[N_Snoot]

definitely some really bad funders in this industry, But the ridiculous amount brokers promising the LOC pending a 30 day 1.499 with 20% fees is getting out of control.

funders need to start asking the merchants on funding call if any LOC or term loan was promised in any way in the presentation of their mca offer.

95% of them do ask that on the funding call - and then when the merchant says yes they send it to their janitors closet and have their fat slob cousin do it for a couple grand less than what the ISO was going to do it for LOL come on Simon act like you’ve been here before please

[Bcooper]

If you have any to add, please share. These funders have been caught with shady practices. Carroting the day after funding, promising lines of credit for taking 1.699 with 20% fees and so on.

Advance Capital
All Shore Capital
Art Funding
Everyday
Family Funding Group
Go Fund
Image
Independent Fund
Jett Funding
Master Fund
Puttnam
Redstone
Regal Capital Group
Revive Capital
United
Wincap
World Global

ace funding
11 capital
22 capital
fusion funding
eagle eye
bluebridge
bluegrass
lionhead
fundynatic

[fundinggrasshopper]

And Hybrid Advance sucks- Ariel, AKA "Kevin" is a thief.. literally

-Stay classy

I see new "funders" popping up every month using this contract.

stay away

[fundinggrasshopper]

SuperFastCap - Shady AF - Don't send your deals there.

Damn Joe, we were trying to sign on!

[SuperFastJoe]

definitely some really bad funders in this industry, But the ridiculous amount brokers promising the LOC pending a 30 day 1.499 with 20% fees is getting out of control.

funders need to start asking the merchants on funding call if any LOC or term loan was promised in any way in the presentation of their mca offer.

I have actual full term sheets and contracts from merchants showing our advance as the first "draw" and the rest comes after 30 days. From broker to merchant. It's wild out there.

[abfunders]

I have actual full term sheets and contracts from merchants showing our advance as the first "draw" and the rest comes after 30 days. From broker to merchant. It's wild out there.

Joe, do you cut off these brokers?

[SuperFastJoe]

Joe, do you cut off these brokers?

Insta-cut, superfast.

[Russell]

Saw "United Funds" carrot a merchant with 20K (14K NET - 6K FEE) debit his bank for 2x $1k pmts, and had the merchant wire back $29,990 the same day

It doesn't matter what their name is - they have a million different labels, these are mostly Brooklyn guys (you know who) using and abusing Metropolitan Commercial Bank

I would go to far as to say that M.C.B. is in on it at this point, but that's speculation and circumstantial.

What they're all doing is committing fraud, money laundering, among a ton of other things - and it will catch up to them eventually.

Shine a spotlight on Metropolitan Commercial Bank if you really want to nip it in the bud, for starters.

It's really just sad to see them all get away with it for this long and straight up take advantage of ordinary working people.

You're 100% right Anthony, the way to go about stopping them is by going after metropolitan bank, I've had a merchant reach out to them directly about a United Funds Scam and they refused to help him, Also I've see JRG start doing the same fake term loan 10 day deal scam , ive seen them do regular deals in the past but recently more and more I've seen them just straight up scam the merchants

[BROKER TIME]

Im so happy that mca is less than 10 percent of the the products we offer

these posts and the people that are actually posting are actually very funny
everyone here making it like their sh*t dont stink!!!

do i think that giving someone a 10 day mca with false promises is ethical or the right thing to do? ABSOLOUTELY NOT!!!

but the brokers that actually post here make it sound that every deal they sell a 60 day term 6 month deal or even a 1 year term with out telling the merchant of a better deal to follow in the future

and for the funders here that post so negatively about the shady characters you to are a big part to blame! alot of you are 3+ positions that offer 50-100 payment deals right after the merchant takes another position do you actually think your position helps these merchants?

the industry as a whole past a 2nd position is a sh*t show

their should be a rule that merchants shouldn't be allowed funding for at least 3 months after receiving a funding.

so everyone needs to stop their complaining
and start offering real products that help these merchants SBA Equipment financing etc...

