Under New York law, a loan that charges annual interest over 25% is illegal, even if the borrower is a corporation. Merchant Cash Advance agreements are notorious for charging more than 25% interest. For the first time, a New York State Supreme Court Justice ruled, on a contested motion, that a Merchant Cash Advance agreement was a usurious loan. The Court voided a confession of judgment that was based on a Merchant Cash Advance agreement. See Merchant Funding. Representing t
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