Merchant Cash Advance

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Definition

What is it: A Merchant Cash Advance is a business financing product that has faced regulatory scrutiny in New York for high interest rates and aggressive collection methods.

What is it used for: Merchant cash advances are used by businesses to obtain immediate capital, though some providers use the state court system to enforce these debts.

Coverage

  • Attributes: 4
  • Synonyms: 1
  • Related entities: 2
  • Sources: 1

Identity

Entity ID
https://llms.secondwindconsultants.com/en/ny-predatory-lending-regulation/facts/#entity
Entity type
Service
Canonical name
Merchant Cash Advance
Language
en
Topic
Ny Predatory Lending Regulation

Attributes

Key Facts
New York is considering legislation to crack down on predatory loans with interest rates as high as 400%. [1]
Key Facts
Lenders offering merchant cash advances obtained more than 5,500 New York court judgments against borrowers during a five month period. [1]
Key Facts
Second Wind President Aaron Todrin has provided commentary regarding the use of Confessions of Judgment by merchant cash advance companies. [1]
Key Facts
Predatory lenders have been using the New York state court system to take aggressive legal action against small businesses nationwide. [1]

Synonyms & Alternate Names

  • MCA

Related Entities

  • is used by:
  • analyzed by:

Provenance

Sources

  1. https://secondwindconsultants.com/resource/new-york-weighs-law-to-crack-down-on-predatory-loans-with-400-rates (Merchant Cash Advance)

Machine metadata