[admin]

Did that company say that they can lend in California or fund an MCA to a merchant in Virginia?

Find out if they're legit: https://dailyfunder.com/license-lookup/

The "I saw them in the courts" or "I saw them in banks" method isn't exactly proof of legitimacy.

What other authoritative resources/links should we add to that list? On the California one, make sure you scroll down to find the search fields.

[abfunders]

That might start helping.

How about something like the DailyFunder version of TrustPilot? Where people with a certain amount of seniority and/or rep are allowed to comment on funders listed as legit. Perhaps even keep away from the negative so that you don't risk , but ONLY allow positive feedback. If there's no positive feedback, then from the "lack" you hear what's really happening. You can even "apply" to be a funder on the list and you must have at least 1 senior member "sponsor" you (publicly) to get on the list to even start.

[EquityCash]

what if the bigger funders, like ondeck, ebf, delta, sbfs, etc make a video or PowerPoint that explains some potential fraud or scams that the merchant needs to watch or confirm prior to funding?

just like delta send you an email prior to sending out docs confirming the funding amount, payment etc, they should send out an infographic or short video showing the potential scam just to inform the merchant before getting funded.

[TheConfidentBroker]

what if the bigger funders, like ondeck, ebf, delta, sbfs, etc make a video or PowerPoint that explains some potential fraud or scams that the merchant needs to watch or confirm prior to funding?

just like delta send you an email prior to sending out docs confirming the funding amount, payment etc, they should send out an infographic or short video showing the potential scam just to inform the merchant before getting funded.

That’s what we have associations and coalitions for. They spearhead that! Question is… is our (generalizing our) problems their problems? If they are… knock on some doors and ask.

[TheConfidentBroker]

That might start helping.

How about something like the DailyFunder version of TrustPilot? Where people with a certain amount of seniority and/or rep are allowed to comment on funders listed as legit. Perhaps even keep away from the negative so that you don't risk , but ONLY allow positive feedback. If there's no positive feedback, then from the "lack" you hear what's really happening. You can even "apply" to be a funder on the list and you must have at least 1 senior member "sponsor" you (publicly) to get on the list to even start.

Isn’t that what an Intel of funders was supposed to be? I think sticking with the CA and VA until there’s a finra of sorts will do.

[abfunders]

Use OpenAI to write the script
Make an AI animation based on the script.

Anyone want to collaborate with me? I already came up with a prompt, but I clearly have to make it better because the AI got some details wrong.

[abfunders]

Okay, I worked for about 15-20 minutes on this with ChatGPT. Still needs some work. Anyone who wants to do a collaboration with me on this, please reach out. It would be awesome to have this as service for the industry. I don't need to make money on this, so we can all white-label this and figure out how to animate it and put it on our websites, throw it up on YouTube, public links, give it to Sean to publish on DF, etc.

---

Sure! Here is a revised script for the 3-minute fun animated explainer video based on the information we discussed:

[Opening scene with animated characters representing business owners]

Voiceover: "Are you a business owner with sub-prime credit? Beware of scammers posing as lenders who want to take advantage of you!"

[Animated characters look worried]

Voiceover: "Here are some common scams they use to convince you to take expensive loans that you don't need or want."

[Scene changes to animated scammer character]

Voiceover: "The False Monthly Payment Promise: Scammers will offer you a merchant cash advance with a daily payment and promise that it will turn into a monthly payment after 30 days. However, this is a lie. It will continue being a daily payment until the entire amount due is paid off."

[Scene changes to animated credit bureau character]

Voiceover: "The False Credit Registration Scam: Scammers will tell you that your payment history will be registered with credit bureaus like Dun & Bradstreet if you make the payback on time. However, this is a false promise. Merchant cash advances are not reported to credit bureaus, and paying back a merchant cash advance on time will not improve your credit score or help you qualify for a traditional loan."

[Scene changes to animated brokers]

Voiceover: "The Hidden Fees and Urgency Scams: Some brokers may use high-pressure tactics to convince you to take a loan immediately, or offer you a seemingly good deal on a loan, but then add hidden fees and charges that are not disclosed upfront. Be aware of any loan that requires collateral and carefully consider the risks before taking it."

[Scene changes to animated characters]

Voiceover: "Don't let scammers take advantage of you! Work with an honest broker who will offer you the loan terms that you actually qualify for, and who will be transparent about all fees and charges. Stay informed and protect your business from scams."

[Closing scene with animated characters looking happy]

Voiceover: "Stay smart and stay safe! Your business deserves the best."

---

Intro: Are you a business owner with sub-prime credit? Have you been approached by brokers offering you a merchant cash advance or line of credit? Beware of scammers who use deceptive tactics to convince you to take an expensive loan that you don't need or want. In this video, we'll show you how to spot and avoid these scams.

