[loan]

Has anyone had any issues obtaining a pay off letter and paying off ondeck loans?

[J.Celifarco]

merchant has to obtain it but as long as they call in they usually get it fairly quickly

[MCNetwork]

On Deck is very aggressive to retain their merchants so I don't encourage my customers to request a payoff letter from them. Instead, I ask merchants to give me the login credentials to their On Deck portal and print the balance from there. Some lenders will accept this in lieu of an official payoff letter.

[Lender Of Gold]

On Deck is very aggressive to retain their merchants so I don't encourage my customers to request a payoff letter from them. Instead, I ask merchants to give me the login credentials to their On Deck portal and print the balance from there. Some lenders will accept this in lieu of an official payoff letter.

Actually a pretty great idea never heard of before..could that work with all lenders that have portals?

One thing I have found that helps with payoff letters is conferencing with your client when calling lender, then when the rep on the other line tries their rehearsed stall tactics, do most of the talking, threaten litigation, take a hard stance and don't stop till you get it. Builds credibility with your merchant when they witness it too. :x

[bizloanbroker]

paying off Ondeck, lol

no one, not even the super A paper guys pay them off

[mcg168]

paying off Ondeck, lol

no one, not even the super A paper guys pay them off

Not sure where you get that impression...CAN, BFS, Swift all require payoffs to On Deck and any other competitor (Excluding AMEX) for that matter

[isaacdstern]

I cant say what weather those 3 specifically require a payoff to OD but I have seen a lot of A and B funders who pay most folks off not requiring a payoff to OD

[J.Celifarco]

paying off Ondeck, lol

no one, not even the super A paper guys pay them off

If there are A paper lenders who dont payoff ondeck I dont know who they are.. Everyone I work with requires a payoff to them.

[LorenSnow]

OnDeck will fight to keep their clients. Paying them off can be an issue at times, and not other times... All depends on the client really

[jotucker1983]

Everybody should fight to keep their clients. If one of my clients call into one of my lenders requesting a "pay-off letter" and I haven't had the chance to make them a competitive renewal offer, I specifically instruct my lender to hold on sending it until I get an offer out.

If my offer can't beat the other one(s) in the marketplace then I don't deserve the client's business anymore because I have failed to do my primary job as a Broker, which is to provide the current "best deal" for the client in the market.

[MCNetwork]

The only ones not paying off On Deck are the ones that willingly stack on them. Many times, On Deck doesn't file a UCC so some funders don't technically consider this to be a stack since they can assume first UCC lien position.

[loan]

I cant say what weather those 3 specifically require a payoff to OD but I have seen a lot of A and B funders who pay most folks off not requiring a payoff to OD

Which A funders aren't requesting payoffs??