I run a small retail business, and was aggressively telemarketed to by Isaiah at Bankcard Alliance. My financial position was not great, but bearable. They used the current recession into scaring me into thinking I needed some cash to stay afloat.
They sold me on a product called a merchant cash advance. They charged me money upfront for this program, plus interest. It turned out it cost me almost DOUBLE to pay the money back! At that point, my only option they said was to roll it over and take out another merchant cash advance to pay back the old one and had to pay MORE money up front! Now that Ive done this Im so deep in debt and my business is about to close down. After researching it now, Ive realized that the percentages they charged my up front and on the loan was WAY higher than industry norms.
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