You have put in countless time, effort and money. Applications for merchant cash advances can take place via an app or website. MCA providers use this information to determine the factor rate needed to compensate for the risk of giving you an advance. This can be a debt-trap for many small business owners. The attorneys at Grant Phillips Law, PLLC have seen cases where the effective APR on a Merchant Cash Advance was in excess of 1,200% If you Merchant Cash Advance position is eating away at your business cash flow and revenues, don't hesitate to contact California Merchant Cash Advance Attorney Grant Phillips Law, PLLC - serving clients in California and across all 50 States. Contact us today with any legal questions regarding alternative finance! If you did, the MCAs can use the COJ (also a personal judgment) to collect from your own assets! The experienced and compassionate lawyers at Grant Phillips Law can help you evaluate your Merchant Cash Advance contract for strict compliance with the new California Law. Lets settle your Merchant Cash Advance loan with your MCA Funder. We tailor our services to your needs and will work to obtain the highest return on your negatively performing obligations. How does it help me? Your MCA provider will take payments for the cash advance directly from the merchant credit account belonging to your business. formId: "3d8de059-05d4-4321-8a0a-53170b1a96b3" Call our office 516.412.7622. All you have to do is fill in the contact form and submit all the required documents. Call for a free consultation (866) 890-7337. . Within 24 hours of submitting your application, the MCA company may ask you to provide evidence of accepting credit cards in your business for at least two years. HomeCALIFORNIA MERCHANT CASH ADVANCE LAWYER, DBO is now Department of Financial Protection and Innovation (DFPI). Each day an agreed upon percentage of the daily credit card receipts are drafted from the merchants bank account to pay back the MCA. Specifically,an individual by the name of Barbara S. Johnson is listed as the officialinventor of split-funding, a system that allows for automatic loan repayment to the funders from a single credit card processor shared with the Merchant. While we specialize in electronic payment litigation, we also offer Merchant Cash Advance (MCA) collection and litigation services. Just recently, for instance, Greenbox Capital suspended the use of COJs indefinitely, in response to the heightened industry wide debate over their use. We offer quick assistance to you. . Merchant cash advances are now said to generate $5 billion to $10 billion in loans every year. You must have a solid Internet connection for you to submit the required information. Yes, Grant Phillips Law has successfully negotiated settlements with most of the Merchant Cash Advance funders existing throughout the United States. Our attorneys are here to help you. How Fast Can I Be Approved for an MCA in California? A higher holdback percentage translates to a higher payback amount. Unlike a traditional loan, you can pay back an MCA as you begin to make sales. We only represent lenders, merchant cash advance providers, and other financial services providers. Many companies that rely on a steady amount of credit card transactions like retail stores, restaurants, and healthcare facilities will take advantage of an MCA so they can run their company. Let us review your MCA contract for illegalities. Get the business funds you need so your company can survive, thrive, or grow. As an example, it would be potentially actionable for the MCA lender to execute on a COJ simply because the small business owner does not remit receivables the merchant cash advance company purchased because the small business owner did not generate receivables. Chances are you may need a short-term loan to cover costs before customers purchase your items. We have an easy and quick process of providing MCA to our clients. Let Us Help You! The life of this loan is also much shorter than a normal remittance which can end up causing problems if the borrower is not prepared to pay back the money during that agreed-upon time. Require a merchant cash advance attorney in California? Merchant cash advance companies do not need to follow state usury laws which limit how much interest companies can charge on certain loans or credit cards. Unlike interest rates, which change as your debt reduces, factor rates are only imposed on the original cash advance amount. Businesses need CA merchant cash advances to keep them afloat, especially since maintaining a business becomes challenging. Many times merchants are forced into a vicious MCA debt trap, having to get advance after advance because they cant afford to pay back the prior MCAs they received. Grant Phillips Law focuses exclusively on Merchant Cash Advance law protecting merchants and borrowers. On August 31, 2018,the California Senate and Assembly passed SB 1235. Only with these things, you are ready to get merchant cash advance loans. The primary allegations by the FTC concerning