Being sued for business debt by GTR Source, LLC?
If you were tempted by a quick-fix solution for your business, you may be facing default on your loans or even being sued by creditors such as GTR Source, LLC. What may have seemed like the right move to get cash fast may now have you worried about the future of your business. You’re not alone. Tayne Law Group, P.C. is here for you and your business’s debt resolution needs.
GTR Source, LLC claims to provide working capital in the form of merchant cash advances (MCAs) to small-to-mid-sized businesses. While the speed and convenience of merchant cash advances can be tempting to businesses in need, their high APRs can make them incredibly difficult to repay. As a result, you may now be dealing with collection calls on a defaulted loan or even a judgment from a lawsuit.
Merchant cash advances, like those from GTR Source, LLC, are not your only option. Businesses may consider short-term loans or business lines of credit instead. Short-term loans have more lenient qualifying criteria because their repayment terms are generally only around three years. Lines of credit are revolving credit, meaning your business can borrow against it as often as you need at a more affordable rate, if you can qualify. Still, there is an option that does not involve more borrowing.
Tayne Law Group has proven success in resolving debt with GTR Source, LLC. In fact, our firm has settled an account with them on behalf of a client. The original balance on the loan was over $96,000, and we settled for $46,5000, saving the client nearly $50,000.
Additionally, in our experience, GTR Source is often represented by the Law Office of Marcella Rabinovich, located in New York, New York. With our experience and successful strategies, we can help give your business the chance it needs to stay open. Make the call today.
FAQs about GTR Source, LLC
It is a private lender that offers working capital in the form of merchant cash advances to small-to-medium-sized businesses. Additionally, the company claims to work with all industries nationwide, including seasonal businesses.
The company claims to invest in projects that may be denied by traditional banks. The company says they will communicate the application approval decision within hours, and funds can be available in 24-48 hours. Additionally, the company claims to only review a business’s recent credit history. On the other hand, traditional banks typically review the past six years.
Businesses can borrow merchant cash advances on 3-12 month terms with GTR Source, LLC. The borrowing business guarantees a percentage of its credit card sales to the creditor on a daily, weekly, or monthly basis. As a result of this payment schedule, APRs on merchant cash advances can reach the triple digits based on the success of the business.
