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Small businesses that need cash must increasingly rely on merchant cash advance lenders members of a little-known industry with almost no government oversight; effective interest rates that can hit 400 percent, according to congressional testimony; and direct access to their customers' bank accounts. Heskin, who testified last year before Congress about the lenders' tactics, said one of his law partners found a disemboweled rat splayed atop his mailbox in front of his home. Michael explained the process in detail and even though I was quite hesitate I feel this was the best option for me. According to the FTC, when small business owners sought capital, RCG formerly known as Richmond Capital Group lured them in with fast talk and supposedly sweet terms for what are called merchant cash advances. A similar situation regarding further recourse to the Merchant Cash Advance purchaser came about in the case Merchant Funding Services, LLC, v. Volunteer Pharmacy Inc. which dealt with the signing of a Confession of Judgment (COJ) in the MCA contract. Merchant Cash Advance - Grant Phillips Law PLLC (NBC News received no evidence that PowerUp, Itria or Biz2Credit had sent menacing messages to borrowers or had sent debt collectors to their homes, or had engaged in any other improper collection practice. Freeze your business's bank accounts. A few years ago my husband and I had accrued entirely too much debt and no matter how hard we worked or how much we tried, we were unable to keep up with our bills and making the minimum payments was getting us nowhere. Once any third party servicer, debt collector, debt purchaser, collection attorney, foreclosure attorney, etc. Penn Capital Funding, MapCap Funding Hit with Class - Class Action We offer many different services for those struggling with debts including Business Debt Relief, Mortgage Relief, Tax Relief, & Student Loan Relief. You never made me feel harried, pressured or overly anxious about paying off my bills. With an added personal guarantee, it gave recourse to the MCA lender to collect, even if the merchant account was not performing, thus additionally reducing the MCA purchasers risk of not being repaid.