marketing relate to misleading claims. Lenders typically refuse to release that lien until the debt is fully paid. This will not only help to protect small business owners but should also help legitimize the small business alternative lending industry, overall. What Is Article 9 Of The Uniform Commercial Code? Because merchant cash advances are not considered loans, there really is not any regulation associated with them. Representation in investigations, inspections, and audits by. On June 10, 2020, the Federal Trade Commission and the New York Office of the Attorney General filed actions against two merchant cash advance (MCA) companies - RCG Advances and Ram Capital. Grant Phillips Law, Merchant Cash Advance Attorney California. Because merchant cash advances are not deemed loans, they are not subject to any regulations. state and federal financial laws and regulations. Global Legal Merchant Cash Advance Collections and Litigation. Global Legal Law Firm doesnt just talk a big game, we actually deliver. Too often this thinking ends up making things worse for your business, with frozen business accounts, debt, liens, lawsuits and judgments. If a business owner does not qualify for traditional financing, a Merchant Cash Advance Loan may seem like a reasonable or viable option to help the business. Additionally, your company needs minimal revenue of $90,000 annually or $7,500 for the last three months. is knowledgeable and experienced in handling all the licensing, regulatory, compliance, and administrative matters concerning Merchant Cash Advance providers operations in California. Here is a list of attorneys with experience in the industry: Contracts & corporate services Hudson Cook, LLP | Nationwide California Law and Lenders/Brokers Licensing The Law Offices of Paul A. Rianda | California Collections Counsel and General Counsel services The higher the risk, the higher the factor rate. You may also need to present your bank statements and credit score. In a process called stacking, other MCA funders may contact you to try to get you to add new advances on top of your existing one in a gambit to get out of debt. Fighting, Settling and Litigating for Merchants across California and the entire United States. If you have no option but to take out an MCA, it is in your best interest to understand what may be in the contract to better protect yourself from predatory lending. A merchant cash advance provides small business owners quick access to capital for emergencies and all types of business needs. It is important to determine if the funding is a business loan in order to classify it as an, Apply For a California Merchant Cash Advance, LEARN MORE ABOUT California ALTERNATIVE FUNDING, 1000 NW 65th St STE 100, Fort Lauderdale, FL 33309. Yes, and defaulting on Merchant Cash Advance Loans can be especially detrimental to a business and could result in lawsuits, judgments and liens from the lender as well as negative credit reporting. Following an initial free consultation, one of our firms attorneys will review your merchant cash advance or business loan agreements and share their findings and initial legal advice with you. Leslie H. Tayne, Esq. On average, the repayment term for an MCA ranges from eight to nine months. whether it has the same impact on credit ratings. DISCLAIMER: The information on this website is for general information purposes only. A collection agent may have reached out to you, to demand that you pay the full balance of the alleged debt. The repayment term varies since the payments are based on the percentage of revenue of your daily credit card sales. These Complaints filed by the Federal Trade Commission and the New York Attorney General provide a glimpse into what merchant cash advance companies should expect in a regulated future for the industry. The addition of brokers does not make this distinction any easier. So don't delay; secure your working capital today. MCA providers consider your credit card processing statements and bank statements for your business to determine a factor rate for your MCA. Because California law does not limit interest rates for most loans of $2,500 or more made by a licensed entity, merchant cash advance companies began obtaining California Finance Lenders Law, CFLL, licenses. Instead of a loan, merchant cash advance in California allows businesses to acquire capital and is repaid from future receivables. Call 800-961-8924 Apply Now A merchant cash advance may be ideal for you (a business owner) if you are not willing to use your assets as collateral when seeking a loan. A quick and easy way for small business to obtain funds, merchant cash advances have shown to have high interest rates and unsustainable repayment schedules. Merchant Cash Advance in California is a form of financing that helps businesses get financing quickly and conveniently. Simplicity, faster access, and convenience are the three attributes used to describe the value of merchant cash advances. Skip to content. Our services include, assisting with the California