Archive for 2019
Why the Human Connection is Still Important in Debt Recovery
February 10, 2019
The CEOs and lawyers for debt recovery companies, particularly those in the commercial space, say that speaking to merchants over the phone is the best way to collect money for their clients. At New York-based Empire Recovery, Managing Attorney Steven Zakharyayev told deBanked that they call this “soft collection.” “Soft collection is probably the most […]
View PostWhy RapidAdvance Is Now Rapid Finance
February 7, 2019
RapidAdvance has officially changed its name to Rapid Finance. “The term ‘advance’ is out of favor these days,” said founder and Chairman of Rapid Finance Jeremy Brown. “It also doesn’t reflect who we are as a company or what our brand is. We put our clients in a variety of different financing solutions including factoring, […]
View PostNew Jersey MCA & Business Loan Disclosure Bill Update (S2262)
February 6, 2019
Bill S2262 in the New Jersey State Senate mandating disclosures on MCA and business loan contracts, was amended last week. In its current form, the bill, if it became law, would require MCA providers to disclose: the total dollar costs to be charged to a small business concern, assuming the small business concern delivers all […]
Home Improvement Loans on the Rise
February 6, 2019
A story this week in American Banker suggested that popular home improvement TV shows like HGTV’s “Fixer Upper,” “Love It or List It” and “Property Brothers” are creating a growing demand for home renovation, and hence, home renovation loans. Nielsen rating data shows that the combined viewership of the three aforementioned shows on the […]
Meet deBanked’s Pig, and Fund Like One Too
February 5, 2019
Today is the Chinese New Year and the first day of the Year of the Pig, an animal that we at deBanked hold very dear. After all, a piggy bank is featured in our logo! According to the Chinese zodiac, a pig “represents luck, overall good fortune, wealth, honesty, general prosperity” and symbolizes “a hard […]
SBA Processes Significant Loan Volume in Days After the Shutdown
February 4, 2019
After the longest partial government shutdown in U.S. history, which shuttered the Small Business Administration (SBA) for more than a month, SBA employees went back to work on Monday, January 28. At the end of the day on January 29, the SBA had processed 1,100 SBA 7(a) loans worth $500 million, according to Bailey Wolff, […]
LendingPoint Gets Even More Financing
February 4, 2019
LendingPoint announced today that it has closed an increase of its mezzanine funding, a hybrid of debt and equity financing. The company’s mezzanine financing now totals more than $67.5 million. Paragon Outcomes Management LLC is the primary investor and was joined for this round by an unnamed co-investor. “Paragon Outcomes continues to provide outstanding support […]
New York Introduces Bill to Ban COJs in Financial Contracts
February 4, 2019
New York Assemblymembers Yuh-Line Niou and Crystal Peoples-Stokes have introduced a bill that would prohibit Confessions of Judgment (COJs) from being used in any contract or agreement for a financial product or service. Peoples-Stokes’ district was one of the first districts to boycott COJs originated by merchant cash advance companies after Erie County Clerk Michael […]
Get The Affidavit or Waive It? Examining Confessions of Judgment
February 1, 2019
This story appeared in deBanked’s Jan/Feb 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE Caton Hanson, the chief legal officer and co-founder of the online credit-reporting and business-to-business matchmaker Nav, says that his Salt Lake City-based company would not associate with a small-business financier that included “confessions of judgment” in its credit contracts. […]
PayPal Has a Lot of Merchants and Venmo Is Adding a Boost
February 1, 2019
More than 21 million merchants accept PayPal to take advantage of the 246 million consumers who use it. That’s a lot of merchants to offer value-added products like PayPal Working Capital and invoicing services. But then there’s Venmo, a fast growing digital wallet that PayPal also owns that processed $19 billion in payment volume last […]
