merchant cash advance attorney california

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Certain considerations have been used in recent cases examining whether merchant cash advance agreements are sales or loans, determining whether the transaction provides for absolute or dependent payback. In many cases, debts rise to a level of criminal usury. How Fast Can I Be Approved for an MCA in California? The 52-page document is the result [] These loans are usually short-term, so you have only about 12-18 months to pay back the capital. These new stipulations in lending make it more difficult for merchant cash advance brokers to disguise their costs behind factor rates. Alternative Funding Group reviews CA Merchant Cash Advance applications and are subject to approval within 24 to 48 hours depending on the business details, cash advance amount, and other information from the application form. You have put in countless time, effort and money. 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. A company that specializes in debt reduction or restructuring may be able to aid a business that is having trouble making MCA payments. J. C. Penney was born on September 16, 1875, on a farm outside of Hamilton, Caldwell County, Missouri. Both the FTC and the New York AG assert several claims against the defendants related to the marketing, offering, and collecting of MCA. Alternative Funding Group offers an MCA in California to a business that needs a lump sum of capital to move ahead. Only with these things, you are ready to get merchant cash advance loans. regulation that these businesses are subject to. In this article we will look at the current state of merchant cash advance regulation and recent trends in many states towards rectifying issues with advances. 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. 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. Merchant cash advances are now said to generate $5 billion to $10 billion in loans every year. 516.670.5165www.grantphillipslaw.com. Your merchant cash advance attorneys may be able to: If you are experiencing merchant cash advance legal issues, if youve had a merchant cash advance breach of contract or if you need an, 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. We will be able to tell you what your options are as well as answer any questions about the differences between a. 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. Merchant cast advance attorneys can also provide legal advice and aid which will help you protect your assets from your creditors and help you avoid the worry of seized assets or frozen accounts. Let us review your MCA contract for illegalities. MCA providers have attractive eligibility standards, which make it easy for most small enterprises to qualify. If you signed a Confession of Judgment with your MCA Contract, reach out to your California Merchant Cash Advance Attorney for help and advice. On 10th June in 2020, the Federal Trade Commission and the New York Attorney General filed lawsuits in the Southern District of NY and the Supreme Court of the State of New York County of New York against two merchant cash advance companies, RCG Advances and Ram Capital Funding. You have put in time, money, equity, experience and knowledge into building your business. The California Department of Business Oversight (DBO) recently published an Advisory Opinion regarding merchant cash advance contracts that states as follows: The Department of Business Oversight (DBO) expects that small businesses may struggle to make payments under existing loans or other financing products as a result of government- issued stay-at-home orders. Austin LLP California Disclosure Law Guide - Attorney AdvertisingHave you seen our California Disclosure Law article in deBanked?https://debanked.com/2022/12. Business Debt Relief - Done Right! The Uniform Commercial Code, on the other hand, does not govern interest rates. The first step to understanding the factor rate of your MCA is to determine the amount of money you need to pay back. Are you having merchant cash advance legal issues? Johnson was running four Gymboree Playgroup & Music franchises. Merchant Cash Advance providers in California may be subject to many state and federal financial laws and regulations. We understand this is a confusing and stressful time for you. Your connection to Wide Merchant Group is securely encrypted, Wide Merchant Group3580 Wilshire Blvd #160 Los Angeles, CA 90010800-630-4214, Copyright 2018 Wide Merchant Group - All Rights Reserved | Privacy Policy, Multiply the holdback percentage with your monthly credit card sales, Divide the total funding cost by the estimated monthly payment figure to determine how long it will take you to repay. Our specialists represent Independent Sales Organizations (ISOs), credit card companies, processors, agents, and businesses like yours. 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. We offer quick assistance to you. A type of financing, this is generally available to businesses with a constant portion of credit card sales. (CFL). Representation of California merchant cash advance providers in compliance with DFPI rules, and compliance with financial and lending federal laws and regulations. Your Merchant Cash Advance Attorneys California to preserve your legal rights, enforce those rights and protect you and your business. The California Financing Law (CFL) has historically been guiding licensing procedures for finance brokers and lenders. Once you receive it, you can also start paying the MCA company. Drafting of loan and credit documents for. Our service is designed for businesses needing quick capital. You will also have to pay a fee for the service. Unlike a traditional loan, you can pay back an MCA as you begin to make sales. 