Business ProfileforMJL Funding

BBB confirmed that MJL Funding had not obtained a necessary license from Department of Financial Protection & Innovation. BBB encourages you to contact the following agency or agencies to confirm this information:

DFPI vs MJL Funding

The Commissioner of Financial Protection and Innovation (Commissioner) finds that: At all relevant times, MJL Funding (MJL) is and was an entity of unknown form doing business in California, with a stated address of 725 S. Figueroa Street, Los Angeles, CA 90017, and a telephone number of 877-315-0973. There is no record of any corporate filings for an entity named MJL Funding in California. 

 

MJL maintains a website at http://www.mjlfunding.com.  There, MJL purports to “Fund Small Business Owners” and represents that “We Are The Best Lender for Quick Cash.”  MJL also purports to be a “direct funder” and that it “offer[s] unsecured capital up to $1,000,000 in under 24 hours.”    

 

MJL is not licensed as a finance lender and/or broker with the Department of Financial Protection and Innovation (DFPI). 

 

In or around December of 2023, MJL engaged in the business of a finance lender and/or broker in California by offering to obtain approval of a business loan of up to $10,000,000 from the U.S. Small Business Administration (SBA) with at least one California borrower (Borrower).  The Borrower interacted with “Jennifer”, an alleged “Senior Underwriter” at MJL, via email.  The email address used by “Jennifer” was info@mjlfunding.com.  The phone number 412-916-7509 appeared on “Jennifer’s” email signature line.  Upon information and belief, Mississippi resident Jennifer Marie Lavalle is the registered owner of the phone number 412-916-7509.  

 

“Jennifer” represented to the Borrower that MJL is a “certified SBA Loan company”.  “Jennifer” also represented to the Borrower that MJL’s success rate in obtaining SBA loans for borrowers is 98%. 

 

MJL required the Borrower to submit a copy of a driver’s license, a voided check, and an Employee Identification Number for MJL to submit an SBA loan application on the Borrower’s behalf. 

 

As a prerequisite to MJL obtaining an SBA loan for the Borrower, “Jennifer” informed the Borrower that the Borrower would have to make an upfront payment of $2,500. “Jennifer” represented to the Borrower that the $2,500 “is a fee required by the SBA” for MJL to file the loan application.  “Jennifer” further represented that MJL “would lose [its] accreditation to file SBA loans if [it] did not collect a fee up front from [its] applicants.”   

 

In or around December 19, 2023, the Borrower submitted an ACH Authorization Form for the required payment of $2,500 to MJL. No loan application was ever submitted on behalf of the Borrower and no refund was issued.  

 

MJL has not been issued licenses by the Commissioner authorizing it to engage in the business of a finance lender and/or broker under the California Financing Law (Fin. Code, §22000 et seq.), nor is MJL exempt from the licensing requirements of Financial Code section 22100.  

 

By reason of the foregoing, MJL has engaged in the business of a finance lender and/or broker without having first obtained a license from the Commissioner in violation of Financial Code section 22100.  Pursuant to Financial Code section 22712, MJL is ordered to desist and refrain from engaging in the business of a finance lender and/or broker in the State of California without first obtaining a license from the Commissioner, or otherwise being exempt. 

 

This order is necessary, in the public interest, for the protection of California borrowers, and is consistent with the purposes, policies, and provisions of the California Financing Law.