Archive for 2016

deBanked’s Top 10 Most Read Stories of 2016

December 28, 2016
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Top 10

If 2015 was the year of the broker, well then 2016 was the year of readjusted expectations. The following are the top 10 most read stories of 2016 per our online analytics, some of which surprised even us. Either way, here’s what you read and shared on our website the most in 2016 in descending […]

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Brief: The CFPB’s Unconstitutionality

December 28, 2016
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This article is from deBanked’s Nov/Dec 2016 magazine issue. To receive copies in print, SUBSCRIBE FREE The Director of the consumer agency wields so much power that his authority actually violates Article II of the United States Constitution, according to the United States Court of Appeals for the District of Columbia Circuit which presided over […]

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THE SCAMMER OF SALAMANCA – How a former MCA broker wreaked havoc on an entire industry

December 25, 2016
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Scammer of Salamanca

This article is from deBanked’s Nov/Dec 2016 magazine issue. To receive copies in print, SUBSCRIBE FREE Last year, one small business owner pinged an expert online to see if a company named Corporate Restructure Inc. was legitimate, according to a question published on JustAnswer.com. The poster, who was anonymous, said the company offered to take […]

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CAN Capital Shareholder Files Lawsuit

December 25, 2016
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court ruling

Add an aggrieved shareholder to the list of CAN Capital’s recent messes. On December 19th, Deborah Clearman filed a motion for summary judgment in lieu of a complaint in the New York Supreme Court, alleging that CAN had failed to comply with a settlement agreement that stipulated she be paid $150,000 by November 14, 2016. […]

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CAN Capital’s Collateral ‘Adjustment’

December 24, 2016
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hard times

Last month, CAN Capital disclosed that they had “self-identified that some assets were not performing as expected” on the same day that three of the company’s top executives were put on leave. Since then it’s been reported that a discrepancy arose when CAN’s old systems were not equipped to handle the shift from variable payment […]

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Bizfi Hits $2B Origination Milestone; Providing Financing to More Than 35,000 U.S. Small Businesses

December 22, 2016
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Bizfi

NEW YORK–(BUSINESS WIRE)–Today, Bizfi, the premier fintech company with a platform that combines aggregation, funding and a marketplace on a single platform for small businesses, announced that it has surpassed $2 billion in financing – through both growth and working capital – to more than 35,000 small businesses across America. The Bizfi.com marketplace was launched […]

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Broker Running Around Calling Himself a ‘Direct Lender’ Shut Down by CA Regulators

December 21, 2016
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California Lending

A loan broker representing themselves to be a “direct lender,” was not a direct lender at all, according to witness testimony entered against Financial Services Enterprises DBA Pioneer Capital. The California Department of Business Oversight (DBO) noted in its case against Pioneer that “the evidence did not show that respondent actually funds loans itself, and […]

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Citizens Bank to Use Fundation’s Tech and Services in 2017

December 21, 2016
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banks

Fundation is back at it, this time announcing a deal with Citizens Bank to offer “digital lending capabilities to small business customers.” According to a press release: The added capability will enable small businesses to apply for loans and lines of credit through a simple online application at citizensbank.com. In most cases approval is provided […]

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Online Consumer Lender Argon Credit Files Chapter 11

December 20, 2016
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sorry we're closed

“Decisioning as a Service (DaaS), specifically the commercialization of Argon’s machine learning algorithms, is being developed to revolutionize the way credit is evaluated for the entire industry.” That’s according to a press release put out by Chicago-based Argon Credit 19 months ago. The company filed for bankruptcy on Friday, December 16th. Argon offered loans from […]

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The Twelve Days of Funding

December 20, 2016
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On the Twelfth day of funding, my true love gave to me A 12-point upsell Eleven minutes to close it A 10-month payback Nine days in underwriting Eight years in business Seven hundred FICO Six brokers competing Five credit pulls! Four months bank statements Three locations Two NSFs And a merchant that’s not in bankruptcy! […]

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