[jfranz17]

What is disclose in an adverse action letter is between the borrower and the lender. If you have ever seen an adverse action letter, you know it shows a few comments from information gathered by the credit reporting agencies where credit was pulled.

LoanMe has over 150 loan agents taking an average of 15-20 applications per day. Internal scoring and the algorithm used to assess a pre-qualification decline are not something that agents are given access to. This is done for the privacy and protection of the borrower applying for a LoanMe loan.

You are referring to an FCRA Adverse Action, which only must be provided to a consumer applicant. They are not required for business credit because the commercial entity is the applicant, the consumer is a guarantor and does not meet the definition of an applicant.

An ECOA or Reg B adverse action notice is required for business credit and the notice must contain "either a statement of the specific reasons for the action taken or a disclosure of the applicant’s right to a statement of specific reasons and the name, address, and telephone number of the person or office from which this information can be obtained"

[LoanMe]

Privacy is of the utmost concern for LoanMe on both consumer and business information. I'm not sure you understand how our lead referral and application process (initial pre-qual, initial declines, UW declines, etc.) works, and how we are able to abide by the laws for consumer and business loans. If you would like to give us a call directly we would be more than happy to discuss them with you. We can be reached at any of the numbers listed in our signature below.

[jfranz17]

Privacy is of the utmost concern for LoanMe on both consumer and business information. I'm not sure you understand how our lead referral and application process (initial pre-qual, initial declines, UW declines, etc.) works, and how we are able to abide by the laws for consumer and business loans. If you would like to give us a call directly we would be more than happy to discuss them with you. We can be reached at any of the numbers listed in our signature below.

If you and your legal counsel are confident in your compliance program, that's great and I'm sure you are providing adverse action notices directly to your merchants as required by the ECOA.

[FUNd]

I have not faced adverse action from you nor am I your regulator so I'm not particularly interested going into this any further than this discussion.

Really? You seem like you have a serious bone to pick and have sure done a lot of typing for someone who isn't "particularly interested".

[Zach]

LoanMe has a highly experienced management team and has dominated consumer lending in the past. I'm pretty sure they know how to not break the law.

[FUNd]

This meatball obviously got declined and can't handle rejection.

[jfranz17]

Yes

[jfranz17]

This meatball obviously got declined and can't handle rejection.

Where did I say anything negative about this company?

[bizzcash.com]

2.) Yes. In order for LoanMe to compensate brokers for CA funded files. Brokers must have either a California Finance Lenders License or Real Estate License through the California D.R.E.

LoanMe: Thank you for making yourselves available to the forum for response to inquiry. To that regard, and as to the above statement No. 2: Is LoanMe's policy to refuse unlicensed broker referrals on California funded erroneously based upon a mistaken impression that such unlicensed referrals remain in violation of California law?

Is LoanMe aware that California Governor Jerry Brown signed legislation authorizing lenders such as LoanMe to accept these very referrals from and to specifically compensate brokers for such referrals, effective January 1st, 2016?

LoanMe: as I think and dictate this reply, a thought comes to mind. That is, may this inquiry constitute bizzcash.com's official request to LoanMe, on presumptious behalf of brokers wishing to offer LoanMe business cash advance product in California, that LoanMe re-examine this issue and reconsider its prohibition on compensating brokers for referrals of California funded; just as the state of California re-examined and reconsidered this self same issue, with California government ultimately coming to the conclusion that brokers were a vital and vibrant contributor to the local financial industry and deserve to be properly compensated. No licensing is required.

Please review the following: http://www.consumerfinancialservices...erral-sources/

[rick_clsfunding]

Please review the following: http://www.consumerfinancialservices...erral-sources/

Yes, but that provision only applies when the commercial loan’s APR does not exceed 36% and the referring broker does not participate in the gathering of loan documents from the borrower or delivering the documentation to the licensee.

[FUNd]

Where did I say anything negative about this company?

You've been busting their chops over FCRA regulations for 2 pages now. What are you talking about?

[jfranz17]

You've been busting their chops over FCRA regulations for 2 pages now. What are you talking about?

