Results 1 to 25 of 30
Hybrid View
-
08-01-2020, 12:48 PM #1
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
Projected Sales Volume - Therefore the funder needs to be a mind reader
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
-
08-02-2020, 11:52 AM #2
- Join Date
- Mar 2017
- Location
- Nunya
- Posts
- 830
-
08-10-2020, 01:52 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
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
-
08-10-2020, 06:44 PM #4
Unfortunately, that is not true. I don't think you want to be the example the AG uses to make a point.
You will simply be making estimations on APR, much like mutual fund companies talk about projected performance. there will be disclaimers that past performance doesn't guarantee....etc, etc.
Once his law passes however, that whiny argument "but there isn't APR on MCA" will get laughed out of court
-
08-10-2020, 07:59 PM #5
- Join Date
- Jul 2014
- Posts
- 92
I agree with Chambo. Issuing MCAs at usurious "rates" without a CFL cost Advanceme a LOT of money in litigation... The "it's not a loan" defense did not hold up, and it set the precedent for why a lot of members here can't fund in California. Not exactly the same set of circumstances but I think it'll be the same result.
Similar Threads
-
“New York Lawmakers Say State Must Stop Enabling Predatory Loans”
By WestCoastFunding in forum Merchant Cash AdvanceReplies: 42Last Post: 12-17-2018, 05:58 PM -
New York State Is Probing*Abuses in Small-Business Lending
By channin19 in forum Merchant Cash AdvanceReplies: 30Last Post: 12-05-2018, 09:18 PM -
Need funder Debt collection New York state
By David35 in forum Deal BinReplies: 3Last Post: 02-16-2015, 10:29 AM -
Direct funder needed for Debt collection New York State
By David35 in forum Merchant Cash AdvanceReplies: 0Last Post: 01-28-2015, 02:18 PM -
CAN CAPITAL passes 4 Billion Funded Milestone
By Businesscap in forum Merchant Cash AdvanceReplies: 16Last Post: 04-30-2014, 04:43 PM