Is LoanMe going to disrupt our space?
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  1. #1
    Senior Member Reputation points: 43599 brokerCompany's Avatar
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    I have sent a dozen or more deals to them over last couple of months. No one ever qualifies for their lowest advertised rates. They like to handle the merchant from beginning to close and don't like to disclose the rates to brokers they approved the merchant for.
    Also all UW is special "computer algorithm" so trying to explain something to UW is like throwing a rock in the water and hoping it floats.
    A careful comparison of their product and MCA would show MCA is usually the total lower money cost.
    Loanme product goes hand in hand with MCA, most MCA merchant come back for more money and they go to loanme, loanme clients find out they need more money in 3 months and go MCA.
    Loanme will become a real player once they open into more states. they are good and will lower the cost of money for everyone. How does loanme get all their $$

  2. #2
    Senior Member Reputation points: 23718
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    Quote Originally Posted by brokerCompany View Post
    I have sent a dozen or more deals to them over last couple of months. No one ever qualifies for their lowest advertised rates. They like to handle the merchant from beginning to close and don't like to disclose the rates to brokers they approved the merchant for.
    Also all UW is special "computer algorithm" so trying to explain something to UW is like throwing a rock in the water and hoping it floats.
    A careful comparison of their product and MCA would show MCA is usually the total lower money cost.
    Loanme product goes hand in hand with MCA, most MCA merchant come back for more money and they go to loanme, loanme clients find out they need more money in 3 months and go MCA.
    Loanme will become a real player once they open into more states. they are good and will lower the cost of money for everyone. How does loanme get all their $$
    Let me preface this with the ISO guys at Loan Me are super professional, better than most. However yes, not being able quarterback your own deal is a HUGE drawback. I hate handing off my client to anyone, especially at the closing stage.

    Loan Me, correct me if I'm wrong is built on the CashCall platform, which has been in the personal loan and consumer mortgage space for years here in Orange County, CA. CashCall makes megabucks, so I'm guessing that the LoanMe funds come from that side of the company.

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