MERCHANT CASH ADVANCE ATTORNEY – ARKANSAS
- Do the majority of your ARKANSAS Business Revenues go towards daily or weekly ACH payments for your ARKANSAS Merchant Cash Advance?
- Did you sign a Personal Guarantee in order to obtain your ARKANSAS MCA?
- Did your Merchant Cash Advance Funder make you sign a document titled “Confession of Judgment” or “Agreed Judgment?”
- Has your Merchant Cash Advance Lender filed a lawsuit against you and the business?
- Has a UCC Lien been filed against your business assets, your account receivables or your credit card processor?
- Did your Merchant Cash Advance Funder contact your clients and damage your business name and reputation?
- Has your ARKANSAS Merchant Cash Advance Funder or their Collection Attorneys contacted your clients directly to instruct them to send money owed to you, to them instead?
- Are you paying a fixed amount on your Merchant Cash Advance loan?
- Is your ARKANSAS business being debited for a Merchant Cash Advance despite a change or decline in cash flow, revenues and receivables?
- Are ARKANSAS Merchant Cash Advance Funders, their attorneys or collection agencies calling, texting, harassing or threatening you or your family?
- Does your Credit Card Terminal have a lock box?
- Do you need to Restructure your Merchant Cash Advance payment schedule to monthly payments, without interest?
- Have your personal or business bank accounts been levied, frozen or restrained because you defaulted on your Merchant Cash Advance repayments?
- Have your clients or vendors been contacted directly by your ARKANSAS Merchant Cash Advance Funder?
- Did you attempt to restructure your MCA payments with your Merchant Cash Advance Funder due to a decline in the business and its accounts receivables?
If you answered “Yes” to any of these questions, call your ARKANSAS Merchant Cash Advance Attorneys.
Merchant Cash Advance Attorney – ARKANSAS
A Merchant Cash Advance remains one of the most devastating lending instruments available to cash strapped businesses. Rather than infuse the business with necessary funds, the MCA eats away at the businesses revenues and cash, until the ACH repayments (daily or weekly) become cost prohibitive and inevitably impossible to repay.
While ARKANSAS still has no specific regulation or laws governing Merchant Cash Advances and MCA Funders, the topic remains front and center with regulators and administrative bodies such as the Securities and Exchange Commission looking at regulating the industry.
People find the practice of usury inhumane and distasteful, there are others who feel businesses should be free to profit from legal nuances at the expense of small business.
It is interesting to note that ARKANSAS actually prohibits Payday Loans. Unfortunately, these protections apply to consumers only, because a Payday Loan is marketed and sold to individuals and thus the law does not extend to commercial financing products such as a Merchant Cash Advance. In fact, it is entirely up to each State to regulate lending within its own borders.
Therefore, the regulation that does exist, is targeted at consumer borrowing, not commercial and while some States like California and New York have or are enacting laws that SPECIFICALLY address a Merchant Cash Advance within its ambit of coverage, no such laws have been passed in ARKANSAS to date.
DEFAULTING ON A MERCHANT CASH ADVANCE
What happens if I default on my Merchant Cash Advance?
When a merchant defaults on their Merchant Cash Advance, there are several possible repercussions. Your MCA Funder may choose to enforce all, or some of the following acts:
1. File a UCC-1 Lien with an Information Subpoena and Restraining Notice with all your creditors, in order to enforce its UCC-1 Lien filing. These documents are designed to notify anyone and everyone that owes the business money that those funds must be sent to the Merchant Cash Advance Funder rather than to the business.
2. Additionally, a Merchant Cash Advance Funder may commence a lawsuit against the business and possibly you personally, for “Breach of Contract” and “Unjust Enrichment.”
3. An MCA Funder may also try to freeze/levy your business and or personal bank accounts.
Please note that your MCA Funder is permitted to try enforce its MCA Agreement through lawsuit, UCC Lien and or a bank account levy, and each Action is independent of the other, but may be brought simultaneously in the event of default.
A Decline in Receivables is Not a Default
On the other hand, not every Merchant Cash Advance default is a breach of contract.
If your receivables have declined for example, your non-payment and subsequent default may not be a breach of the Merchant Cash Advance Contract.
For a thorough analysis of your legal rights and whether your default is a breach of contract and if so, what may be done, call the MCA Attorneys at Grant Phillips Law, PLLC – 516.670.5165
TAKE BACK YOUR RECEIVABLES… TAKE BACK YOUR BUSINESS …
Merchant Cash Advance Attorney – ARKANSAS MCA Law
Did you know?