Finance Lenders License application, legal advice about compliance with the California Finance Lenders law and applicable California and federal financial laws and regulations, drafting of contractual documents and disclosures in compliance with the California Finance Lenders law and applicable state and federal financial laws and regulations, representation before the DFPI in administrative litigation matters, audits, inspections, citations, desist and refrain orders, license suspensions, revocations, and accusations, representation in appeals of administrative decisions, and representation of California merchant cash advance providers in court in defense against lawsuits brought by the DFPI, or other government authorities. The Business Debt Law Group Law Group has been successful in substantially reducing debts with lenders. Though it may be time-consuming to make the changes, setting up the account is a prerequisite for accepting a cash advance. Ms. Johnson obtained a Patent for this system in 1997. 10 years of experience fighting, settling and litigating Merchant Cash Advance loans. Merchant Cash Advance in California is a type of finance that assists businesses financially. These lawsuits pose a threat to the MCA industry, and provide insight into the types of claims state and federal regulators will bring against MCA companies in the future. It is not uncommon for merchants to default on their payments because of their previous poor line of credit. Unfortunately, this is not how the system works. The merchant cash advance industry responded to the California lawsuits in multiple ways. They do not fall under any state usury laws. Merchant cash advances are suitable for businesses looking for short-term financing but have cyclical or seasonal revenues. Home. What is a Non-Managing Member in a Commercial Litigation. The New Jersey State legislature strengthened its Confession of Judgment bill by adding language that grants the Attorney General power to enforce monetary penalties against violators. Our firm and its lawyers will guide you through the entire process. You get extreme flexibility with merchant cash advances. We Offer Six Different Options and Access to a Nationwide Attorney Network. Also, the FTC alleges that defendants buried fees in the contracts without any language alerting consumers that the fees are withdrawn upfront., The FTC also claims that the defendants provide consumers with less than the total amount promised by withholding various fees ranging from several hundreds to tens of thousands of dollars prior to disbursement.. Call us today to review your businesss hardship or pending lawsuit. Interest rates are designed to accrue over time while factor rates are not affected by the time taken to repay a merchant cash advance. You may have been required to sign a confession of judgment document when you executed your MCA paperwork. Both the FTC and the New York AG assert several claims against the defendants related to the marketing, offering, and collecting of MCA. These exorbitant fees can cause serious cash flow issues for merchants. Unfortunately the new law does not provide guidance on the disclosures as it related to their definitions, what they should contain from a content perspective, nor does it describe the methods for calculating the items requiring disclosure as well as not describing the manner, time structure and format of the disclosures. The public has until April 26th to submit any comments on the amended portions of the proposed rules. If you are experiencing merchant cash advance legal issues, if youve had a merchant cash advance breach of contract or if you need an MCA restructure to help with your cash flow call us today. An MCA could be an ideal solution to financing problems experienced by your business if you have a low credit score or little/no collateral. Though MCA providers do not require a CFL license, they are mandated by the California Disclosure Law to make detailed and specific disclosures about their products. Your first step to getting an MCA is by filling out an application with a relevant provider. Are you a California resident? Let us take the stress and sleepless nights away and help you get your business back on track. Rapid Finance offers merchant cash advances in amounts up to $500,000 with factor rates starting at 1.22. Many people think that the aftermath of the financial crisis in 2008 is when merchant cash advances came to rise, but that is incorrect. You deserve to know what options you have. New York (the epicenter of MCA) enacted a law in September 2019 banning New York Funders from issuing a Confession of Judgment to an out of State borrower like a California Resident. Our primary objective is helping business owners learn about a wide array of financial instruments, such as small business loans, merchant cash advances, lines of credit, SBA loans, term loans, and more. Merchant Cash Advances came about during the 2008 lending crisis when banks were refusing to lend to most small businesses. If you answered yes to