Merchant cash advances are now said to generate $5 billion to $10 billion in loans every year. 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. 4100 W Alameda Ave 3rd Floor Burbank, CA 91505 Mon - Fri 7a - 6p PST (213) 985-3980. Some examples include Shopify, Square, PayPal and even American Express. While we specialize in electronic payment litigation, we also offer Merchant Cash Advance (MCA) collection and litigation services. It will also remain the same whether you choose to pay the MCA back in two months or a year. You need a lawyer to help you regain control of your cash flow in order that you can best run your business as it should be run. Need help with any type of legal issue? When you record lower credit card sales, the amount collected will be smaller. 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.. We're a national leader providing business financing with a 99% approval rating. MCA's are not considered a loan and there is no federal oversight of the advances. With us, you can have a quick merchant cash advance California without much hassle which you would otherwise face with bank loans. 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. It seems pretty clear at this point that some type of government regulation will be required to oversee the online and alternative lending industry. Since the approval is nonbinding, you may choose to deny or accept the cash advance if it does not seem attractive to your business. *Images used are not employees of the law firm*, difference is between alternative financing and traditional loans, advancing through the House of Representatives, beginning to be examined much more critically by state and federal governments. You get extreme flexibility with merchant cash advances. Once you have been approved, expect to receive the advance amount with a specific factor rate and holdback percentage. 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. According to the FTC, the use of confessions of judgment conflicts with the defendants contracts that provide that Defendants will not hold consumers in breach if payments are remitted more slowly. The DBO encourages small businesses to review the terms of their existing financing products to determine whether they may be entitled to relief and report finance companies that fail to honor contractual terms that provide relief. Renegotiation is a proven way out of an MCA. Contact us now. 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. You will also have to pay a fee for the service. All you have to do is demonstrate your credit card sales volume, and you are qualified for one. We will be able to tell you what your options are as well as answer any questions about the differences between a. It feeds you, supports your family, creates jobs and as such is worth fighting for. Do you have a merchant cash advance you are struggling to pay? 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. We understand this is a confusing and stressful time for you. How Do You Qualify for a Merchant Cash Advance? Our specialists represent Independent Sales Organizations (ISOs), credit card companies, processors, agents, and businesses like yours. However, simple failure to remit receivables because the business has failed, should not be actionable. 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. 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. 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. Get faster access to capital. Grant Phillips Law, your Merchant Cash Advance Attorneys California. Unable to get working capital to fund a summer marketing campaign, she wondered whether she could borrow against future credit card sales derived from parents bringing their kids back for fall classes. Are you a California resident? Small business owners occasionally require additional operating capital to effectively run their businesses. The provider expects a portion of sales generated from credit/debit card payments in return. Finally, the FTC also claims that defendants made threatening calls to consumers related to repayment of the advances. The provider may require you to make daily repayment via your merchant account. Once a merchant cash advance company has a CFLL license, even if the transactions are recharacterized as loans, the transactions are not usurious under state law. Once you decide to seek an MCA as extra capital for your venture, you will have to find an MCA provider. You may also need to present your bank statements and credit score. Global Legal Law Firm doesnt just talk a big game, we actually deliver. The provider will rely on this documentation to verify whether your annual credit card receipts indicate an adequate cash flow. 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. 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. 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. The bill adds a new Division (Division 9.5) to the California Financing Law (CFL). Regulation of Merchant Cash Advances Unfortunately, there is little, if any, merchant cash advance regulation. We offer a free no obligation review of your deal and your Merchant Cash Advance contract. It relies on your present income streams and accounts receivables to guarantee that you will be able to pay back the loan on time. 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. 10 years of experience fighting, settling and litigating Merchant Cash Advance loans. Worse, the lender may exercise a Uniform Commercial Code (UCC) Lien against your business to stop other businesses, insurance companies, or individuals from paying you owed cash. Our experts will review your information and contact you for further discussions. Meanwhile, New Yorks legislature had also proposed a near-identical bill, but it did not pass. Do you have a merchant cash advance you are struggling to pay? The New Jersey legislature has decided to reign in the use of Confessions of Judgments. Drafting of loan and credit documents for. As alternative lending becomes more popular in the years to come, all online, non-bank lenders will be under greater scrutiny. After setting up an account with a relevant credit card processor, your business will receive the MCA. This will not only help to protect small business owners but should also help legitimize the small business alternative lending industry, overall. In particular, the New York AGs complaint related to recharacterization of merchant cash advances as loans provides significant guidance for not only the drafting of the MCA agreement, but also the underwriting and marketing of the MCA. These loans are usually short-term, so you have only about 12-18 months to pay back the capital. Businesses need CA merchant cash advances to keep them afloat, especially since maintaining a business becomes challenging. 