Results 1 to 23 of 23
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08-26-2015, 06:02 AM #1
- Join Date
- Jun 2015
- Posts
- 3
No Bank Login
My list is getting shorter and shorter. These are the guys you can go to that dont require bank login.
CAN
Ondeck
Fora (some)
Snapadvances
Loanme
PNC
Any others?
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08-26-2015, 11:03 AM #2
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08-26-2015, 12:30 PM #3
Quickbridge, National Funding, WBL, MCC, Windset, LoanMe... there's a ton!
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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08-26-2015, 04:05 PM #4
- Join Date
- Dec 2013
- Posts
- 4,713
I believe it will get shorter (the list). A crafty merchant can do a lot of harm with funder not seeing specific info.
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08-26-2015, 08:34 PM #5
We do not require bank login and instead we use a 3rd party bank verification, decision logic type tool.
Kaitlyn Miller
ISO Coordinator
770-617-2377
KM@SuperiorCapitalfund.com
http://superiorcapitalfund.com/
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08-26-2015, 09:08 PM #6
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- Jul 2014
- Posts
- 1,746
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08-27-2015, 09:16 AM #7
- Join Date
- Jun 2015
- Posts
- 3,326
It seems to me the companies that actually underwrite deals don't require bank log in . I find it hard to believe that they have a worse default rate then all the other companies that require it .
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08-27-2015, 09:51 AM #8
- Join Date
- Dec 2013
- Posts
- 4,713
Michael I -
I know your finding it hard to believe. they do have higher default when no log-in.
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08-27-2015, 10:09 AM #9
- Join Date
- Sep 2014
- Posts
- 430
I guess you really are the MCA guru if you are privy to the default rates of every lender in this space, as that is the only way to make that statement. Please publish these lenders default rates. Bucket them into bank login and no bank login while you are at it. I'm sure we'd all be fascinated to see them. I won't hold my breath...
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08-27-2015, 10:50 AM #10
- Join Date
- Jan 2015
- Posts
- 93
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08-27-2015, 11:13 AM #11
- Join Date
- May 2014
- Posts
- 86
Deal Killer. Im telling you.
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08-27-2015, 11:40 AM #12
When you see ads on craigslist "buy 2 statements get 1 free" it only makes sense to require some type of bank login to verify information prior to funding.
Christina Rossi
Business Development
Account Executive
Tel: 866-629-4464 ext 229
Fax: 917-368-6943
Crossi@maxadvance.com
www.maxadvance.com
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08-27-2015, 12:48 PM #13
- Join Date
- Jun 2015
- Posts
- 3,326
Marcus yes i definitely find it hard to believe that bfs or snap has a high default rate . I understand that mantis will be out of business if they didn't ask for it with 2 hour underwriting and funding same day but being put through real underwriting fraud will be caught with out bank log in .
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08-27-2015, 01:57 PM #14
A year back, I funded two deal with a new lender. This company at the time did not require bank login. 4 months later, both clients had defaulted.
At the very least, having login means you can verify that all the statements you got were accurate. It is pretty much the only way to do actual verification of the account.
Different companies will allow either direct bank login, Decision Logic, or Join Me. But to fund a client without any financials, only bank statements, and having no way of verifying the client seems foolish at the minimum.
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08-29-2015, 05:46 PM #15
- Join Date
- Jun 2015
- Posts
- 3
Well two of the largest players on the block dont require it. ONDECK and CAN. Go figure
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08-29-2015, 08:14 PM #16
- Join Date
- Jul 2014
- Posts
- 1,746
Here's an idea, sell it.
"Mr. Merchant, as with any financial transaction, there are checks and balances. When you slide your debit card at the grocery store and enter in your PIN, do you question it every time?"
"You don't know where that information goes and who sees it, and yet you do it without question many times a day."
"We aren't even asking for that level of access, all we want is to verify the validity of your bank statements before you make a withdrawal of $50,000 from our account and deposit it into yours."
"Wouldn't you say that's a fair request?"
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08-29-2015, 10:00 PM #17jotucker1983Guest
From my experience, usually when a merchant refuses access to their online banking information, it's later revealed in the process that the merchant was doing something on the "shady" side, such as having doctored bank statements. Think about it for a minute, a merchant has already provided all of the following:
- Their SSN
- Their DOB
- Their Home Address
- Their Bank Account Info (account/routing number)
- Background Checks Have Been Ran On The Merchant
- Their Most Recent Tax Return
- Their YTD Interim Financials (depending on deal size)
After providing most or all of this information, why wouldn't a merchant allow a Lender access to their Online Banking to verify bank deposits? Makes no sense.Last edited by jotucker1983; 08-29-2015 at 10:03 PM.
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08-31-2015, 11:29 AM #18
the fact of the matter is when you're dealing with companies like ODC and CAN capital who have $100's of MM's of dollars to fund out of their default rates and drive their rates down, it doesn't matter they're just trying to put as much money out as possible. and yes they do take hits, it's a fact that companies whom don't do login take more hits, not saying their default rate is higher - I DON'T KNOW but they definitely have MORE DEFAULTS.
as a funder with a $25MM-$50MM line you can't take $100k hits like the big boys can so you require login to cover your bases. then again, every company that does a 3rd or 4th position I know of will at least try and accommodate a customer if they don't have online banking, they will do decision logic, or a 3rd party call with the bank. not every bank accommodates decision logic or third party calls either, and at the end of the day it's the funders' money if they want login or no funding, they'll get it and it remains a fact that fraud exists in this industry and ISO's know exactly where to place a deal, i've seen ISO's take deals that were marked fraud and not saying they were ethical in doing this but they knew exactly where to take it - to the lender that didn't do login. let's not be ignorant to FACTS.Last edited by ADiamond; 08-31-2015 at 01:07 PM.
Anthony Diamond
Underwriter
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08-31-2015, 12:00 PM #19
- Join Date
- Jul 2013
- Posts
- 352
ODC, MCC, and CAN all do logins. They use Yodlee on direct apps.
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09-04-2015, 01:55 PM #20
- Join Date
- Jul 2015
- Location
- Tampa Florida
- Posts
- 503
We don't require it. Just two most recent full statements
Jason H l Sales & Business Development
Quikstone Capital Solutions l Tampa FL
Direct Line & Mobile 813-371-8233 l Fax 813-371-8233 l Text 727-492-8812
Jason.Hausle@quikstonecapital.com
www.quikstonecapital.com
Direct Lender Since 2005
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09-05-2015, 07:54 PM #21
- Join Date
- Sep 2015
- Posts
- 41
We will contact the bank manager or other rep at the bank to confirm the latest banking information if there is a concern regarding the bank login information being given out.
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09-16-2015, 03:54 PM #22
- Join Date
- Jul 2014
- Posts
- 1,746
And to finally answer the question, here is why lenders require bank logins:
http://debanked.com/2015/09/major-bu...-consequences/
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09-16-2015, 06:41 PM #23
- Join Date
- Sep 2015
- Posts
- 13
1st Merchant Funding can waive the log in credentials as long as we have MTD bank statements. They also have their own platform where merchant's can log in via SMS or email without the funding company seeing their credentials.
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