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09-25-2014, 12:05 PM #1
Reputation points: 10
- Join Date
- Sep 2014
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- 12
OnDeck and usury laws?
I know that most MCA lenders structure the transaction as a purchase of future receivables, but OnDeck promotes their lending as a traditional loan on their website, despite the high and technically usurious interest rates.
Does anyone know how they do not violate usury laws by doing so? I thought this was one of the big problems that AdvanceMe faced.
Any guidance or help would be appreciated. Doing research for a legal article. Thanks.
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