If you're a small business owner, you've probably heard about merchant cash advances (MCAs). Maybe you have already signed up for one. They sound like an easy way to get quick cash, but let's be real — they're a financial trap waiting to snap shut. Here’s why MCAs can...
A merchant cash advance (MCA) can seem like a good idea if you own a small business and are looking for alternative ways to raise money besides a traditional bank loan or SBA loan. But what seems promising on the surface can turn into a nightmare, especially if the...
A Confession of Judgment (COJ) is a weapon that many merchant cash advance providers use against their small business owner clients. It is a document that allows the MCA company to get a legal judgment entered into public record without having to actually win a...
Business owners struggling with merchant cash advance (MCA) debts often find themselves in a risky situation when faced with aggressive collection tactics. MCA collectors may offer settlement deals that seem too good to be true to recoup their investments. Therefore,...
MCAs are a significant player in the U.S. financial landscape, and they're only gaining momentum. According to a recent report, the merchant cash advance market was valued at a staggering $17,886.16 million in 2023. It’s projected to soar to $32,658.23 million by...
The New York State Department of Financial Services has introduced new rules requiring commercial financing providers to disclose specific information to customers when making financing offers. These rules apply to several types of financing, including sales-based...
If you are considering getting a Merchant Cash Advance (MCA) or have already gotten one, you may be interested to learn that the New York State Department of Financial Services has issued new regulations that require MCA providers to give customers full disclosure...
Merchant Cash Advances (MCAs) are a type of business funding not considered a loan. Instead, MCA providers take a percentage of the business's daily income as payment for the lump sum advance given. This makes MCAs attractive for small businesses that do not have...
The law does not consider a Merchant Cash Advance (MCA) a loan, so the government loosely regulates MCAs. However, that does not mean MCA providers can bypass laws and be as aggressive as they can in collecting payments from you. The law still requires that MCA...
Your small business is not located in New York and you don't deal with any customers, vendors or employees there. In fact, you might never have set foot in New York before. But if you run into problems with your merchant cash advance (MCA), you could find yourself...