Results 1 to 11 of 11
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01-25-2017, 11:02 AM #1
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Circumvented State lending laws by using a federally chartered bank, called BOFI
http://www.heraldnews.com/news/20170...loan-practices are the days of going thru chatter banks over for this industry?
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01-25-2017, 11:08 AM #2
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"ABC filed for bankruptcy protection in May 2016, claiming that it owed $30 million to more than 300 creditors."
And they will still make an attempt to get another advance.
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01-25-2017, 12:18 PM #3
love how they act like it was predatory lending but the client knew what they were getting into. now their concern is the creditor was BOFI, not SBTL?
300 creditors... these people are professional scam artists. it's a shame companies like bfs have to be subjected to b.s. such as this.Anthony Diamond
Underwriter
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01-25-2017, 12:55 PM #4
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Agree
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
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Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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01-25-2017, 01:12 PM #5
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Last edited by CreditGuy; 01-25-2017 at 01:15 PM.
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01-25-2017, 01:17 PM #6
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01-25-2017, 01:40 PM #7
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01-25-2017, 01:42 PM #8
Similar situation happened in past with Lending Club and Web Bank. The general public/business owners don't understand the connection with funders and the charter banks. This would be for loans not mcas. web bank and B of I are used for loans/fixed dailys achs
http://debanked.com/2016/04/webbank-...-class-action/
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01-25-2017, 01:44 PM #9
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01-25-2017, 01:55 PM #10
The business owners or consumers attorneys are taking a position that if the loan is sold back to funder and doesn't remain at the bank, state law applies and violates usury. This happen to Prosper as well through Web Bank. Consumer lending and Business lending have different laws, but, the positon still seems to be if the banks aren't actually originating the loans, servicing the loans, maintaining accounts with customers, its a pass thru and when sold back state law would apply. We will prob see more of this imo
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01-25-2017, 04:37 PM #11
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