[abfunders]

Is someone going to eventually name Metro Bank as an accomplice on a lawsuit? Or do these criminals (wire fraud) just focus on emptying out the merchants bank accounts to prevent the merchants from having enough money to go to their lawyers and pursue? I think they're just not afraid anymore. Either they'll go to jail for what they've done until now, or they won't, and at this point, might as well get enough money so that they can provide some money for their wife/kids while they're sitting until they can get a pardon or be released on good behavior.

[Steven_O]

IDEA: Sean (DF or Debanked) should provide a certification of sorts where certain tests and background checks are done... those who pass get a "blue check" style on their profile... spot checks (shopped calls) can be performed by calling the business and ensuring the broker/lender are acting according to their "certification"... this website, is the leader in the industry, and could really help clean up the mess.

Or we can wait till the government steps in and does it.

[Sean Cash]

Or we can wait till the government steps in and does it.

The government already stepped in and did it. All brokers and funders already have to submit to criminal background checks and register with the state of Virginia if they want to do deals with Virginia merchants. The deadline to sign up was last November. Less than a dozen brokers registered. About 100 funders registered. There are penalties if you're caught not being registered. There are exceptions to the registration rule if your company was already registered in Virginia etc. Only a lawyer can offer proper guidance here.

All registered parties can be viewed here: https://www.scc.virginia.gov/getatta...4eb4/sales.pdf

I think DailyFunder is open to the possibility of blue checkmarks or such for employees on here who work for a company with a CA, VA, UT, license etc. What do you all think about that?

[TheConfidentBroker]

DF had over 4,000 users online recently and maybe 30* active with a few blasts from the past chiming in. The power of this sometimes chaotic forum can't be replicated and is here to stay. Up until recently, the "sponsors" vs. solicitors haven't been an issue and realizing that over 90% of ISOs and Funders are operating illegally* is an eye opener. These issues have impacted those who don't do the mca 2nd position up BS - the ones that never cared about these things are now. You can't just say "nope not my problem" anymore.

I have an extensive Black List and Crack List - Crack list being the "legal" but not ethical and all because it's "legal" doesn't mean its right but what can Sean do? He's attacked constantly and threatened to take action because he hosts the platforms and the parties. He can't control everyone but there is some changes he can make to level the field BUT what are the Funding Companies going to do to follow suit?

Most* Funding Companies are the enablers and the problem. Some have blinking advertisements on here > some are positing promos for their Funder but Sean can't ban or say "no" if it's "legal." To some out there - the forums, networking events, and online access to solicit is their lifeline. What happens when you cut that off? You have a lot of angry people going after one guy. How freakin scary is that?

Cleaning up the mess isn't as easy and there needs to be an unbias approach but as of right now - in this moment - people are frustrated and their air circulation is getting cut - The last thing you want is 4am texts and horse heads delivered at your door.

[BR-Nightmare]

The last thing you want is 4am texts and horse heads delivered at your door.

...

[TheConfidentBroker]

https://youtu.be/yhZ0TKdgJGg

[closer129]

How do you think i felt finding this out and having my money at risk.

[BROKER TIME]

You're 100% right Anthony, the way to go about stopping them is by going after metropolitan bank, I've had a merchant reach out to them directly about a United Funds Scam and they refused to help him, Also I've see JRG start doing the same fake term loan 10 day deal scam , ive seen them do regular deals in the past but recently more and more I've seen them just straight up scam the merchants

thats interesting

from the clients I have seen they are mostly optimum and signature bank

[TheConfidentBroker]

The government already stepped in and did it. All brokers and funders already have to submit to criminal background checks and register with the state of Virginia if they want to do deals with Virginia merchants. The deadline to sign up was last November. Less than a dozen brokers registered. About 100 funders registered. There are penalties if you're caught not being registered. There are exceptions to the registration rule if your company was already registered in Virginia etc. Only a lawyer can offer proper guidance here.

All registered parties can be viewed here: https://www.scc.virginia.gov/getatta...4eb4/sales.pdf

I think DailyFunder is open to the possibility of blue checkmarks or such for employees on here who work for a company with a CA, VA, UT, license etc. What do you all think about that?

