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06-07-2016, 03:50 PM #1
Great Article Debanked
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06-07-2016, 04:53 PM #2
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While I believe increased regulation is inevitable, I also can't help but get the feeling the big players are conspiring to use regulation to eliminate the competition and create artificial barriers to entry while cloaking them selves in a benevolent flag.
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06-07-2016, 04:56 PM #3Zachary Ramirez CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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06-07-2016, 05:01 PM #4
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06-07-2016, 05:49 PM #5
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Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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06-07-2016, 08:41 PM #6
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I don't believe the SMART box initiative is an attempt to encourage regulation -- in fact, I think it's the opposite -- it is simply a good proposal to promote proper disclosure and enable borrowers to compare options. While I believe this will help the market, self-regulation is not a viable option (especially "opt-in" self regulation). There are too many bad practices and regulators are completely aware of those practices -- no way they will allow these practices to continue or that anyone inside the market can convince these folks that we are capable of regulating ourselves (our market has proven itself as a market that is incapable of self-regulation). Breakout has stated our public support of both common sense Federal regulation (state by state regulation is a mess, which is already happening) as well as the the SMART box initiative that would allow customers to properly understand the actual cost of the funding and enable borrowers to compare cost across product-types.
I really don't think this is "big" vs "small", it's who can actually support that they have an unassailable product that isn't predatory and doesn't create debt traps. And as FUNd mentioned, some level of barriers to entry, especially in cash advance or broker market, would benefit everybody.Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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06-07-2016, 09:37 PM #7
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While creating some barrier to entry beyond the ever-popular required "gmail" alias account is obviously good, I can't help but feel like the "clean up the industry" effort will turn into an effort to make licensing requirements too complex and expensive to allow legitimate competition access to our game. Sort of like what the FDA has done. Call me old fashion but I like 8 page contracts, instead of 80 page contracts.
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06-07-2016, 09:59 PM #8
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Licensing has not been required in most states and there has been NO barrier for entry for invoice factoring,equipment leasing, and hard money real estate loan. Those are all much larger markets than MCA. For some reason the business owner that looks at MCA needs the help of the government to choose wisely? Funny
The good brokers and lenders will last regardless of entry level barriers and such.. No need for regulation from up top, just a plan to push out the smaller guys.
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06-07-2016, 11:39 PM #9
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Last edited by Cfairbank; 06-08-2016 at 06:57 AM.
Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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06-08-2016, 09:20 AM #10
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I was in the equipment leasing for years and still have relationships in the industry. Never have I seen more fraud, theft, lies, and client manipulation than I have in that space. There are certainly good players that are honest but many are flat out criminals. Equipment finance does certainly have barriers to entry. You can not just sign up with the players you need to be successful without a full credit and background evaluation and verifiable industry references that can back you up on funding volume and experience.
Last edited by FUNd; 06-08-2016 at 09:22 AM.
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