In the State of ARKANSAS there is no licensing requirement to become an MCA lender or broker! Some States are beginning to take a look at this for example California and more recently the State of New York, but at present, neither require background checks, licensing, posting of a bond or enrolling in a registration system. In fact, there are NO laws that exist to govern the creation of a Merchant Cash Advance Funder and a Merchant Cash Advance Brokerage in the State of ARKANSAS.
Contact: Grant Phillips Law, PLLC, a New York based Law Firm focused on Merchants and specializing in defending small businesses against Merchant Cash Advance loans across all 50 States as well as Merchant Cash Advances originated by a resident of ARKANSAS.
Merchant Cash Advance Attorney ARKANSAS
Did you know?
New York State enacted a law on August 31st, 2019 banning New York Merchant Cash Advance Funders and other types of lenders from issuing Confessions of Judgment to an out of New York Merchant such as an ARKANSAS Merchant.
In other words, it is illegal to be provided with a Confession of Judgment in the MCA Contract or to be asked to sign a Confession of Judgment as part of a Merchant Cash Advance closing.
*** PLEASE NOTE*** Many Merchant Cash Advance Funders try to include these documents in their contracts and attempt to disguise it by renaming the CONFESSION OF JUDGMENT an “AGREED JUDGMENT.”
Agreed Judgments are Confessions of Judgment.
For example, a borrower from ARKANSAS takes out a Merchant Cash Advance from a New York Merchant Cash Advance Funder, it is now illegal for this funder to issue or ask the ARKANSAS borrowing merchant to sign a Confession of Judgment or Agreed Judgment.
What is a Confession of Judgment?
A Confession of Judgment or COJ is a law that allows one party to obtain a judgment against another party without needing to file a lawsuit or go through the normal litigation process. Think of a Merchant Cash Advance COJ or Agreed Judgment as a judgment on “steroids,” it provides a judgment to the Merchant Cash Advance Funder without you getting a day in Court to defend yourself and your business from allegations of your breaching the Merchant Cash Advance Contract. In summary, a COJ and Agreed Judgment detracts from your fundamental constitutional right to a day in court, also known as Due Process.
- Did you sign a Confession of Judgment?
- Did you sign an “Agreed Judgment?”
- Were you promised a term loan?
- Will your personal credit be affected by defaulting on your MCA’s?
Contact Grant Phillips Law, PLLC. Your Merchant Cash Advance Attorneys in ARKANSAS – 516.670.5165
Merchant Cash Advance Attorney ARKANSAS
Why are Merchant Cash Advance Centered Around New York?
New York City is a central hub for finance and alternative lending transactions such as Merchant Cash Advance. This is largely down to Wall Street and its desire for outrageous returns and its enthusiasm for creating non-conventional lending instruments to achieve its goals.
Accordingly, when the world of Merchant Cash Advance met Wall Street, the instrument became a reality, as investors plowed millions into originating new Merchant Cash Advance.
New York City and Wall Street in particular were very receptive to the MCA industry in its infancy days and duly provided unlimited capital and its backing to a plethora of Merchant Cash Advance Funders and in turn allowed the industry to get off the ground and go mainstream.
With the support and financial backing of Wall Street, coupled with the fact that the largest lenders, banks, private equity and law firms are located there, it is no wonder that Merchant Cash Advance originations are dominated by New York based lenders.
A Merchant Cash Advance offers Wall Street and Private Equity an alternative form of lending, without limitations on the amount of interest they may charge borrowers, and therefore is very attractive to hard money lenders and their investors. The majority of these investors stem from New York State and thus, it was New York State that facilitated the coming together of Merchant Cash Advance Investors with Merchant Cash Advance Funders and in turn, has been the epicenter of the industry ever since.
Another major reason that Merchant Cash Advance funders set up shop in New York State, is because, prior to the law being repealed, New York Law permitted Merchant Cash Advance funders to issue a borrowing Merchant, the infamous “Confession of Judgment.” As stated earlier in this article, on Aug 31st, 2019, this law was updated to prohibit New York Merchant Cash Advance Funders from issuing a COJ to an ARKANSAS resident.
If you have a Merchant Cash Advance position with any funder in New York, ARKANSAS or across the United States, contact the law firm of Grant Phillips Law – 516.670.5165.
Merchant Cash Advance Attorney ARKANSAS
Did you know?
Twenty-Three (23) year ago information about Merchant Cash Advance loans became available and publicly accessible. Specifically, an individual by the name of Barbara S. Johnson is listed as the official inventor of split-funding, a system that allows for automatic loan repayment to the funders from a single credit card processor shared with the Merchant. Ms. Johnson obtained a Patent for this system in 1997.
