I meet just try to find a way to make the most amount of money as fast as possible.

  6. #6
    Senior Member Reputation points: 86751
    Join Date
    Feb 2018
    Posts
    1,346

    this article doesn't mention that it was due to using the word lending or loan. it says, "deceiving small-business customers, hitting them with surprise fees and overcollecting on debts."

  7. #7
    Senior Member Reputation points: 18402
    Join Date
    Apr 2014
    Posts
    781

    Party is over..i have been telling u this..over n over n over

  8. #8
    The FTC complaint mentions that part of the issue is false advertising surrounding the personal guaranty. Supposedly Yellowstone was advertising no PGs on deals but routinely included them. Does anyone know if the contracts had a true Personal Guaranty or was a Performance Guaranty? Curious if the FTC doesn't care about the distinction.

  9. #9
    Senior Member Reputation points: 11927 FUND3R1's Avatar
    Join Date
    Aug 2017
    Posts
    213

    As long as you educate your clients and they know what they are paying you will be fine. There is clients who's credit is sub PAR (no pun intended.) Some people like this money because it's fast and they don't have hop through many hoops to obtain the financing.
    FUND3R1

    "Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each. --Christopher Rice"

  10. #10
    Veteran Reputation points: 157541 J.Celifarco's Avatar
    Join Date
    Oct 2012
    Location
    New York
    Posts
    2,504

    Quote Originally Posted by fundingsmbs View Post
    this article doesn't mention that it was due to using the word lending or loan. it says, "deceiving small-business customers, hitting them with surprise fees and overcollecting on debts."
    Agreed anyone who thinks this is just about using the word loan or lending I believe is in for a big surprise. This sounds like more than that. I hope Im wrong but this could get ugly for them
    John Celifarco
    Managing Partner
    Horizon Funding Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@horizonfundinggroup.com

  11. #11
    Senior Member Reputation points: 19024
    Join Date
    Feb 2016
    Posts
    236

    The end is near.

  12. #12
    Senior Member Reputation points: 14389
    Join Date
    May 2014
    Location
    California
    Posts
    336

    I guess that Bloomberg article really did have some legs.

  13. #13
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    "And it routinely continues debiting customers’ bank accounts for four or five days after a debt is repaid, the agency said"

    COMPLETE AND UTTER HORSE ****.

    UH YEA, SO DOES EVERYONE ELSE BECAUSE WE RELY ON OUTDATED ACH TECHNOLOGY! THIS COMMENT IS MAKING YS LOOK BAD WHEN IN REALITY IT SHOULD CAST SHADE RIGHTFULLY WHERE IT BELONGS AN OUTDATED FINANCIAL SYSTEM, WHERE REGULATORS OBSTRUCT GROWTH AND TECHNOLOGY WITH REGULATIONS INSTEAD OF ALLOWING NON FIAT BORDERLESS BLOCKCHAIN BANKING TO GO WHERE IT EVENTUALLY WILL ANYWAY

    IT TAKES 3 DAYS TO KNOW IF AN ACH CLEARED OR NOT, SO HOW CAN LENDERS STOP ON THE EXACT DAY? HOPE FOR THE BEST?

  14. #14
    Senior Member Reputation points: 76187
    Join Date
    Jan 2018
    Posts
    508

    Quote Originally Posted by ryan $ View Post
    "And it routinely continues debiting customers’ bank accounts for four or five days after a debt is repaid, the agency said"

    COMPLETE AND UTTER HORSE ****.

    UH YEA, SO DOES EVERYONE ELSE BECAUSE WE RELY ON OUTDATED ACH TECHNOLOGY! THIS COMMENT IS MAKING YS LOOK BAD WHEN IN REALITY IT SHOULD CAST SHADE RIGHTFULLY WHERE IT BELONGS AN OUTDATED FINANCIAL SYSTEM, WHERE REGULATORS OBSTRUCT GROWTH AND TECHNOLOGY WITH REGULATIONS INSTEAD OF ALLOWING NON FIAT BORDERLESS BLOCKCHAIN BANKING TO GO WHERE IT EVENTUALLY WILL ANYWAY

    IT TAKES 3 DAYS TO KNOW IF AN ACH CLEARED OR NOT, SO HOW CAN LENDERS STOP ON THE EXACT DAY? HOPE FOR THE BEST?
    your an idiot and your party is ending soon. hope you had fun.

