It's a common theme across the entire industry, you submit an application with lender A, and before you know it, you've got lender B, C, and seemingly the whole alphabet calling you on a regular basis to see "if you got that funding you were looking for". The calls can still come out of left field long after you've been funded.
Most brokers and lenders charge fees as a percentage of the funded amount. These origination and broker fees can go up into the thousands of dollars. The presence of big money and the lack of regulation industry-wide opens an entire underworld of potential shady dealings. MCA applications can fetch a pretty penny on the black market (or so I've heard), and because of this, disgruntled employees or simply those looking for a quick buck can be prime candidates for mishandling of your data. Personal and otherwise sensitive data in the wrong hands can have an array of consequences.
Savvy brokers/lenders will change phone numbers, remove emails, and otherwise obfuscate sensitive pieces of data before others handle them so that the MCA client can obtain the best rates/terms without having to worry about their information being shared all over Wall Street. Please note that supplying fake/false information on an application can easily kill a deal, but if your broker/lender is smart, they'll take a proactive approach and protect you in this very serious matter. Everyone will promise you that they'll take the greatest care, but it's important to work with someone you can trust.
Besides the unwanted phone calls, identity theft is a possible result of your personal data being mishandled. Obviously, we can't always rely on others to do the right thing, so we also need to take some accountability ourselves and be vigilant. Don't be afraid to run a google search on any individuals handling your sensitive data BEFORE you give them said data. I have personally gone through anguish that could have been averted by such a simple search engine query.
I'm here to add value to your life. Less sales, more value-added content, they say... So I won't mention here how my company employs cutting-edge best practices in combination with common-sense tactics to ensure client data security. I'm staying mum. Even worse, it'd be simply pretentious if I invited you to do a Google search on Joshua Gasteratos. So I won't go there. Maybe next time, though. 😉
I hope you found this information to be valuable. If you think your business could benefit from a Merchant cash advance, or other type of loan product, visit https://funderhunt.co, the business funding marketplace, and avoid broker fees altogether.
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