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07-24-2020, 10:19 AM #1
- Join Date
- Jun 2015
- Posts
- 3,321
yeah very confused here , just take an example of 100k 12 month 1.3 technically it is a 54% apr but with the clause of sales dropping and what is happening now ,so the deal takes you 18 months dropping the apr to 36% and just keep taking the out further and further. so are you just going to write apr from 4-54% .If anything this will make it more deceiving to merchant. What am i missing?
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07-24-2020, 11:09 AM #2
- Join Date
- Jun 2017
- Posts
- 2,049
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08-01-2020, 12:44 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,943
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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08-02-2020, 11:31 PM #4
- Join Date
- Sep 2019
- Posts
- 402
I wouldn't say meaningless. The real "point" of this law is to give make MCA look bad.
Most people don't understand factor rates.
When media/politicians start seeing contracts that say 50-500% APR that's when all hell will start to break loose.
That's the real goal here. Put MCA in terms that don't apply to it to harm the industry.
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