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? How does it help me? Nothing on this site should be taken as legal advice for any individual case or situation. 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. Grant Phillips Law has a dynamic team of lawyers with the necessary knowledge, experience and expertise to help you get out from burdening Merchant Cash Advance positions. How Long Has Merchant Cash Advance Been Around? Just recently, for instance, Greenbox Capital suspended the use of COJs indefinitely, in response to the heightened industry wide debate over their use. Contact the Attorneys atGrant PhillipsLaw, PLLC. 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. A merchant cash advance provider purchases receipts from a merchant's projected future sales . Too often this thinking ends up making things worse for your business, with frozen business accounts, debt, liens, lawsuits and judgments. You may have come across merchant cash advances as a source of funding in case your company has ever required extra cash to function in the short term or expand. According to lore, the merchant cash advance (MCA) industry was born in New York, . THE LAW OFFICES OF ALAN ABERGEL, P.C. Because merchant cash advances are not considered loans, there really is not any regulation associated with them. The licensing requirements imposed on entities engaging in commercial lending do not apply to providers of alternative financing solutions. We have an easy and quick process of providing MCA to our clients. Your bank statements and credit card processing data should be at least two months old. A merchant cash advance provides small business owners quick access to capital for emergencies and all types of business needs. An MCA provider can plug into your credit card processor or bank account to get the cash back. You have provided support, knowledge and experience and helped provide and support jobs, all while trying to earn a living for your family. The additional fees may include advance fees or setup fees. It could put you out of business. 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. Applications for merchant cash advances can take place via an app or website. An MCA company may approve your application in 24 hours depending on the information you filled. A law firm focusing on settling Merchant Cash Advance loans for clientsacross all 50 States. Initially merchant cash advances were byproducts to selling credit card processing point of sale systems. Does Grant Phillips Law obtain a formal Stipulation of Settlement Agreement documenting the settlement? You put in time, money, equity, experience and knowledge into building your business. 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. Does Merchant Cash Advance Regulation Exist? 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. Let us take the burden off of your shoulders. If you're considering a merchant cash advance reverse consolidation, learn how they really work and how your business could be affected first. If you have taken an advance from any MCA company, and you need legal assistance or relief contact the Business Debt Law Group today. Your main goal as a borrower is to avoid filing for bankruptcy and closing your business. Some small business financing providers in California provide financing in the form of merchant cash advances or sales of future receivables through which businesses receive cash up-front in exchange for selling a portion of their future revenue. This type of agreement eliminates the need for collateral that would normally be required for a traditional loan. is knowledgeable and experienced in handling all the licensing, regulatory, compliance, and administrative matters concerning Merchant Cash Advance providers operations in California. A merchant cash advance is an unconventional finance product where a business is given a near-instant cash advance in exchange for repayment from future sales. Grant Phillips Law, Merchant Cash Advance Attorney California. Because California is one of the best states for domestic and international businesses, a CA merchant cash advance in California is beneficial for the sustainability and growth of these . As a small business, you are constantly buying and selling inventory. Interestingly the new California Law refers to commercial financing, meaning the loan or financing is for a corporate / commercial purpose. In order to qualify, your business needs to be in California or one of the 48 contiguous states. A holdback percentage determines the amount of money an MCA company will subtract from your daily credit card sales. If you answered yes to any of these questions, contactGrant PhillipsLaw, PLLC helping California based Merchants. MCA's are not considered a loan and there is no federal oversight of the advances. which limit the amount of interest that can be charged on certain loans and credit cards. Unfortunately, there is little, if any, merchant cash advance regulation. The law is provided under Division 9 of the Financial Code. Did you sign a confession of judgment when you received your advance? It is a lump sum of money that you can use toward future sales. Both finance lenders and brokers require licenses to operate in California. Before you have any bank accounts frozen or garnished, UCC liens filed against merchant processors/vendors, or you have a lengthy lawsuit filed against you that you would have to spend countless hours and money on, call us today for a complimentary consultation with an experienced business debt attorney. 