Because they are not banks, merchant cash advance companies have been subject only to light regulations. Effective interest rates on the companies' advances can be astronomical — at Par they hit 400 percent, according to the SEC, and often exceeded 1,000 percent at RCG, New York state said. Some companies' aggressive, even menacing, collection techniques have also been detailed; according to the New York state suit against RCG, one executive told a customer, "I am going to make you bleed," and told another he would kidnap his daughters if he didn't make the payments.

Feds crack down on lenders targeting small businesses with high-interest loans, abusive collection tactics

JaHu's picture

I don't own a small business

I don't own a small business but I have concerns with the bank who handles my home loan, particularly my loan statement. For years my account information on my loan statement has had two lines that have suddenly disappeared off my statement.

They seem simple an insignificant at first glance but I fear something sinister may be in the plans in the near future. One line simply said type of loan, which said conventional. The other line told the years and months left on the length of the loan. The bank has made it near impossible to get through to them to discuss the matter. It may be nothing but I'm not comfortable about it. Like I said those lines have been included on my statement for years.

Then I was thinking, if something did happen, and somehow through some loophole they tried to force me out of my house, there is not a single politician I feel comfortable with that would represent me, which I thought we elected them for. But instead I fear they would side with the bank. Anyone else feel this way?

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