Merchant Services Debt Crippling Your Business?
McFarlin’s Southern California Merchant Cash Advance Attorneys Can Help
If you have found yourself struggling with merchant services debt, we can
help! At the Southern California offices of McFarlin LLP, our experienced
merchant cash advance attorneys can negotiate your debt so you can get
your business (and life) back on track.
For many small business owners, the allure of receiving funds through merchant
cash advances is too good to pass up. However, before long, many realize
that the annual percentage rates for these loans can be as high as 40
and even a whopping 350 percent APR! Eventually, these monthly payments
can be crippling to a business because as they make sales, they actually
receive less and less of the proceeds.
Getting Out of the Merchant Cash Advance Debt Loop
You may also find yourself in a never-ending loop of lenders on top of
lenders, piling debt on top of more debt. These sales tactics are widely
considered predatory in nature, and they know exactly how to rope you
in. These scenarios may sound familiar:
- You are having some cash flow issues with your business, so you sign on
with a merchant cash advance lender. Before long, the fact that you have
a lien placed on your business becomes publicly disclosed and sold to
brokers looking to prey on vulnerable business people. You need cash again,
and these predators know exactly how to entice you to borrow additional
funds from them. This is a popular tactic used in the MCA world and even
has a name, “stacking.”
- You filled out multiple online forms to get your MCA loan, perhaps to compare
interest rates or payment schedules. What nobody told you, however, is
each time you hit the send button on those apps your credit report was
pulled. This negatively affects your credit, and now your interest rates
are even higher!
If you have found yourself stuck with stacked MCA credit, a lowered credit
rating, and higher than high-interest rates, you need to stop the cycle
of debt on top of debt now. The merchant cash advance attorneys at McFarlin
LLP are here to help.
We have extensive experience negotiating with even the most aggressive
merchant services lenders. Turn this over to us, and we will do everything
in our power to negotiate down your debt while working with you to create
and implement a comprehensive plan to solve all your debt issues once
and for all.