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Merchant Cash Advance Buyout

by Akbar Mansoori akbarmansoori
The attorneys at Grant Phillips Law, PLLC are experts in the practice of Settling, Challenging, and if applicable Terminating a Merchant Cash Advance loan. get the best cash advance companies.
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THE BIRTH OF MERCHANT CASH ADVANCE

Beginning early 2010, after the Great Recession, when the American housing market blew up and the world fell into a financial crisis, traditional banks like Chase or Citi were unwilling to extend new and small businesses any credit. While the global financial markets slowly recovered, both self-regulation and government regulation over conventional banks, meant that underwriting standards for new loans increased to such a level that most small businesses were no longer eligible to borrow from the regular banking system.

The new underwriting standards of the traditional lenders left a massive void in lending to small businesses and merchants alike. The time was ripe for someone or something to address the lack of credit and lending to small business.

What transpired was the birth of the Merchant Cash Advance world. A small business loan extended against the future credit card receivables of the small business. The MCA concept was new. As with any new market, the regulation was not able to keep up with industry trends and changes. The MCA market turned into the Wild West. It grew into a Legal usury platform and allowed for anyone to enter the space without the need for licensing, background checks or any other form of weeding away lending predators and abusers. However, still in 2020, a full decade later and the MCA industry remains unregulated and the Wild West.

As time went by, more and more players got into the MCA game and as the industry matured so did the funders methodologies for making even more money off the drowning merchants.Like any money making bonanza systematic practices were created that were designed to hold the merchant hostage and abuse their small business. Such practices as daily payments. The use of ACH. Lock boxes. Access to Merchants bank accounts. Personal guarantees. Liens filed against a merchants personalcollateral such as real estate, even primary residence. Confession of Judgments (COJ) a leg

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About Akbar Mansoori Senior   akbarmansoori

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Joined APSense since, October 19th, 2019, From rajasthan, India.

Created on Dec 1st 2021 05:52. Viewed 182 times.

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