article thumbnail

Why Do Merchant Cash Advance Companies Record Judgments In NY?

FFGN COLLECT NY

Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. Since the documents anticipate a default in payment by the buyer, why then do merchant cash advance companies record judgments in New York? If you were wrong, the bank or other institution is entitled to costs and possible legal fees.

article thumbnail

What Business Owners Should Know Before They Guarantee a Line of Credit

FFGN COLLECT NY

Most business owners have a line of credit with the bank but don’t realize that, as the business owner, they may be personally responsible for repaying any monies loaned. Often, especially in uncertain financial times, the bank will want someone to guarantee a line they might not otherwise make — usually the officer of the borrowing company.