Owners of small businesses face repossession threats from Merchant Cash Advance (MCA) providers when they default on payments. Soon after, providers can enforce a Uniform Commercial Code (UCC) lien on businesses to freeze, repossess and liquidate collaterals. When...
In New York, small businesses account for more than 99% of businesses throughout the state. To remain afloat, small businesses turn to alternative lenders like Merchant Cash Advance (MCA) providers for quick financing. However, the Fair Debt Collections Practices Act...
Perhaps supply chain issues are slowing down business or a worker shortage is making it difficult to meet your financial targets or maybe things are going really well, and you just need a bit more cash to get the supplies you need to meet a growing demand. Whatever...
A Universal Commercial Code (UCC) lien is essentially a claim made by a lender on a borrower's assets until the loan is fully repaid. When you take out a secured loan or use equipment financing, the creditor files this lien establishing its right to repossess the...
Merchant cash advances (MCAs) are well-known for their quick approval time and minimal prerequisites. These characteristics make them an enticing choice for businesses in need of quick capital. But as the saying goes, there’s no such thing as a free lunch. The real...
A merchant cash advance (MCA) is an option some business owners consider to access quick and easy funds. Unfortunately, it is not uncommon for people to wind up worse off because of high interest and an MCA measurement called a factor rate. A factor rate measures...
As part of your agreement to acquire a secured loan, the lender likely filed a UCC-1 against your business with the New York secretary of state. Consider it a safety measure for the lender, allowing them to claim interest on the assets you pledged as collateral. The...
It is a common practice for business owners to have UCC liens on their properties or assets after taking out MCAs. It can be essential when establishing the agreement to protect the lender from losses if the debtor fails to repay the advance. However, the debtor may...
As a small business owner, you may have found yourself in a situation where you needed quick access to capital to cover business expenses or take advantage of new opportunities. You may have considered a merchant cash advance (MCA) in such cases. A merchant cash...
Traditional bank loans are not always a practical option when you are short on funds and in a crunch. Their extensive requirements, lengthy processing time, and strict terms may not meet your immediate needs. Meanwhile, Merchant Cash Advance (MCA) providers promise...