Her story is fascinating. Johnson was running four Gymboree Playgroup & Music franchises. Unable to get working capital to fund a summer marketing campaign, she wondered whether she could borrow against future credit card sales derived from parents bringing their kids back for fall classes. About a year later, Johnson and her husband founded Advance Me, a Merchant Cash Advance Funder. Her Patented technology (allowing for the splitting of credit card sales) was a major step in the birth and growth of the Merchant Cash Advance world. Later her company would become CAN Capital, a major player in the MCA lending space.
Merchant Cash Advance Attorney ARKANSAS
Did you know?
The interest rate or effective APR on a Merchant Cash Advance is so excessive and in turn profitable for Merchant Cash Advance funders that large publicly traded companies have also entered the Merchant Cash Advance arena. Some examples include Shopify, Square, PayPal, Amazon and even American Express. There are also major investment banks like Goldman Sachs and Morgan Stanley backing several Merchant Cash Advance funders and hedge funds.
Merchant Cash Advance Attorney ARKANSAS
Did you know?
The attorneys at Grant Phillips Law, PLLC have seen cases where the effective APR on a Merchant Cash Advance was in excess of 1,000% – This is NOT a misprint, again this law firm has seen several Merchant Cash Advance Contracts with an effective APR of 1,000%!
If your Merchant Cash Advance positions are eating away at your business cash flow and revenues, don’t hesitate to contact ARKANSAS Merchant Cash Advance Attorney Grant Phillips. Esq. representing clients in ARKANSAS and across all 50 States.
Merchant Cash Advance Attorneys.
You put in time, money, equity, experience and knowledge into building your business. It feeds you, supports your family, creates jobs and as such is worth fighting for.
Let Us Help You! Grant Phillips Law, Merchant Cash Advance Attorneys ARKANSAS – a Merchant Cash Advance Defense Law Firm.
GRANT PHILLIPS LAW, PLLC has the success, knowledge, compassion and experience to handle all your Merchant Cash Advance positions, no matter what State you call home, including the State of ARKANSAS.
LET OUR LAW FIRM REVIEW AND ANALIZE YOUR MERCHANT CASH ADVANCE CONTRACTS FOR FREE AS PART OF OUR FREE COMPREHENSIVE CONSULTATION!
Merchant Cash Advance Attorney ARKANSAS
You have questions: We have answers.
- Is my bank account safe during settlement negotiations?
- What is the Legal Representation fee?
- Can you handle a lawsuit with any funder?
- Do we have to sue or can we negotiate a settlement?
- Do the lawyers at Grant Phillips Law review and inspect each contract and all accompanying paperwork for flaws, illegality or unreasonable clauses?
- Will the funder continue to ACH my account during settlement negotiations?
- Will the hiring of Grant Phillips Law end the phone calls, texts and constant harassment?
- Should I change my credit card processing machine?
- Should I switch my bank account?
- What can I do during settlement negotiations?
- How long does a settlement take?
- Will a settlement show on my credit?
- My funder is contacting my clients and claiming ownership of my receivables, will a settlement put a stop to it?
- Is the law firm of Grant Phillips Law able to tackle any funder?
- Can Grant Phillips Law represent me if I am a resident of ARKANSAS?
- Can you put an end to daily payments?
- Are you able to put me into a Monthly payment plan?
- Can you lower my principal?
- What if I payoff my loan early?
- How does a settlement work when I have multiple or stacked positions?
- Does Grant Phillips Law obtain a formal Stipulation of Settlement Agreement documenting the settlement?
- What happens to my Merchant Cash Advance loans if I file bankruptcy?
- What happens to the personal guarantee when a settlement is reached?
- If a Judgment has already been filed against my business and I, can it be vacated?
For answers to these questions and any other you may have, don’t hesitate to contact the Merchant Cash Advance Attorneys at Grant Phillips Law, PLLC. A Merchant Cash Advance Law Firm.
Let our Law Firm alleviate the stress, worry and sleepless nights. Let us help you get your business back on track.
Reclaim your Revenues
Merchant Cash Advance Attorney ARKANSAS
Can Grant Phillips Law help me with my MCA positions?
Yes, Grant Phillips Law has successfully negotiated hundreds of Merchant Cash Advance settlements and filed hundreds of lawsuits against the majority of Merchant Cash Advance Funders.
We are a law firm with a practice dedicated entirely to Defending Merchants from Merchant Cash Advances and Predatory Lending.
Merchant Cash Advance Defense Attorneys, Grant Phillips Law, has settled or litigated and won hundreds of Merchant Cash Advance lawsuits against virtually every MCA Funder, whether the funder is located in ARKANSAS, New York or elsewhere.