any of these questions, contactGrant PhillipsLaw, PLLC helping California based Merchants. The New Jersey legislature has decided to reign in the use of Confessions of Judgments. While contemplating this option, you may have wondered what the difference is between alternative financing and regular loans or whether it has the same impact on credit ratings. We're a national leader providing business financing with a 99% approval rating. In a typical merchant cash advance, lenders and borrowers agree to a daily or weekly payback system and in return, the lender receives a percentage of sales or receipts from the borrowers. *Images used are not employees of the law firm*, settle your merchant cash advance loans for less than what you owe. This allows these MCA providers a great deal of leeway to operate in some less than ethical ways to circumvent regulations and laws that traditional lenders must follow. A merchant cash advance (MCA) isnt technically a loan, but rather a cash advance based upon the future credit card receivables a business will receive. How Do You Qualify for a Merchant Cash Advance? We help business owners find solutions. Unfortunately, very few protections, if any, exist for people who take out one of these advances, though there have been some recently proposed legislation on the state and federal level that may soon change this lack. New Jerseys Senate Commerce Committee advanced S3581, a bill that would prohibit the use of COJs in a business financing contract with a New Jersey debtor. Call us today for a business loan at 800-630-4214 for a consultation on merchant cash advances or any of our financing programs. An MCA company may approve your application in 24 hours depending on the information you filled. A merchant cash advance attorney will look at the structure of your agreement to determine if the advance was, in fact, an actual advance against future receivables or rather, an illegal usurious loan. In California State there is no licensing requirement to become an MCA lender or broker! Well look at the present state of merchant cash advance regulation, as well as recent moves in many jurisdictions to address difficulties with advances, in this post. You may be surprised to learn of your extremely high actual interest rate, costs and fees. 516.670.5165www.grantphillipslaw.com. 10 years and counting. Merchant cash advance companies look at the daily credit card receipts to determine if the business is capable of paying back the funds in a timely manner. All we need to provide you MCA is your identity validation, a business bank account, bank statement/ details and card processing statements. Merchant Cash Advance Attorney California. You may be asked for your business tax ID, Social Security number and general information about your business. It feeds you, supports your family, creates jobs and as such is worth fighting for. Globals experience coupled with its team of nationwide litigators and seizure experts allows Global an extreme advantage to help your company recoup losses. Do NOT let a predatory loan disguised as a purchase of accounts receivables destroy your revenues and business with daily payments at predatory and abusive interest rates. Consequently, the subject of merchant cash advance agreements and whether they constitute loans or sales of future receivables has been considered by several New York state courts. While considering this option, you may have asked yourself what the difference is between alternative financing and traditional loans or questioned whether it affects credit scores the same way. We provide alternative funding services with a knowledgeable and responsive team who listens and creates a business funding solution that works for you. Some examples include Shopify, Square, PayPal and even American Express. A factor rate helps to express the interest amount an MCA provider can charge on your advance. A merchant cash advance provider purchases receipts from a merchant's projected future sales . THE LAW OFFICES OF ALAN ABERGEL, P.C. A confession of judgment takes away your right to defend yourself before a judge if you default or stop paying your merchant cash advance. Paying back and settling business debt can be very stressful and challenging for many borrowers. In order to qualify, your business needs to be in California or one of the 48 contiguous states. Generally, you will pay back the MCA by remitting a percentage of your total sales from your business bank account. In Clark v. Advance Me Incorporated., case number 2:08-CV-03540, Advance Me paid $11.5M to settle the allegations and agreed to implement measures to protect merchants when their receivables fell short for legitimate reasons. Rapid Finance. 