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. The law added a new Section to the California Financing Law (CFL). It takes us 24 to 72 hours to approve funds for our esteemed clients based in Los Angeles. There is never a cost to speak with us and all attorney consultations are always complimentary. Merchant Cash Advance Attorney California & All 50 States across the country. Visit us for a free attorney consultation! 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. whether it has the same impact on credit ratings. The problem with most conventional financing options is that they take time and have strict measures. Additionally, your company needs minimal revenue of $90,000 annually or $7,500 for the last three months. REGULATION ON MERCHANT CASH ADVANCE IN CALIFORNIA. We will be able to tell you what your options are as well as answer any questions about the differences between a MCA consolidation vs MCA attorney. All we need to provide you MCA is your identity validation, a business bank account, bank statement/ details and card processing statements. So don't delay; secure your working capital today. The primary allegations by the FTC concerning marketing relate to misleading claims. 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. While an MCA can quickly inject capital into a business struggling with cash flow, the consequences far outweigh the benefits. Johnson was running four Gymboree Playgroup & Music franchises. A company that specializes in debt reduction or restructuring may be able to aid a business that is having trouble making MCA payments. The Uniform Commercial Code is one type of regulation that these businesses are subject to. Unlike interest rates, which change as your debt reduces, factor rates are only imposed on the original cash advance amount. A specialized Merchant Cash Advance Law Firm, serving residents of California. Please note: if you do not see your specific funder listed, it is still very likely that we have negotiated and settled a Merchant Cash Advance loan with them but they are not listed here because this list is only a sampling of Merchant Cash Advance funders we have worked with: If you are a California resident or have a California business and have taken out an MCA position with an MCA funder, whether the funder is based in California or anywhere across the entire United States, contact the law firm of Grant Phillips Law, PLLC. This puts your principal at $130,000. The higher the risk, the higher the factor rate. Have you been striving to leverage the benefit of a short-term opportunity but falling short of finances? 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. You could have even gone so far as to wonder if there are any rules in place to protect the borrower when it comes to merchant cash advances in California. Ms. Johnson obtained a Patent for this system in 1997. Initially merchant cash advances were byproducts to selling credit card processing point of sale systems. The Cost Disclosure Statement must state clearly the amount financed, the total costs involved, the length of time, the frequency and amount of payments to be made as well as state clearly the method of how payment is made, an explanation of pre-payment consequences, and state the total cost of the financing as an annualized percentage rate. All rights reserved. If you have taken an advance from any MCA company, and you need legal assistance or relief contact the Business Debt Law Group today. The law requires the Merchant borrower to sign the Cost Disclosure Statement. It is not uncommon for merchants to default on their payments because of their previous poor line of credit. How does it help me? 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. Read the reviews other people have made regarding the company you want to approach for a cash advance. The application process is as follows: MCA providers usually offer potential and existing clients a one or two-page form for MCA applications. 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. Many would claim these advances to fall under the definition of predatory lending. California merchant cash advance has been a lifesaver for businesses since its first public use in the 1990s, when the financial crisis hit. As accounts receivable acquisition transaction, such as factoring, asset-based lending, commercial loans, commercial open-end credit plans, or lease financing transactions, is a covered commercial finance transaction. Regardless of the factor rates associated with MCAs, your mandate is to understand the financials of your business. Merchant Cash advances are typically quick to acquire and do not require a good credit score or collateral. 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. Her Patented technology allowingfor the splitting of credit card sales was a major step in the birth and growth of the MCA world. 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. *Images used are not employees of the law firm*, settle your merchant cash advance loans for less than what you owe. 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. Unlike a conventional term loan, you will not incur fines for late payments or be mandated to make payments on time. Nevertheless the law does require a funder offering a form of commercial financing, of $500,000 or less to a merchant / borrower, must now provide the Merchant with a Cost Disclosure Statementbeforecompleting the transaction. Call us today for a business loan at 800-630-4214 for a consultation on merchant cash advances or any of our financing programs. HomeCALIFORNIA MERCHANT CASH ADVANCE LAWYER, DBO is now Department of Financial Protection and Innovation (DFPI). The Business Debt Law Group can help make arrangements with creditors and lenders for our clients to ensure that you make the necessary payments while also keeping your doors open. Payments under these financing arrangements are typically adjustable and may be lowered if the small business is closed as a result of government orders. An MCA is also a great solution for settling unexpected payments and debt payments. 