We handle multiple positions that are stacked and can assist if a UCC lien has been filed or a lawsuit commenced against you and your business. Our Merchant Cash Advance Defense Law Firm is well versed in negotiating very large balances to small payoff amounts and everything in between.
Merchant Cash Advance Attorney ARKANSAS
Which MCA Funders has Grant Phillips Law settled a Merchant Cash Advance with?
The following is a list of some of the Merchant Cash Advance Funders that Grant Phillips Law have EITHER negotiated a settlement with, or sued successfully.
** Please note: This list is non-exhaustive, but rather a sampling of those MCA Funders we have engaged with on behalf of Merchant Borrowers:
| 1st Global Systems | CloudFund | GTR Source | Merchant Cash Group | Richmond Capital |
| 24 Hour Capital | Coastal Capital | HFH Capital | Merchant Finance | Same Day Financing |
| 24/7 Capital | Credibility | Hi Bar Capital | MFS Global | Second Chance Funding |
| 60 Day Capital | Credibly | HOP Capital | Monberg | Silver Cup Funding |
| A&J Equity | Delancey Street | Hunter Caroline | ML Factors | Silverline |
| Accel | Eagle Eye Advance | Ibex Funding | Mr. Advance | Simply Funding |
| Ace Funding | EIN Cap | In Advance | National Capital | Slate Advance |
| ACH | Elevate | Infinity | National Funding | Snap Advance |
| Accord Business Funder | Elevation | Itria | Newco | South End Capital |
| Alpha Capital Source | Everest (EBF) | Jet Capital | New Logic | SOS Capital |
| American Express | Family Business Fund | Kabbage | Next Wave | Spartan Capital |
| Americas | Fenix Funding | Kalamata | NRO Boston | SPG Advance |
| Amerifi Capital | Five Tower | Karish Capital | On Deck Financing | Spin Capital LLC |
| Atipana Capital LLC | Fora Financial | Kash Capital | One Park | Splash |
| Austin Business Finance LLC | Forward Financing | Kingdom Kapital | Panthers Capital | Streamline Consultants |
| Balboa | Fox Funding | Knight Capital | Payability | Stripe |
| Banana Exchange | Fresh Funding | Landmark | PayPal | Square |
| BCP Providers | Fundation | Legacy Capital 26 LLC | PDM Capital LLC | SRS |
| BFS | Fundbox | Legacy Funding | Peak Solutions | Swift |
| Bitty | Funding Circle | Legend Funding | Pearl Beta | TBF Financial |
| Blue Vine | Fundkite | Lendbox | Pearl Capital | Torro |
| BMF | Funding Metrics | Lendbug | Pearl Delta | Trust Capital |
| BMF Advance LLC | Fundr | Lendfi | PIRS | TVT |
| BMF Capital | Fundry | Lendr | Platinum | United Business Funding |
| Business Merchant Funding | Fundworks | Lending Circle | Pledge Cap | Unique Funding |
| ByzFunder | Fundzio | Lendini | Premier | Velocity Funding Group |
| Biz Funder | Fundz.net | Lendio | Primo | Vertex Funding |
| Can Capital | Funderz.net LLC | Lending Valley | Propulsion Funding | Vital Cap |
| Cambridge Funding Source | GetBackd | Loan Builder (PayPal) | Quarter Spot | Vox Funding |
| Cap Fund | G&G Funding Group | Loan Me | Queen Funding | Wellen Capital |
| Capital Advanced Services | Gibraltar | M&D Capital NY | RAM Capital Funding | WG Capital |
| Cardinal Equity | Global Funding Networks (GFE) | Main Street Funders | Rapid Finance | Wise Capital |
| Cashable LLC | Green Capital | Mantis Funding | RDM | World Global |
| Central Diligence | Green Box | Max Advance | Regal Capital | Wynwood Capital Group |
GRANT PHILLIPS LAW, PLLC
Merchant Cash Advance Law Firm
- REPRESENTING MERCHANTS ACROSS THE UNITED STATES.
- REPRESENTING MERCHANTS WITH STACKED POSITIONS.
- REPRESENTING MERCHANTS WHO SIGNED PERSONAL GUARANTEES.
- REPRESENTING MERCHANTS WHO HAVE BEEN SUED BY AN MCA FUNDER OR THEIR MCA COLLECTION ATTORNEYS.
- REPRESENTING MERCHANTS WHO HAVE A JUDGMENT AGAINST THEM.
- REPRESENTING MERCHANTS DEALING WITH UCC LIEN FILINGS AGAINST ACCOUNTS RECEIVABLES.
