Bank of America not offering PPP unless business credit card opened
Need a Funder or Vendor? START HERE

Results 1 to 13 of 13

Hybrid View

  1. #1
    Senior Member Reputation points: 30747
    Join Date
    Aug 2016
    Posts
    486

    I agree that my app most likely will be deprioritized for now... When I 1st tried to apply there, I did get the msg saying I didn't not qualify due to not having a Credit Card or a Loan with them. The very next morning I wake up and scan through my google news feed and see the article about BOfA changing the requirement.. I then do the app again and it goes through and I get a confirmation number.. So if they did go by 1st in 1st out, I am pretty far down on the list, and if they are prioritizing apps by other criteria I am really far down on the list.

    Since BofA is a bank can they technically consider me selling my future receivable as a loan? And if they did, does that mean a judge would also consider it a loan if I hand over BOFA findings to them. And if a judge considered it a loan, it would then be an illegal loan right? This would create all kind of problems if BofA put in writing that they have found that my advance is considered a loan. It could get even uglier for the MCA industry..
    Last edited by Winning; 04-09-2020 at 10:08 AM.

Similar Threads

  1. Business Credit Card Cash Advance for 600 FICO
    By EnterpriseBusinessCredit in forum Deal Bin
    Replies: 4
    Last Post: 03-05-2019, 10:05 AM
  2. Best Business Credit CArd?
    By brokerCompany in forum All Other Lending
    Replies: 1
    Last Post: 03-27-2017, 04:56 PM
  3. Bank of America (First Data)
    By Scott Williams in forum Merchant Cash Advance
    Replies: 8
    Last Post: 11-11-2015, 11:00 AM
  4. Wells Fargo, Chase, and Bank of America Under Attack
    By JayBallentine in forum Merchant Cash Advance
    Replies: 0
    Last Post: 08-27-2014, 03:10 PM
  5. who will do splits with bank of America as processor?
    By AMERICApital1 in forum Merchant Cash Advance
    Replies: 3
    Last Post: 06-10-2014, 07:08 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

Fed penalizes Evolve Bank
Cloudsquare unveils Cloudsquare Lend
Pipe secures $100M credit facility


DIRECTORY