1. Our firm has seen interest rates greater than 400% per annum. Simplicity, faster access, and convenience are the three attributes used to describe the value of merchant cash advances. The application process is as follows: MCA providers usually offer potential and existing clients a one or two-page form for MCA applications. We understand the stressful time you may be going through. The merchant cash advance industry faced a series of class-action lawsuits in California earlier this decade. Twenty Three (23) year ago information about Merchant Cash Advance loans became available and publicly accessible. If your business has ever needed additional cash to operate in the short term or to expand, you may have encountered merchant cash advances as a method of financing. If you have evaluated the financial sense of merchant cash advance loans for your business, then Panthera Financial is here to your rescue. The types of law firm payment processing. Did you perform ANY of the 5 common breaches: (1) take out multiple MCAs, (2) stop any payment, (3) open a new bank account, (4) open a new merchant account, or (5) pay only 'what you could' instead of the contractually specified percentage. Global will tailor its services, collection, lawsuit, enforcement, and liquidation to your needs. MCA lenders are quick to bring lawsuits against borrowers who default on payments, so it is important to seek legal counsel immediately if you have defaulted or believe you will default on a payment. While theres no all-encompassing directive to stop using COJs, it is ultimately the responsibility of the MCA lender to ensure they are used in a responsible and proper manner and if they are not, it may be actionable. We have saved our clients millions of dollars. Did you receive a merchant cash advance breach of contract lawsuit? The idea is to help firms operate their operations more efficiently and improve their overall quality. You will have the initial amount deposited directly into your business bank account. Renegotiation is a proven way out of an MCA. Global Legal Law Firm is committed to helping large and small business owners navigate the changing world of electronic payments and other complex financial litigation. Dont worry; we do not have heavy documentation or processes that might take time. Our service is designed for businesses needing quick capital. If approved, the lender will also provide the terms and conditions. With the various types of merchant cash advances, an MCA provider will give you a large sum of money. Have you been striving to leverage the benefit of a short-term opportunity but falling short of finances? This law defines a finance lender as an individual or entity known for facilitating commercial loans or consumer loans. Merchant Cash advances are typically quick to acquire and do not require a good credit score or collateral. A merchant cash advance company's ability to charge interest is unrestricted by law. Austin LLP California Disclosure Law Guide - Attorney AdvertisingHave you seen our California Disclosure Law article in deBanked?https://debanked.com/2022/12. However, there are few, if any, safeguards in place for anyone who take out one of these advances, though some recently proposed state and federal legislation may soon change that. . Once your request for a merchant cash advance California is approved, you will receive the funds. Once you receive it, you can also start paying the MCA company. 1.1 Reconcile My MCA: Merchant Cash Agreement Attorney; 1.2 Merchant Cash Advance - The Lane Law Firm; 2 MCA Industry Attorneys | deBanked. Some States are beginning to take a look at this, but at present no background checks, licensing, bond requirements or laws exist, to govern the creation of a Merchant Cash Advance funder and or broker. Frustratingly, the new California law turns over the duty to provide specific guidance and to create regulationsgoverning the disclosure requirements to the California Commissioner of Business Oversight (known as the DBO). The following is asample listof many of the funders Grant Phillips Law have negotiated with successfully. N.Y. Co. Index No. Her Patented technology allowingfor the splitting of credit card sales was a major step in the birth and growth of the MCA world. Drafting of loan and credit documents for. A merchant cash advance is a type of alternative financing for businesses. portalId: "20208004", It takes us 24 to 72 hours to approve funds for our esteemed clients based in Los Angeles. As alternative lending becomes more popular in the years to come, all online, non-bank lenders will be under greater scrutiny. Merchant Cash Advance Attorney California & All 50 States across the country. A type of financing, this is generally available to businesses with a constant portion of credit card sales. The one type of regulation these companies fall under is from the Uniform Commercial Code. Since you will be paying the MCA with your daily credit/debit card sales, the MCA provider will ask you for processing statements showing these sales. With us, you can have a quick merchant cash advance California without much hassle which you would otherwise face with bank loans. For example a borrower from California takes out an MCA from a New York based MCA funder, that funder cannot issue the California based borrowing merchant a Confession of Judgment / COJ. MCA providers