MCA Lawyer

 

Merchant Cash Advance Attorney Texas

Do the majority of your business revenues go towards daily ACH payments?

Did you personally guarantee your MCA loan?

Did the funder make you sign a COJ / Confession of Judgment or Agreed Judgment?

Is there a UCC filed against your business?

Are you paying a fixed amount on your MCA loan despite a change in your business cash flow?

Are funders, their attorneys or collection agencies calling, texting and harassing you?

Does your Credit Card Terminal have a lock box?

Do you need to change your MCA repayment schedule to monthly payments from daily?

Are your business or individual bank accounts frozen?

Have your clients or vendors been contacted by your Merchant Cash Advance funder?

Did you attempt to restructure payments to the Merchant Cash Advance funder due to a fluctuation in your sales volume and revenues? Was it granted?

Were you asked to put up any personal collateral like your residential home?

If you answered yes to any of these questions, contact Grant Phillips Law, PLLC helping Texas Merchants. A law firm focusing on settling Merchant Cash Advance loans for clients across all 50 States. MCA Attorney Texas. Grant Phillips Law, your Merchant Cash Advance Attorneys Texas. Let us review your MCA contract for illegalities. Let’s settle your Merchant Cash Advance loan with your Texas Merchant Cash Advance Funder.

Texas Merchant Cash Advance Law

In Texas, Merchant Cash Advance law governs both Merchant Cash Advance Funders and Merchant Cash Advance Merchants. In Texas Merchant Cash Advance law, one of the most important factors in deciding a loan from a Merchant Cash Advance in Texas is whether the Texas Merchant must repay his Texas Merchant Cash Advance unconditionally (i.e. No matter what happens). When the repayment is unconditional and the merchant’s re-payment is absolute, no matter circumstance, then the Funder is committing usury as the Courts will find it to be a loan.

Remember under Texas Merchant Cash Advance law a merchant is only selling its future receivables if receivables are generated by the business. If the business does not generate sufficient receipts due to adverse business conditions, beyond the control of the merchant, the merchant cash advance funder must carry the loss. The merchant’s legal duty is to deliver future account receivables but only if the business is a going concern and generating receivables. 

In other words; Unconditional re-payment of a Merchant Cash Advance, is illegal in Texas.

You will find the Texas Merchant Cash Advance laws in Sections 306.103 and 306.001 of the Texas Code, where it states: “if the parties intend to enter a transaction to sell accounts at a discount and characterize the transaction as such, ‘it cannot be a loan or line of credit’ and any discount charged under such a transaction is not interest.”

The answer to dealing with these issues and laws and face a Texas Merchant Cash Advance funder on equal footing, is to fight back with the help and expertise of a Texas Merchant Cash Advance Attorney. A Texas Merchant Cash Advance Attorney will look to prove the deal illegal, flawed or fraudulent. Your Texas Merchant Cash Advance Attorney will amongst many other legal tools argue some of the following (if applicable):

Prove the entire Texas MCA deal to be a loan and subject to Texas usury law.  A Texas Merchant Cash Advance funder claims their business to be legal, yet if you Texas Merchant Cash Advance Attorney find faults and illegalities in the Texas Merchant Cash Advance Contract they will use this to force a settlement in your favor or sue the Texas Merchant Cash Advance funder for fraud.  These rights can be invoked and protected immediately upon retaining a Texas MCA attorney.  Select a Texas Merchant Cash Advance Attorney to analyze your MCA Contact for flaws in the Texas Merchant Cash Advance Contract and look for over the Texas MCA contract for any flaw or illegalities in your Texas Merchant Cash Advance contract.

Don’t take it on the chin. Preserve your opportunity to get true justice for the crazy interest you have paid to the Texas Merchant Cash Advance funder who is debiting your business daily.

Texas Merchant Cash Advance lenders can be stopped from taking advantage of Texas Merchants. Remember, to be an MCA it better “walk, talk and act” like a Texas Merchant Cash Advance Law requires to be a legal Merchant Cash Advance versus a loan dressed up as a Texas Merchant Cash Advance Loan.

Merchant Cash Advance Attorney Texas

Did you know?

New York (the epicenter of MCA) enacted a law in September 2019 banning New York Funders from issuing a Confession of Judgment to an out of State borrower like a Texas Resident. For example a borrower from Texas takes out an MCA from a New York based MCA funder, that funder cannot issue the Texas based borrowing merchant a Confession of Judgment / COJ.

Did you sign a Confession of Judgment?

Did you sign a legal document called an “Agreed to Judgment?

Contact the Attorneys at Grant Phillips Law, PLLC. Your Merchant Cash Advance Attorneys Texas to preserve your legal rights, enforce those rights and protect you and your business in Texas. Are you a Texas resident? Send Grant Phillips Law your Merchant Cash Advance contract for a free legal review and analysis for compliance with Texas law. GPL, your Texas Merchant Cash Advance Attorneys. Fighting, Settling and Litigating for Merchants across Texas and the entire United States. 

The experienced and compassionate lawyers at Grant Phillips Law can help you evaluate your Merchant Cash Advance contract for strict compliance with the new Texas Law. Merchant Cash Advance Attorney Texas.

Merchant Cash Advance Attorney Texas

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 MCA Funder. Her Patented technology allowing for the splitting of credit card sales was a major step in the birth and growth of the MCA world. Later her company would become CAN Capital.

Merchant Cash Advance Attorney Texas

Did you know?

The interest rate or effective APR 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 and even American Express. There are also major investment banks like Morgan Stanley backing several funders and hedge funds.

Merchant Cash Advance Attorney Texas

Did you know?

The attorneys at Grant Phillips Law, PLLC have seen cases where the effective APR on a Merchant Cash Advance exceeded 1,900%

If you Merchant Cash Advance position is eating away at your business cash flow and revenues, don’t hesitate to contact Texas Merchant Cash Advance Attorney Grant Phillips Law, PLLC – serving clients in Texas and across all 50 States. Merchant Cash Advance Attorneys.

 

Merchant Cash Advance Attorney Texas

Did you know?

In Texas there is no licensing requirement to become an MCA lender or broker! Some States are beginning to take a look at this, but at present no background checks, licensing, bond requirements or laws exist, to govern the creation of a Merchant Cash Advance funder and or broker.