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05-05-2016, 02:10 PM #1
- Join Date
- Jan 2016
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- 42
SMART Box Initiative
Any thoughts on this from the MCA community?
The Innovative Lending Platform Association, in partnership with the Association for Enterprise Opportunity, is launching a pricing comparison tools initiative predicated on creating a model small business lending disclosure called SMART (Straightforward Metrics Around Rate and Total Cost) Box. The SMART Box will present a small business with a chart of standardized pricing comparison tools and explanations, including various total dollar cost metrics and an APR that enables an “all-in” pricing comparison of loans of equivalent duration.
And before every Johnny Cochrane chimes in and says a MCA is not a loan, I get it, but the MCA product is always compared to the daily ACH loan, I would have to imagine this could impact MCA, if not legally, reputationally.
http://finance.yahoo.com/news/nation...110100896.html
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