Oct 15th, 2020
#mca, #finance, #payday
When cash is tight and businesses are desperate for survival, Merchant Cash Advance provides immediate cash to live to fight another day. However, the 'life' they provide can be short-term and usually leads to stacking of more MCA loans. Normally, the first MCA loan creates a violation of terms of pre-existing loans.
MCA loans is a unique financing tool and is similar to the pay day loans, which are loans available for the individuals. Or, at least they were at one time until most states made them illegal. These type loans have been made illegal to the individual consumer because they have usurious rates. And, the MCA loans have similar qualities with rates (if you are able to calculate the rate) over 50% to over 1,000% APR.
In today's episode, we are joined by Marc Mellman of MCA Stacking Solutions https://mcastackingsolutions.com/. Marc's career has been in various capacities in the finance industry. From the traditional bank industry, then to the factoring industry, and most recently he has provided consulting services to businesses that have executed MCA agreements and need help to work out of them. Check out this episode for valuable information about how to survive and get out of MCA agreements.