  15. #15
    Senior Member Reputation points: 18402
    Join Date
    Apr 2014
    Posts
    781

    Ryan.confirned idiot

  16. #16
    Senior Member Reputation points: 18402
    Join Date
    Apr 2014
    Posts
    781

    So many things wrongbwith the mca....end is near

  17. #17
    Veteran Reputation points: 134971 Chambo's Avatar
    Join Date
    Sep 2012
    Location
    New York City
    Posts
    3,174

    Quote Originally Posted by Onepointwhat View Post
    The FTC complaint mentions that part of the issue is false advertising surrounding the personal guaranty. Supposedly Yellowstone was advertising no PGs on deals but routinely included them. Does anyone know if the contracts had a true Personal Guaranty or was a Performance Guaranty? Curious if the FTC doesn't care about the distinction.
    the gray area was with all the COJs. Pretty much all MCA contracts are a clearly delineated performance guaranty in them, but when you lock up a merchant's personal accounts by adding his name into a COJ, and then go after those personal bank accounts after judgment, you kind of turn the deal into a personal guarantee. THIS is where clarification was warranted. The first step was eliminating the COJ. hat's the next step? Good question....clearly defined PERSONAL GUARANTY? I'll leave this to the jokers with the JDs

  18. #18
    Senior Member Reputation points: 301165
    Join Date
    Jun 2015
    Posts
    3,313

    who still does coj?

  19. #19
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    Quote Originally Posted by golf2014 View Post
    Ryan.confirned idiot
    Im an Idiot. Yet EVERY lender pulls a few payments after the last payment then refunds the difference.

    ACH Is Outdated Technology, Fact.
    Regulations stop Innovation. Blockchain Technology would allow Instant Funding and Reconciliation, If it was adopted, and end the extra Pulls.

    You both are ****in idiots.

    If "My PARTY" is MCA's - They aren't ending any time soon. And even if it did, I made enough these past 15 Years, Ill retire.
    Last edited by ryan $; 08-04-2020 at 12:34 PM.

  20. #20
    Senior Member Reputation points: 18402
    Join Date
    Apr 2014
    Posts
    781

    So i can go into your house take 300.00 then give it back..or is that theft ??

  21. #21
    has anybody bought leads from Cashyew Date

  22. #22

  23. #23
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    Quote Originally Posted by golf2014 View Post
    So i can go into your house take 300.00 then give it back..or is that theft ??
    I was double charged by google this month, then they returned it......Is that theft?

    Lets say it went the other way, lets say funders stopped the very day the last pull is pulled and didn't wait for it to clear and the actual balance to reach zero. Then 3 days later they found out the last payment or 2 bounced, and the merchant went MIA....and then assessed default fee's (as is their right). That would be wrong right?

    Or when Funders pay off other Funders, but the first Funder keeps taking payments because they don't process the payoff instantly....by your logic, your saying that is theft?

    Every MCA by your rational should be arrested then, put them in cuffs. What your saying is completely asinine. It is not theft. It is just how it is....AGAIN, as a result of using outdated ACH technology. Look at Crypto lending, Instant Settlement, Low Interest, it is a much better system. Until it is adopted globally/nationally and replaces the centralized banking industry (BELIEVE ME IT WILL HAPPEN EVENTUALLY) - Collecting 3 Payments past the end of term, because ACH takes time to clear..... is the system we have.

    Why you are on a forum filled with people who make a living with the Industry,, calling them thieves, Is unknown to me.

    Thats like saying if you pay with a check, the moment the receipient receives the check said product should be released or its theft. No, waiting for it to clear to make sure your paid isn't theft.
    Last edited by ryan $; 08-04-2020 at 08:29 PM.

  24. #24
    Senior Member Reputation points: 18402
    Join Date
    Apr 2014
    Posts
    781

    If google did it to many people like you..definately. the feds etc want this industry gone or cut back bigtime. im not against the industry..but it has organized crime type of.business over n.over. once the feds indict you...your finished 99.6666 percent of the time.
    .

  25. #25

Similar Threads

  1. Replies: 0
    Last Post: 12-29-2015, 12:32 PM
  2. Replies: 0
    Last Post: 11-19-2015, 02:03 PM
  3. Replies: 0
    Last Post: 11-18-2015, 11:59 AM
  4. Replies: 0
    Last Post: 11-02-2015, 11:59 AM
  5. Fundry/Yellowstone new management team!!
    By isaacdstern in forum Merchant Cash Advance
    Replies: 12
    Last Post: 10-29-2015, 04:51 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY