[B2csp]

https://debanked.com/2020/08/ftc-com...cash-advances/

Seems like they're fully intent on shutting down MCA.

They cant shut down the industry, his opinion is subjective to the examination of but a few advances given by what we consider even in our industry to be "high risk" funders. MCA operates in a world outside of the banking realm which they might be accustom to, therefore the FTC can make their statements based on their opinion but as long as we do not enter into the "loan" space or use language that suggest we are providing a loan and not a purchase of future receivables then these statements are no threat to the industry. As mentioned by someone else above they might only be able to attack companies providing additional positions when the merchant is clearly overleveraged thereby putting them at risk of bankruptcy, but if the contract is clear in its wording then the merchant made a conscious decision of taking more capital against his future receivables and there's nothing to penalize.

(as a disclaimer, I am no attorney; just stating my opinion)

[Chambo]

They cant shut down the industry, his opinion is subjective to the examination of but a few advances given by what we consider even in our industry to be "high risk" funders. MCA operates in a world outside of the banking realm which they might be accustom to, therefore the FTC can make their statements based on their opinion but as long as we do not enter into the "loan" space or use language that suggest we are providing a loan and not a purchase of future receivables then these statements are no threat to the industry. As mentioned by someone else above they might only be able to attack companies providing additional positions when the merchant is clearly overleveraged thereby putting them at risk of bankruptcy, but if the contract is clear in its wording then the merchant made a conscious decision of taking more capital against his future receivables and there's nothing to penalize.

(as a disclaimer, I am no attorney; just stating my opinion)

You can have it left, right and in between in the contracts. If the dip**** salesman s saying "loan", if they are selling it as a "loan", and someone has this on tape....well, they have to dead to rights fr false advertising.

Kids wanna roll their eyes at us older guys, but their recklessness (and let's be honest, downright laziness) will get EVERYBODY pinched

[B2csp]

You can have it left, right and in between in the contracts. If the dip**** salesman s saying "loan", if they are selling it as a "loan", and someone has this on tape....well, they have to dead to rights fr false advertising.

Kids wanna roll their eyes at us older guys, but their recklessness (and let's be honest, downright laziness) will get EVERYBODY pinched

Well yeah theres always that possibility when these new guys dont train any of their agents and just tell them to dial and say whatever it takes to bring the client in, then these guys dont deserve to be in the industry. Theres no shortcut, hopefully they're all having training meetings right now and teaching their employees and actually putting in the work. Or else, as you said they will be the downfall of the hole industry as we know it.

[abfunders]

Well yeah theres always that possibility when these new guys dont train any of their agents and just tell them to dial and say whatever it takes to bring the client in, then these guys dont deserve to be in the industry. Theres no shortcut, hopefully they're all having training meetings right now and teaching their employees and actually putting in the work. Or else, as you said they will be the downfall of the hole industry as we know it.

Or the untrained brokers who are pure "salesmen" will be driven out, and it will be better quality people on the phones, and the trained ones will do a much better job, and the idiots will just leave.

Let's call a spade a spade - Biden is a bit of a wildcard. He went toe-to-toe with Elizabeth Warren to stick up for the credit card industry and bankruptcy law, back in 2005. However, the liberal Democrats have gotten waaaay too much press, and Biden might have to give in to what is probably against his ideology. (He's a Catholic who doesn't currently oppose gay marriage.) So make sure you're able to do higher quality training, and don't grow too fast, and keep on trucking.