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What are UCC-1 Lien Notice Filings and What Do You Do if Your MCA Lender Files One Against You?

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Did you just receive a call from one of your vendors telling you that they received a UCC lien from your merchant cash advance lender? Is the lender demanding that your vendor pay them directly instead of paying you? Hopefully we can explain here what is going on and advise you as to what your options are. When you received your merchant cash advance, your lender prepared and recorded what is referred to as a UCC-1 filing. What is a UCC Filing? A UCC filing, also known as a UCC lien or a UCC-1, is a financing statement which lenders can file against...

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Do Merchant Cash Advances Affect Credit Scores?

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  You have come to the conclusion that you desperately need additional funding for your business. You may not qualify for a traditional loan (or need very quick funds) and you’ve had brokers contact you about a merchant cash advance. You may be wondering how applying for and receiving a merchant cash advance may impact your credit scores. We hope that we can answer some of your questions here. The Application Process and Credit Pulls To begin, in order to receive a merchant cash advance you must go through an application process. During this process you will be asked for your social security number and...

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Calculating Merchant Cash Advance Factor Rates

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“Congratulations, you have been approved for a merchant cash advance.” The agreement shows up in your email inbox and you print it to read in detail. It appears to be in another language of sorts. Quickly you realize that you do not understand the terms and fees and you can’t quite figure how much the money you will be receiving is truly going to cost you. You have never heard of the term factor rate and you simply want to understand the basic terms and for those terms to make sense. Hopefully, we can help you decipher the seemingly inconsistent numbers you...

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Alternatives to Merchant Cash Advances

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Your business has finally reached a point where you need additional capital. You have been searching for various options to help fund your business growth. You know that having additional funding will help increase your revenue stream. You have been called multiple times by merchant cash advance brokers offering you quick, easy money. Like any business owner, the temptation of having quick, additional cash on hand is hard to pass up. You are told that you only need to show 3 months of bank statements and can have money in your bank account within a day or two. You decide to...

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Merchant Cash Advance Myths and Facts

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Every day we have clients contact us and describe the horrible experiences they have encountered with merchant cash advance lenders. The same issue we hear time and time again is that they thought the advance they were receiving was a loan and they did not take the time to review and understand the agreement they signed. They believed that their broker was telling them the truth, when in fact, their broker was only trying to get his commission paid by any means necessary. There are many myths merchant cash advance brokers tell business owners. Many of these myths can also be...

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Anatomy of an MCA Lawsuit

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If you have defaulted on your payments for a merchant cash advance or you are dangerously close to defaulting on your payments, you may be worried about what legal action your lender may take against you. In this article we will look at what leads up to an MCA lawsuit being filed, how the suit is filed and the notice is served, and how an attorney may respond in your defense. Before the Lawsuit is Filed When a borrower defaults on daily or weekly payments for their merchant cash advance loan, the lender and its collection agents will work very hard over the...

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Merchant Cash Advance Restructure

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Have you taken out merchant cash advance loans that you can no longer afford or have already defaulted on? Is your business struggling with debt while you’re looking for a way out? In this article, we will go over what happens when a merchant cash advance is defaulted on, your options for restructuring a merchant cash advance to avoid  default, and your options for dealing with your merchant cash advance worries once and for all. What Happens if You Default On a Merchant Cash Advance? When you default on your merchant cash advance loans, there will be a lawsuit filed soon thereafter. Your...

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Why choose an MCA Attorney over an MCA Consolidation Company?

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Are you struggling with having too many merchant cash advances? Have the daily or weekly debits crippled your business and you are barely surviving? Maybe you have already defaulted on your merchant cash advances and you have pending lawsuits against you. What will make the most sense to get your cash flow back? How will you save your business? You are now searching for options available to you to answer all these questions. As you search, you have come across merchant cash advance loan consolidation companies as well as merchant cash advance attorneys who can restructure your debt with your lenders.  What...

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How to Get Out of a Merchant Cash Advance

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When your merchant cash advance payments become unaffordable and you feel that you may not be able to continue with your scheduled payments, what should you do? Request a Forbearance The first thing is to contact your merchant cash advance lender. Advise them of your current situation and ask them how they may be able to help you. The lender may be willing to offer what is referred to as a forbearance. That may allow you a month or two of no payments to help you to catch up on your business finances. Possibly, the lender may also be willing to lower your...

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How to Know if Your Merchant Cash Advance is Bad

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Did your merchant cash advance funder give you a bad loan/advance? At some point, most businesses require additional funding to cover short term expenses or help their businesses grow. Traditional bank funding is obviously the most logical means of attaining additional capital, but it is not always realistic. You must have decent financials, good credit, adequate personal net worth and sometimes collateral to secure a loan. Many businesses who do not qualify for traditional bank financing are forced to take a merchant cash advance. This is basically an advance (loan) predicated on your future sales. What Can Be Found in a Merchant Cash...

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