Quote Originally Posted by JustInCase View Post
$10,000 Loan, $20,000 Repayment

“One example presented to the court showed that the Richmond companies loaned $10,000 to a small business and required its owner to pay back $19,900 within 10 days, through daily payments of $1,999,” the AG said. “As a result of the large daily payments and the short, 10-day repayment term, the annual interest rate for the merchant cash advance, including fees, came close to 4,000%— almost 250 times the legal interest rate.”

SOURCE: https://www.cutoday.info/Fresh-Today...ance-Companies
Anybody that does deals like this should be in jail.