What If Your Business Can Only Make Partial Payments to Your High Interest Lender?
E.J. Simonsen | Jul 5, 2022
Options for Making Partial Payments to a High Interest Lender
Assuming this is actually a loan and not a merchant cash advance, you have options that are reasonable.
The first thing you've got to do is grab your contract. Look for a phone number, a department, some point of contact that directs you on who and how to contact them if you're not able to make your payment. You need to be persistent and proactive. Don't get behind.
You can expect that most of these companies will offer you some relief: maybe a month or two of partial payments, maybe breaking payments into smaller amounts — but this is not going to go on forever.
Not Getting the Relief You Need or Deserve? Contact a Business Debt Attorney
If you're not getting the relief you believe you deserve, if you're not getting your questions answered by them, then you need to seek professional help.
Every situation is unique. If you have questions, contact our office. We'd love to help.
The material and information contained on this website is for general information purposes only. You should contact an experienced attorney in your area before making any legal decisions.