Agree. Do a poll or survey. Cut the sponsors that don't comply. Check drivers licenses and real names/employment/contract at conferences/events so we're not signing up with the "Frank Jacobs" of the world. Make it known that all because you're on forbes council, you're not God and unless you are working with an Altfi association of sorts and on the board - you can't just overhaul with promotions of products that maliciously stack and attack your long standing sponsors.

Also... some mods would be nice Cant have it all but we can try.

[mistamca]

I think DailyFunder is open to the possibility of blue checkmarks or such for employees on here who work for a company with a CA, VA, UT, license etc. What do you all think about that?

Meh. I would say that there are more employees who steal than companies who steal. The checkmark could give a false sense of confidence. I also do not feel bad for people who get backdoored when they have done ZERO due diligence.
I think more active moderation will go further imo. For example, if someone claims that they fund in CA, then they should be required to list their license in the post or the post will be removed and then there is a 3-strike policy.
You could also have a new user stat of "negative posts" where you allow members to vote on any post that they create.

[N_Snoot]

Also how is ProVenture not on this list straight crooks not only do they backdoor your deal then they fund them over only ten days to ruin the file all with the promise of a line of credit or unrealistic term loan - if you ever see Bridge Street Capital in a deal right after you submit to ProVenture don’t be too surprised that’s their closet shop

[Steven_O]

Without naming names... here is what BARD (Google AI) says about our industry and organized crime (allegedly):

"In 2016, a federal judge in New York sentenced a member of the Mafia to 10 years in prison for using MCA loans to finance his criminal activities.

In 2017, the FBI arrested and charged 14 people with running a $100 million MCA fraud scheme that was linked to the Mafia.

In 2018, the Consumer Financial Protection Bureau (CFPB) sued an MCA lender for using deceptive and predatory lending practices. The CFPB alleged that the lender was linked to organized crime.

In 2019, a federal judge in California sentenced a member of the Yakuza to 12 years in prison for using MCA loans to finance his criminal activities.

In 2020, the FBI arrested and charged 10 people with running a $50 million MCA fraud scheme that was linked to the Triads.

In 2021, the Consumer Financial Protection Bureau (CFPB) sued another MCA lender for using deceptive and predatory lending practices. The CFPB alleged that the lender was linked to organized crime.

In 2022, a federal judge in New York sentenced a member of the Russian Mafia to 15 years in prison for using MCA loans to finance his criminal activities.

These are just a few examples of the many court cases that have been brought against MCA lenders and organized crime. These cases demonstrate that organized crime is a significant problem in the MCA industry. Organized crime groups are attracted to the MCA industry because it is a relatively unregulated industry that provides them with an opportunity to make money quickly and easily. Organized crime groups use MCA loans to finance a variety of criminal activities, including extortion, racketeering, and money laundering."

Umm... with that said... I'm done posting.

[srslyfunding]

Additionally, add to this shady broker/shady lender list "Fast Funds Group" - merchant I funded before awhile ago forwarded me an email from them this morning. Took a 1.32 position w them a couple months back where their broker verbatim promised: "All options qualify for the credit line platform (100% interest forgiveness) and our interest forgiveness also applies on any renewal which you are eligible for at 50% positive payment history (26 weeks)." Claims he's been trying to reach his broker over there for a couple days now to pre-pay the loan in full (he also promised "100% interest forgiveness at anytime of prepayment") only to realize his number has been blocked. They apparently advertise online as a "private equity group"

[closer129]

definitely some really bad funders in this industry, But the ridiculous amount brokers promising the LOC pending a 30 day 1.499 with 20% fees is getting out of control.

funders need to start asking the merchants on funding call if any LOC or term loan was promised in any way in the presentation of their mca offer.

The merchants will lie on the merchant interview.

[BR-Nightmare]

The merchants will lie on the merchant interview.

Correct, they are all coached.

They will come to us after when the broker disappears and they are stuck paying this position they cant afford.

[SuperFastJoe]

Damn Joe, we were trying to sign on!

But in all seriousness, someone on my team was trying to reach out last week to sign on, to no avail. Could I give you a call today & we can chat?

What e-mail address did you reach out from? Shoot me an e-mail so it's on top of inbox and i'll get it handled.