If your business is being choked by merchant cash advance companies, let us help you.
Our experienced attorneys know that these sharks want to drain the last ounce of revenue from your business. We have helped many businesses consolidate their merchant cash advance loans. As your legal representatives, our attorneys will not shy away from the scare tactics of these merchant cash advance companies. Rather, we will successfully consolidate, or otherwise modify, your existing merchant cash advances to a payment that your business can afford. From there, you can finally experience the peace that comes with financial freedom.
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What is Merchant Cash Advance Consolidation?
This type of consolidation is limited to a merchant cash advance and involves re-negotiating with the cash advance lender to arrive at a more reasonable payment. Frequently, this will be the only chance that a business has to survive their cash advance paybacks
Difference Between an MCA and a Loan?
One major difference relates to the payments.
Your payment schedule for an MCA might vary due to fluctuations in cash flow. In fact, your payments toward an MCA correspond directly to your revenue intake. In other words, an increase in revenue results in a shorter repayment term.
MCA
A loan, on the other hand, has a fixed repayment term and schedule without any fluctuation. A loan also has a fixed interest rate, whereas MCA payments come from a percentage of your receipts.
LOAN
Risks of an MCA loan
Considering how MCA payments are tied to your revenue, you are looking at a higher APR than a loan. If your sales are high, you might be able to pay the MCA back quickly. However, you’re paying at a rate as high as 60% which adversely affects your cash flow. Also, MCAs are not regulated by the government like traditional lenders, though state laws vary. In any case, you are still putting yourself at risk by doing business with an establishment that partakes in predatory practices.
How We Help in Merchant Cash Advance Consolidation
We can negotiate lower payments and settle your MCA to where you owe less than the original loan. Additionally, we can help you get into a forbearance program to give you time to get back on your financial feet.
Some MCA establishments draw up extremely complicated contracts—on purpose. Our attorneys closely analyze this contract and pinpoint any predatory or deceptive lending practices (or even instances of criminal usury) which could help your case if you’re dragged into court by a lender.
Why Work With A Merchant Cash Advance Attorney?
People Are Asking
Q. How do I fight a merchant cash advance?
You can file a claim in court, but it would be wise not to attempt to represent yourself. MCAs have legal representation; thus, you need an attorney as well. If you wish to modify your loan to reduce your payments, an attorney can assist you in negotiating with your lenders.
Q. Can I sue a merchant cash advance company?
Before you resort to a lawsuit, you will need to obtain legal representation. An experienced MCA settlement attorney can advise you about your options. Likewise, you can file a claim, but remember that if you’ve already signed a confession of judgment agreement, there’s not much you can do—which is why you need an attorney to navigate this complex process.
Q. What can I do if I default on a merchant cash advance?
Rather than trying to navigate this situation on your own, you will need to consult with an MCA attorney to find out what options are available to you. By getting legal counsel and representation, you may avoid a lawsuit, liens, and a negative credit report.
Q. How do I settle my MCA debt?
An attorney can negotiate any of the following options:
● Request a forbearance
● Ask to reduce payments
● Negotiate a discounted payoff amount