New York Introduces Bill to Ban COJs in Financial Contracts

February 4, 2019
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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
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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. […]

deBanked CONNECT Miami 2019 Photos

January 28, 2019
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deBanked CONNECT Miami 2019

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Confessions of Judgment in MCA Make the Evening News

January 21, 2019
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news 4

Erie County Clerk Michael Kearns is no longer processing Confessions of Judgment (COJs) in Erie County for merchant cash advance companies, according to a statement his office published this week. Prior to being elected Clerk, Kearns was an assemblyman in the New York State legislature. On Monday night, Kearns appeared on Channel 4’s evening news […]

Small Business Funding is Blasting Off

January 18, 2019
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blasting off

Despite the pall of the record long partial government shutdown which has hurt brokers and funders of SBA loans, many companies and individuals in the online small business funding space are off to a very fruitful 2019. Below are some that we found. Amerifi After 15 years in the screen printing and embroidering business, Edward […]

Capify Secures Massive Credit Facility from Goldman Sachs

January 16, 2019
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David Goldin

Capify, which serves the UK and Australia markets, announced this morning that it has secured a £75 million (roughly $95 million) credit facility from Goldman Sachs. “This credit facility validates our company as a leader in the marketplace and underlines the strength of our business model to provide simple, affordable and smart financial options to […]

Coming Soon: The End of Confession of Judgments (COJs) in New York State

January 16, 2019
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cuomo speech

New York State plans to outlaw the use of Confession of Judgments (COJs) in small business loan contracts this year, according to details revealed in Governor Andrew Cuomo’s newly published Justice Agenda. The proposal, dubbed “Stopping Predatory Merchant Cash-Advance Loans,” is a 3-part plan to: Codify an FTC rule that prohibits COJs in consumer loans […]

Why Strategic Funding Rebranded as Kapitus

January 15, 2019
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Kapitus Website

Today, Strategic Funding announced the launch of a new brand identity, including a name change. Strategic Funding will now be called Kapitus. “We had a name that was very well respected,” said Kapitus founder and CEO Andy Reiser. “Everybody loved our name, quite frankly. They loved it so much, they all copied it. You can’t […]

How One Broker Moved from One-Man Home Office to 23 Person Shop

January 7, 2019
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Zach Ramirez started the brokerage company ZR Consulting from his home in Orange County, CA in June 2018. He was generating leads and making phone calls, often in a hushed voice because he was also looking after his six month old daughter. “That was difficult, having a baby and with my life savings in the […]

For Some Brokers, Funding Never Sleeps

January 4, 2019
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Happy New Year

While holidays, including New Year’s Eve, are usually slow days for funding, for some brokers this year, New Year’s Eve was a strong day. “New Year’s Eve was not a slow day here,” said Elana Kemp, a broker at Fundomate, in Los Angeles, who was in the office that day. “It was amusing to see […]