Many Merchant Cash Advance loans* require the business to sign a “Confession of Judgment."
In most simple terms, a Confession of Judgment [COJ] allows the lender to file a judgment, skipping the law suit phase altogether. This saves the creditor time and money and allows them to act quickly. A COJ is also known as a “cognovit note."
Many of our client come to us with a COJ in place. If you want to understand the implication[s] of having signed one or more COJ’s, we’ll be happy to answer your questions, no charge.
* some may argue that a merchant cash advance is not a loan because the merchant is technically selling future receivables. The difference seems minor, but it is not. Loans are subject to usury law, merchant advances are not.
** Note: We are not lawyers, and as such, we are not offering legal advice on this website. So follow good general business practices and contact a lawyer if you have legal questions.
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