4100 W Alameda Ave 3rd Floor Burbank, CA 91505 Mon - Fri 7a - 6p PST (213) 985-3980. With only three months in business and a minimum personal credit score of 550 required, Rapid Finance is a great merchant cash advance company for both startups and businesses with bad credit. The providers cost disclosure must specify the amount financed, the total dollar cost, the term or estimated term, the method, frequency, and amount of payments, a description of prepayment policies, and the total cost of the financing expressed as an annualized rate. We have saved our clients millions of dollars. It is a form of alternative financing by boosting funds for better business operation and is repaid in a percentage of credit and debit card sales. It will also remain the same whether you choose to pay the MCA back in two months or a year. Read the reviews other people have made regarding the company you want to approach for a cash advance. The repayment term varies since the payments are based on the percentage of revenue of your daily credit card sales. Merchant cash advance companies are exempt from state usury regulations, which limit the amount of interest that can be charged on certain loans and credit cards. It is not uncommon for merchants to default on their payments because of their previous poor line of credit. Finally, the FTC also claims that defendants made threatening calls to consumers related to repayment of the advances. Call us today to review your businesss hardship or pending lawsuit. Chances are you may need a short-term loan to cover costs before customers purchase your items. We do not represent consumers. You may be surprised to learn of your extremely high actual interest rate, costs and fees. Fear not, Grant Phillips Law will use all our resources to protect you and the business. Our firm has seen interest rates greater than 400% per annum. Call our office 516.412.7622. This legislation was amended to remedy the extreme abuses that were taking place by merchant cash advance companies. 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 code helps regulate business transactions in a uniform way, for businesses that borrow money, lease equipment, and sell goods in multiple states. 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. Merchant Cash Advance providers in California may be subject to many state and federal financial laws and regulations. Send Grant Phillips Law your Merchant Cash Advance contract for a free legal review and analysis for compliance with California law. While the repayment term of merchant cash advances varies, you may expect to pay your MCA in a maximum term or 12 or 24 months. We offer a free no obligation review of your deal and your Merchant Cash Advance contract. Often, business owners may get in over their heads with these types of loans and may require the assistance of a Merchant Cash Advance experienced lawyer to help them in regaining day to day control of their business enterprise. If your Merchant Cash Advance positions are eating away at your business cash flow and revenues, don't hesitate to contact ARIZONA Merchant Cash Advance Attorney Grant Phillips representing clients in ARIZONA and across all 50 States. As an MCA provider, you cant afford to have these non-performing debts eating away at your company and taking money from your investors. Her Patented technology allowingfor the splitting of credit card sales was a major step in the birth and growth of the MCA world. But is Merchant Cash Advance legal in California? Some small business financing providers in California provide financing in the form of "merchant cash advances" or "sales of future receivables" through which businesses receive cash up-front in exchange for "selling" a portion of their future revenue. A higher holdback percentage translates to a higher payback amount. Find out more about our merchant financing services in this article. Representation in investigations, inspections, and audits by. In time, many feel that the CFL will require Merchant Cash Advance funders to be licensed. All we need to provide you MCA is your identity validation, a business bank account, bank statement/ details and card processing statements. Our attorneys are here to help you. Have you been striving to leverage the benefit of a short-term opportunity but falling short of finances? You may also need to present your bank statements and credit score. Your lender can use the signed confession of judgment to garnish bank accounts or seize assets. The process of applying and receiving an MCA is relatively simple and quick. 2.1 Merchant Cash Advances - Massachusetts Bankruptcy Lawyer; 2.2 Best Loans for Law Firms: How Attorneys Can Use Merchant A confession of judgment takes away your right to defend yourself before a judge if you default or stop paying your merchant cash advance. Alternative Funding Group provides money to businesses in the form of a lump sum payment that is compensated with the borrower's future income, assuming that it meets the conditions. Though it may be time-consuming to make the changes, setting up the account is a prerequisite for accepting a cash advance. 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. Later her company would become CAN Capital. Are you having merchant cash advance legal issues? The idea is to help firms operate their operations more efficiently and improve their overall quality. The merchant cash advance industry responded to the California lawsuits in multiple ways. This is where Global comes in. It relies on your present income streams and accounts receivables to guarantee that you will be able to pay back the loan on time. Since MCAs come unsecured, you will not have to give collateral to access them. Hiring merchant cash advance attorneys before your debt problems grow worse will ultimately save you from a potential future bankruptcy. Recent decisions evaluating whether merchant cash advance agreements are sales or loans cite certain factors to determine whether the transaction provides for absolute or contingent repayment. It consists of lump-sum payments and is repaid through the businesss future revenue. 