How Merchant Cash Advance Works?
A typical merchant cash advance works this way – daily or weekly payback system is designed in such a way where the lender receives a percentage of sales or receipts from the borrowers daily or weekly. A lot of lenders require a fixed amount no matter the business is thriving or when sales are slow. Your application as a borrower can be approved within 24 hours. If approved, the lender will describe all the terms and conditions. The funds will be then deposited into business owner’s bank account for their use. The payments can then be paid back in a specified time frame. However, various Merchant Cash Advance Problems may arise, so that is why getting help from a Merchant Cash Advance experienced lawyer can be a great decision.
In general, MCA lenders very often bring lawsuits against borrowers as these borrowers default on payments. So that is why it is important to seek legal help immediately if you have already defaulted or believe you will default on a payment.
The Difference between an MCA and a Loan
A merchant cash advance (MCA) is not considered to be a loan because you don’t borrow money from someone. This is a cash advance based on your future credit card receivables that your business will receive. In fact, the process of getting this Merchant Cash Advance loan is very quick. In order to get this MCA loan from merchant cash advance companies it should be determined if your business is capable of paying back the funds on time and without any delays. A certain amount of money will be taken from your business account until the full amount is paid off.
It’s worth mentioning that merchant cash advances can be very expensive. Not only is the interest rate very high but there are also some hidden fees that will be difficult for your business to take care of. So this means that you may have a difficulty in repaying the amount and it can lead the business owner into debt or default.
What can an MCA attorney do for you?
If you turn to Grant Phillips Law, rest assured that your merchant cash advance attorney will be able to:
- negotiate with lenders
- reduce your payments
- lower your interest
- settle your merchant cash advance loans for less than what you owe
Providing you and your business relief
Our expert attorneys will help you protect your assets from your creditors and help you avoid the stress of frozen accounts. Whenever you hire our merchant cash advance lawyers, they will help you regain control of your cash flow so you can run your business in the best possible way. Hiring merchant cash advance attorneys before your debt problems become worse will ultimately save you from bankruptcy. However, if you qualify for a bankruptcy then these experts will also help you. If you have taken an advance from any MCA company, and you need a personalized legal assistance or debt relief – contact Grant Phillips Law today.
Free Debt Relief Consultation with The Business Debt Law Group
We understand the stressful time you are going through. Our law agency will guide you through the entire process and you will never have any reason to worry. We are well prepared to handle your case, so you will not feel overwhelmed when paying off your debts. If you are experiencing merchant cash advance legal issues, if you’ve had a merchant cash advance breach of contract or if you need a simple assistance – call this team today.
Our professional specialists are well versed in debt relief solutions and will work with you to find the best option for your specific financial condition. The best debt remedy will be determined for and all of the aspects will be taken into account so you will be able to get peace of mind as soon as possible. Our experts know the stress and worry that debt can bring, so they strive to offer a customized solution to each person. No matter how complex the situation is, this team will always find an effective solution for you. With the help of the merchant cash advance lawyer, you will be guided to the most effective and favorable resolution you have always wanted. Just contact Grant Phillips Law for the most compassionate service and your needs will be covered in no time at all. Anytime you have a merchant cash advance you are struggling to pay, do not wait until it’s too late and let our specialists help you in this stressful situation. In general, a merchant cash advance may look desirable as it doesn’t use interest. Instead, the lender will gradually collect a certain amount of money and these collections will be made every day. They will be taken from the credit or debit card transactions your business makes every day. However, because of this payback schedule, merchant cash advances can cause much discomfort and become overwhelming before you can do anything. When you fail to meet a daily payback expectation, it can result in negative impact on your credit score, a number of financial penalties described in merchant cash advance contract, legal actions taken by the lender, and so on. If you fail to meet your obligations, let this team have your Merchant Cash Advance Problems resolved as fast as possible. We look forward to assisting you!