The False Monthly Payment Promise Scam:
Some brokers will promise you a monthly payment after 30 daily payments if you take a merchant cash advance. However, this is a lie. Merchant cash advances have daily payments until the entire amount due is paid off. Don't fall for this false promise and end up paying more than you would for a traditional loan.

The Due Diligence Scam:
Some brokers may convince you to take a merchant cash advance to pay for the due diligence fees for a traditional loan. However, this is a scam. There are no upfront due diligence fees for traditional loans, and taking a merchant cash advance will only add unnecessary expenses and debt.

The False Credit Registration Scam:
Some brokers may promise that if you make the payback on time for a merchant cash advance, your payment history will be registered with credit bureaus and help you qualify for a traditional loan in the future. However, this is a false promise. Merchant cash advances are not reported to credit bureaus, and paying them back on time will not improve your credit score or help you qualify for a traditional loan.

Outro: Don't let scammers take advantage of you by offering false promises or high-pressure tactics. Stick with honest brokers who offer you the loan terms you actually qualify for, and don't be afraid to ask questions or get a second opinion before taking on any debt. Stay informed and stay safe.

[fundinggrasshopper]

Use OpenAI to write the script
Make an AI animation based on the script.

Anyone want to collaborate with me? I already came up with a prompt, but I clearly have to make it better because the AI got some details wrong.

I’m pretty skilled with OpenAI in particular as well as knowledgeable about other AI tools to generate such an animation, this would be a very interesting project Micah,
Let’s talk about it- I doubt I will have time to work on this project until the weekend though.

[abfunders]

I’m pretty skilled with OpenAI in particular as well as knowledgeable about other AI tools to generate such an animation, this would be a very interesting project Micah,
Let’s talk about it- I doubt I will have time to work on this project until the weekend though.

Sunday works for me. Send me a WhatsApp in the meantime, the link is in the sig file.

[American Choice Cap]

This is a pretty awesome idea.
I applied for access to Google's AI Bard, if you'd like I can run prompts through there and see if there's a big difference or not. Otherwise, I'm loving the script! It's pretty great, but the animated video to go along with it may be a bit difficult to pull off. If I had more to offer I would!

[Steven_O]

This entire thread is moving in the right direction.

[abfunders]

So I have a prototype for the video. I have a script that OpenAI helped me work on and took a template that Powtoon created and modified it between deals.

I have not recorded a voice-over either. In order to white-label it for anyone who wants it and then to take off the watermarks (and get access to more characters if I really wanted to), I would need to spend about $180 to cover me for a year, or pay monthly and then I just have one for me. If I had enough interest, I could in theory change colors and logos for anyone that wants, if it's worth my time.

https://www.powtoon.com/s/dEMWS2mLXYo/1/m/s
I did it between deals started with their template.

Send me a DM or email and we can discuss how to make it work. I'm not so interested in doing the work to white-label for everyone, but it's super easy and someone with a little bit of computer knowledge can edit the video colors and logos and do it themselves. So I could just drop the yearly fee, find someone on Fiverr to do the voice over, and resell the rights to login to my Powtoon account and white-label the video.

Thoughts? Ideas on how much I should charge? Anyone already interested enough in paying or collaborating on a final edit of the script? I make far more money in other areas, so I don't need to charge much money here, especially if you are the one doing the logins to the account and changing the colors/logos, but I don't think it should be free either.

[abfunders]

Okay, I figured out the solution here, not that too many people were interested. Started from scratch with another app to create it whiteboard-style and have their TTS read the script that ChatGPT is writing for me. As soon as it's ready, I'll give you all a look and see what the interest is in this to whitelabel. It would be great to stop the scams before they begin.

I have 4 scams that are common (really all the same), let me know if you think of more:
False Monthly Payment Promise
Bait and Switch
False Credit Registration (figuring out a better name... "report to the DNB so that we can give you a LOC")
The Ghost Loan Scam (upfront fees for the "larger" loan)

[SmartAdvanced]

Okay, I figured out the solution here, not that too many people were interested. Started from scratch with another app to create it whiteboard-style and have their TTS read the script that ChatGPT is writing for me. As soon as it's ready, I'll give you all a look and see what the interest is in this to whitelabel. It would be great to stop the scams before they begin.

I have 4 scams that are common (really all the same), let me know if you think of more:
False Monthly Payment Promise
Bait and Switch
False Credit Registration (figuring out a better name... "report to the DNB so that we can give you a LOC")
The Ghost Loan Scam (upfront fees for the "larger" loan)

What about the “Ten for Ten” scam, where you offer someone a deal and get a same day wire, just to “build payment history”