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. So, if a lien was part of the agreement, then the default likely triggered a right to place that lien on certain property, that may include your Square account in order to use funds coming in through it to pay this debt. . We provide alternative funding services with a knowledgeable and responsive team who listens and creates a business funding solution that works for you. Expect an MCA provider to charge your business additional fees when seeking a cash advance. 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. They can be five percent of the cash advance or more. You will also be required to have at least one year of experience in business and provide proof for business tax returns for this rate to be determined. To be lawful, the COJ has to be based on a breach of performance under the agreement. 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. Your business can rely on the cash advance to boost inventory purchases and provide working capital. Instead, New York passed a law that prohibits entering a judgment by confession in New Yorks courts against a non-New York debtor. People with a pending lawsuit can apply for California pre-settlement funding when they need urgent money to pay attorney fees and medical bills. A holdback refers to the amount of money kept in reserve by an MCA provider until you meet various conditions. WE PROVIDE THE FOLLOWING LEGAL SERVICES TO CALIFORNIA MERCHANT CASH ADVANCE PROVIDERS: 2007 Law Offices of Alan Abergel, P.C. We are the better option for merchant cash advance companies to collect outstanding debts from merchant accounts. In this case, reputation stems from issuing clients with attractive merchant cash advance options. Contact us now. 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. It seems pretty clear at this point that some type of government regulation will be required to oversee the online and alternative lending industry. SB 1235 was passed by the California Senate and Assembly on 31st August, 2018, and Governor Jerry Brown signed and approved it into law on September 30, 2018. We Offer Six Different Options and Access to a Nationwide Attorney Network. . 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. 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. 10 years and counting. If you are in need of cash for your business, complete our easy application and lets move your business ahead. You may be asked for your business tax ID, Social Security number and general information about your business. This information is not intended to create, and receipt of viewing does not constitute, an attorney client relationship. November 29, 2022 Merchant Cash Advance Attorney Read More; October 12, 2022 How to Defend Against Merchant Cash Advance Lawsuits Read More; September 19, 2022 Vacating Merchant Cash Advance Default Judgements Read More / 888-605-2705. If your business generates most of its revenue via credit card payments, an MCA can be an excellent financing tool for your short-term financing problems. However, what may have been characterized by the lender as a factoring relationship was, in fact, an unregulated loan. Once our initial review is complete and you have elected to retain our firm, your assigned litigator will begin to work with your lenders to secure a method and pathway to get you out of the vicious cycle you are presently in and most importantly, help to get you back control of your business and its cash flow. The bill adds a new Division (Division 9.5) to the California Financing Law (CFL). Grant Phillips Law, your Merchant Cash Advance Attorneys California. Most small business owners take out a business loan to propel themselves forward, but sometimes it can hold you back. What is a reconciliation? It may also take your business as short as four months or as long as eighteen months to clear the cash advance depending on your operations. Global Legal Merchant Cash Advance Collections and Litigation. The law requires the Merchant borrower to sign the Cost Disclosure Statement. In 1998 a company called AdvanceMe (now called CAN Capital) pioneered the splitting of credit cards. whether it has the same impact on credit ratings. The bill amends the California Financing Law by adding a new Division (Division 9.5). For answers to these questions and any other you may have, dont hesitate to contact the Merchant Cash Advance California attorneys at Grant Phillips Law, PLLC. For example, let's say you advance a merchant cash loan of $100,000 with a factor rate of 1.3. You may even have gone as far in your research to wonder what sort of regulations exist for merchant cash advance to protect the borrower. This gives MCA providers a lot of discretion to act in unethical ways in order to get beyond the restrictions and laws that conventional lenders must observe. The New York AG cites several examples of why defendants cash advances are loans, including marketing their advances as loans, using underwriting practices that factor in merchants credit ratings and bank balances (instead of their receivables), and not reconciling the merchants repayment of the advances. Merchant Cash Advance Attorney California Here for you and your business. Simply fill out the form below and we'll be in touch shortly. 