Results 1 to 25 of 44
Hybrid View
-
04-11-2020, 01:45 AM #1
You do not need a lender's license to operate in most states, even if you are structuring your transactions as a business loan.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
-
04-14-2020, 08:35 PM #2
- Join Date
- Apr 2020
- Location
- Broomall, PA
- Posts
- 123
You are correct Zach. I am glad you do your research which FCF clearly does not. He is engaged in "group speak" on this one for sure. He is fairly intelligent in other posts yet completely misses the mark on this discussions and is just flat wrong. FCF Fund doesn't know what he is talking about when it comes to state and federal regulation of non-mortgage business loans. There is very little that governs a non-mortgage business loan in most all states. There are only usury laws in each state and a few states where a license is needed like CA. Other than that, this is what the UCC is for to govern interstate commerce. And to go even further, FCF, why do MCA companies even file UCCs since they are not even secured parties other than the receivables they purchase, yet they purchase receivables and get businesses and business owners to sell their receivable and/or future sales? And in most instances its not even theirs receivable or business asset to legally sell as more senior creditors already have a blanket UCC lien over all the collateral. MCAs are a contractual joke and they are predatory; payday loans for businesses.
The wake of this COVID epidemic will bring waves of class actions law suits against MCA companies and recharacterizations of advances into loans. Wait and see. Just ask Soft Bank about Kabbage.Last edited by KanjorskiPartners; 04-14-2020 at 08:43 PM.
Similar Threads
-
Looking for ISOs: Refinancing Merchant Cash Advances to a 24 to 36-Month Term Loan
By KanjorskiPartners in forum Merchant Cash AdvanceReplies: 6Last Post: 04-16-2020, 09:47 AM -
Looking for ISOs: Refinancing Merchant Cash Advances to a 24 to 36-Month Term Loan
By KanjorskiPartners in forum Deal BinReplies: 32Last Post: 04-04-2020, 02:04 PM -
Merchant Cash Advances vs. Loans
By Sean Cash in forum Everything elseReplies: 0Last Post: 05-19-2014, 01:08 PM -
Merchant Cash and Capital Receives $75 Million Term Loan from Investment Consortium
By CO1 in forum Merchant Cash AdvanceReplies: 6Last Post: 03-18-2014, 09:03 AM