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). Call us today for a business loan at 800-630-4214 for a consultation on merchant cash advances or any of our financing programs. Because merchant cash advances are not considered loans, there really is not any regulation associated with them. Both the FTC and the New York AG assert several claims against the defendants related to the marketing, offering, and collecting of MCA. The addition of brokers does not make this distinction any easier. These cases are a threat to the MCA sector, and they provide insight into the types of claims that state and federal regulators will file against MCA firms in the future. Merchant Cash Advance Frequently Asked Questions (FAQ), Merchant Funding Services LLC (Yellowstone). You will have the initial amount deposited directly into your business bank account. 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. A UCC lien is an actual lien on non-real property (e.g., bank accounts, personal property like business equipment, etc.). All you have to do is fill in the contact form and submit all the required documents. 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. Advice concerning state and federal financial and lending laws. Global will tailor its services, collection, lawsuit, enforcement, and liquidation to your needs. Save my name, email, and website in this browser for the next time I comment. Contact Us:-GRANT PHILLIPS LAW, PLLC [email protected] 516.670.5165 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. 1.1 Reconcile My MCA: Merchant Cash Agreement Attorney; 1.2 Merchant Cash Advance - The Lane Law Firm; 2 MCA Industry Attorneys | deBanked. We only represent lenders, merchant cash advance providers, and other financial services providers. Simplicity, faster access, and convenience are the three attributes used to describe the value of merchant cash advances. Grant Phillips Law PLLC offers MCA attorneys for your grievances. The merchant cash advance industry faced a series of class-action lawsuits in California earlier this decade. A higher holdback percentage translates to a higher payback amount. 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. 1. This information is not intended to create, and receipt of viewing does not constitute, an attorney client relationship. 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. With the various types of merchant cash advances, an MCA provider will give you a large sum of money. Representation of California merchant cash advance providers in compliance with DFPI rules, and compliance with financial and lending federal laws and regulations. Grant Phillips Law focuses exclusively on Merchant Cash Advance law protecting merchants and borrowers. 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. The total amount to be repaid is calculated by a factor rate which is a multiplier generally based on the businesss financial status. Your Business - Your Money . The company will be receiving daily payments from your credit card processor as long as you have money in the merchant account. According to lore, the merchant cash advance (MCA) industry was born in New York, . A simple consultation can answer all your questions and help you get your cash flow back where it needs to be. Merchant Cash Advance in California is a form of financing that helps businesses get financing quickly and conveniently. A holdback percentage determines the amount of money an MCA company will subtract from your daily credit card sales. How Long Has Merchant Cash Advance Been Around? We are here to help you any way we can. Which MCA funders has your Law Firm settled a Merchant Cash Advance loan with? You may be asked for your business tax ID, Social Security number and general information about your business. A merchant cash advance company's ability to charge interest is unrestricted by law. The FTC alleges that although the defendants websites state that the MCA requires no personal guaranty of collateral from business owners, the contracts actually contain a personal guaranty provision. If you Merchant Cash Advance position is eating away at your business cash flow and revenues, dont hesitate to contact California Merchant Cash Advance Attorney Grant Phillips Law, PLLC serving clients in California and across all 50 States. THE LAW OFFICES OF ALAN ABERGEL, P.C. You have provided support, knowledge and experience and helped provide and support jobs, all while trying to earn a living for your family. Austin LLP California Disclosure Law Guide - Attorney AdvertisingHave you seen our California Disclosure Law article in deBanked?https://debanked.com/2022/12. The money may come quickly, but what small business owners do not realize is that they may be setting themselves up for potential bankruptcy. A merchant cash advance attorney can protect you from the aggressive tactics used by MCA brokers and protect your assets from being seized. With us, you can have a quick merchant cash advance California without much hassle which you would otherwise face with bank loans. Our firm has seen interest rates greater than 400% per annum. Later her company would become CAN Capital. The MCA company decides how high the factor rate will be based on reviewing bank statements which will show the number of monthly deposits, how much those deposits were for, how many days they did not receive any deposits and how many other advances the merchant has. The Business Debt Law Group Law Group has been successful in substantially reducing debts with lenders. 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. Require a merchant cash advance attorney in California? Each day an agreed upon percentage of the daily credit card receipts are drafted from the merchants bank account to pay back the MCA. Your bank statements and credit card processing data should be at least two months old. J. C. Penney was born on September 16, 1875, on a farm outside of Hamilton, Caldwell County, Missouri. is knowledgeable and experienced in handling all the licensing, regulatory, compliance, and administrative matters concerning Merchant Cash Advance providers operations in California. 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. However, there are some extra strings attached when you go with a 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. 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 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. A merchant cash advance companys ability to charge interest is unrestricted by law. 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