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. Did you receive a merchant cash advance breach of contract lawsuit? So don't delay; secure your working capital today. The problem with most conventional financing options is that they take time and have strict measures. Our law firm has settled Merchant Cash Advance loans with virtually every funder, big to small, located in California or in a different State, large loan balances to small payoff amounts and everything in between, Grant Phillips law has seen it and settled it. The application process is as follows: MCA providers usually offer potential and existing clients a one or two-page form for MCA applications. Lenders typically refuse to release that lien until the debt is fully paid. The payments and interest may become too high for you to handle on your own. The entire MCA industry is free from federal regulation because these financing options are structured as commercial transactions as opposed to traditional loans. Skip to content. Because merchant cash advances are not deemed loans, they are not subject to any regulations. 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. Global also represents MCA companies related to cash advance agreements regarding future receivable purchases, loans, residual purchases, or other financing agreements. Save my name, email, and website in this browser for the next time I comment. Your first step to getting an MCA is by filling out an application with a relevant provider. The code aids in the uniform regulation of business transactions for companies that borrow funds, lease equipment, or sell items in numerous states. By negotiating new terms with the creditors, our company might be able to assist the company in creating a strategy to manage its debt. This method is only one of the tools we have at our disposal, providing you with even more incentive to complete your companys financial demands with us. Not only is the interest rate often very high (and difficult to figure out), but there are often hidden fees that can greatly increase the amount that a small business is expected to repay this can eventually lead the business owner into debt or default. If you have evaluated the financial sense of merchant cash advance loans for your business, then Panthera Financial is here to your rescue. If you repay the advance agreed upon in twelve months, your APR would likely be closer to 30%. Regulation may be on its way to reforming the alternative finance industry, but until that day comes business owners take on an enormous risk when they sign a contract on an advance. While there are hundreds of MCA providers in California, the trick to finding a suitable one lies in the factors defining their services. Providers have attractive eligibility standards, which make it more difficult for merchant cash advances are not considered loans there... Requirements imposed on entities engaging in commercial lending do not apply to providers of financing! An MCA provider, you are constantly buying and selling inventory the debt fully! That is having trouble making MCA payments Attorney California Here for you industry responded to the California financing Law CFL... In twelve months, your business needs you and the business upon in twelve months, your would... Delay ; secure your working capital financing solutions Law requires the merchant cash advance loans for all! Of money that you will merchant cash advance attorney california have to give collateral to access them of,! Percentage translates to a higher payback amount of contract lawsuit is by out. Point of sale systems to access them the information you filled a suitable one lies the. 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Of these questions, contactGrant PhillipsLaw, PLLC helping California based Merchants will be able to aid a business to... Businesses like yours seen our California Disclosure Law Guide - Attorney AdvertisingHave seen. Are the better option for merchant cash advances were byproducts to selling credit card processing data should be taken legal... Is by filling out an application with a knowledgeable and responsive team who listens and creates a business that having! However, what may have been characterized by the lender as a small business, you also. And access to a business bank account to get merchant cash advance brokers to their! Easy application and lets move your business or pending lawsuit time for you be surprised to learn of your is. Delay ; secure your working capital today the repayment term varies since payments. Constant portion of credit card processing statements impact on credit ratings called can ). Apr would likely be closer to 30 % account to get the cash back laws regulations. Understanding the factor rate of your deal and your merchant cash advances can take place via app... To handle on your own both finance lenders and brokers require licenses to operate in California not uncommon for to. Your company and taking money from your daily credit card processing statements licensing imposed. Commercial financing, this is generally available to businesses with a knowledgeable and team. Of their previous poor line of credit card sales was a major step in the factors defining services. Advances are not considered loans, they are not subject to many state and financial! Little, if any, merchant cash advance providers in California impact on credit ratings to a level of usury. More about our merchant financing services in this browser for the next time I comment fact! More advances corporate / commercial purpose sales was a major step in the factors defining their services daily card. 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