Busting their chops? I'm a bank compliance guy, I saw a comment related to compliance, I asked a question about their process and then gave my interpretation of a law. Never accused anyone of wrongdoing and never even addressed you. Then you want to come at me? If you think that's busting chops you've got some thin skin.

[FUNd]

Busting their chops? I'm a bank compliance guy, I saw a comment related to compliance, I asked a question about their process and then gave my interpretation of a law. Never accused anyone of wrongdoing and never even addressed you. Then you want to come at me? If you think that's busting chops you've got some thin skin.

You're a bank compliance guy? What's it to YOU, how Loan Me conducts business? That's all I'm asking.

[jfranz17]

You're a bank compliance guy? What's it to YOU, how Loan Me conducts business? That's all I'm asking.

I'm interested in this industry in general and specifically how lenders manage due diligence legal and compliance issues with brokers. That's why I read this board. When I see a topic that is around those subjects, I may ask a question or provide my personal opinion based on my experience and knowledge. You have over 800 posts in a little over a year and you still haven't figured out how discussion forums work?

Am I free to go, Mr. Forum Officer?

[FUNd]

I'm interested in this industry in general and specifically how lenders manage due diligence legal and compliance issues with brokers. That's why I read this board. When I see a topic that is around those subjects, I may ask a question or provide my personal opinion based on my experience and knowledge. You have over 800 posts in a little over a year and you still haven't figured out how discussion forums work?

Am I free to go, Mr. Forum Officer?

No.

[brokerCompany]

Interesting that Loanme took this approach. Some other term lenders with much better rates actually let you submit up to 5 deals in CA for funding before they require a license.

No problem Rick. If you or anyone else would like to see amounts/terms/rates on a state by state basis, they are published on our website.

Here is the exact link: https://www.loanme.com/smallbusiness/Rates

Simply select the state to see minimum and maximum loan amounts. Any borrower that is pre-qualified, approved and funded by LoanMe for a small business loan will fall into one of these set categories and tiers. Site is updated as new programs are added.

[Zach]

Interesting that Loanme took this approach. Some other term lenders with much better rates actually let you submit up to 5 deals in CA for funding before they require a license.

Loans below 36% APR are allowed to be brokered. Unfortunately hardly any loans in our space are below that threshold (around a 1.19 factor for 12 months).

[Christian]

Fun anecdote about LoanMe. My girlfriend told me that she has a loan with them and wanted me to take a look at it. I called and got some information.
Original principal: $3,100
Total Payments made: approximately $2,150
Outstanding principal: $3,076

Ouch...

[Funder Mark]

Fun anecdote about LoanMe. My girlfriend told me that she has a loan with them and wanted me to take a look at it. I called and got some information.
Original principal: $3,100
Total Payments made: approximately $2,150
Outstanding principal: $3,076

Ouch...

Brutal.

[nrh1lp]

Christian, is that one of loanme's personal loans or business loans?

[FUNd]

Fun anecdote about LoanMe. My girlfriend told me that she has a loan with them and wanted me to take a look at it. I called and got some information.
Original principal: $3,100
Total Payments made: approximately $2,150
Outstanding principal: $3,076

Ouch...

So? She signed the docs. She knew the deal. Why is this a fun anecdote?

[rick_clsfunding]

So? She signed the docs. She knew the deal. Why is this a fun anecdote?

Agreed. No one put a gun to her head...

[MCAVeteran]

Fun anecdote about LoanMe. My girlfriend told me that she has a loan with them and wanted me to take a look at it. I called and got some information.
Original principal: $3,100
Total Payments made: approximately $2,150
Outstanding principal: $3,076

Ouch...

The reviews on this site are brutal

https://www.supermoney.com/reviews/p...l-loans/loanme

[FUNd]

The reviews on this site are brutal

https://www.supermoney.com/reviews/p...l-loans/loanme

My heart breaks for these poor souls who were all too happy to take the money and spend it but don't want to pay it back on the mutually agreed to terms.

WAHHHHHHH!!!

[Christian]

That was a personal loan. It was a fun anecdote because I say it was, dumb-ass. Cheers