Three merchant cash advance companies are facing a lawsuit from New York Attorney General Letitia James over reportedly practicing illicit measures when loaning money to clients, according to a press release. The three companies charged are Richmond Capital Group, Ram Capital Funding and Viceroy Capital...
The merchant cash advance is considered the payday loan for many in the small business lending market — and that’s not necessarily a good thing. While designed to connect small business owners to quick capital for a boost to their cash flow, the MCA has...
The New York state legislature will rule this week whether to move forward with a borrower protections bill for small businesses (SMBs), as allegations of predatory practices by merchant cash advance firms raise new concerns about mistreatment of small business borrowers, The Washington Post. The...
The Federal Trade Commission has launched an investigation into the merchant cash advance industry just days after FTC Commissioner Rohit Chopra called on the watchdog to tackle unfair small business lending practices. The Washington Post reported late last week that the FTC has opened an...
September 05, 2017
While some of the entrepreneurs we talk to at PYMNTS seem to have been almost born to solve the problem they founded a company to take on, there are also some who have taken a slightly more circuitous route. Take the team at Quick.Me, a firm that, in its current incarnation, provides working capital to small businesses […]
February 14, 2024
The Federal Trade Commission (FTC) has secured a judgment requiring former merchant cash advance operator Jonathan Braun to pay $20.3 million in monetary relief and civil penalties. This marks the first trial by jury conducted by the FTC, the agency said in a Wednesday (Feb. 14) press release. The judgment follows a trial held in January, when a […]