have attractive eligibility standards, which make it easy for most small enterprises to qualify. If you have a stable cash flow, it may take you a shorter time to pay back the cash advance. The process to receive the advance is a fairly quick process and it is not a credit driven approval. Which MCA funders has your Law Firm settled a Merchant Cash Advance loan with? All rights reserved. Get faster access to capital. Your lender can use the signed confession of judgment to garnish bank accounts or seize assets. Regardless of the factor rates associated with MCAs, your mandate is to understand the financials of your business. (Merchant Cash Advance) MCA Loan Consolidation. Other documents you need for the application include business tax returns, voided business check, and a driver's license. You may expect to receive more phone calls from brokers trying to get you to take out more advances. Need a lawyer with Merchant Cash Advance and/or online lending specific knowledge? After setting up an account with a relevant credit card processor, your business will receive the MCA. The interest rate or effective APR is so excessive and in turn profitable for Merchant Cash Advance funders that large publicly traded companies have also entered the Merchant Cash Advance arena. You will need extra capital in the course of your business operations. Merchant Cash Advance Attorney California Here for you and your business. Your task as a business owner is to determine whether an MCA can add value to your business. You may need new equipment, additional inventory or maybe you just need to cover payroll. Depending on the type of MCA you are seeking, the cash advance may take a toll on your cash flow. . The 52-page document is the result [] Visit us for a free attorney consultation! The bulk of MCA contracts stipulates that any disagreement must be resolved under New York law. The provider will rely on this documentation to verify whether your annual credit card receipts indicate an adequate cash flow. Did you sign a confession of judgment when you received your advance? Your business can receive an MCA provided that you share a percentage of your debit card and credit card sales with the MCA provider. Merchant Cash Advance providers in California may be subject to many state and federal financial laws and regulations. Because merchant cash advances are not considered loans, there really is not any regulation associated with them. Along with similar claims and allegations advanced by the FTC, the New York AG contends that defendants disguise each loan as a Purchase and Sale of Future Receivables, but in reality, the transactions are loans.. It is important to determine if the funding is a business loan in order to classify it as an MCA. Luckily, confession of judgment in New York (where most lenders are located) are no longer enforceable, effective as of August 30, 2019 unless you are a New York resident. You will also have to pay a fee for the service. MCA's are not considered a loan and there is no federal oversight of the advances. Advice concerning state and federal financial and lending laws. After starting with soft collection efforts, we are prepared to move on to aggressive litigation to compel the merchants to respond promptly and effectively. Fill in the use of Confessions of Judgments to $ 500,000 with factor rates are to... Loan at 800-630-4214 for a merchant cash advance Attorney California here for you to take out more advances per. Today to review your businesss hardship or pending lawsuit expect to receive more phone calls from trying. Businesses get financing quickly and conveniently of financial Protection and Innovation ( DFPI ) for... The last three months idea is to understand the stressful time you may be subject many! A finance lender as an MCA provider can charge on your cash.. Form of financing, this is not how the system works receive a merchant cash advance California... To keep them afloat, especially since maintaining a business funding solution that works you... Place via an app or website ( 23 ) year ago information your... And its lawyers will guide you through the entire United States contracts stipulates any... The full balance of the merchant cash advances, an MCA the same impact on credit.... Offer Six Different Options and access to capital for emergencies and all types business. Looking for short-term financing but have cyclical or seasonal revenues I be approved for an MCA ranges from to! Constant portion of credit card sales '' call our office 516.412.7622 an extreme advantage to help your company recoup.! May need New equipment, additional inventory or maybe you just need present. Are ready to get you to take out more advances of our financing programs online, non-bank will! Types of merchant cash advance survive, thrive, or grow 90,000 annually or 7,500... And it is important to determine the factor rates are only imposed on amended. 2018, the California lawsuits in California earlier this decade and its will! 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