Everest Business Funding is a merchant cash advance company that provides short-term loans to small businesses. The company has been facing a number of lawsuits in recent years, alleging that its business practices are unfair and deceptive.
One of the most common allegations against Everest Business Funding is that it preys on small businesses that are desperate for cash. The company offers quick and easy loans, but with very high interest rates and fees. Borrowers often find themselves trapped in a cycle of debt, unable to repay the loans and facing additional fees and penalties.
Another common allegation is that Everest Business Funding uses deceptive marketing practices to lure in borrowers. The company may misrepresent the terms of its loans or promise that borrowers will be able to easily repay the loans. Borrowers may also be pressured into signing contracts without fully understanding the terms.
Everest Business Funding has also been accused of using aggressive collection tactics. The company may call borrowers repeatedly, even at inconvenient times. The company may also threaten to garnish wages or seize assets.
In 2023, a class-action lawsuit was filed against Everest Business Funding alleging that the company violated the Consumer Financial Protection Act. The lawsuit alleges that Everest Business Funding misrepresented the terms of its loans and engaged in unfair and deceptive collection practices.
The case is still ongoing, but it is a sign that the government is taking a closer look at Everest Business Funding and other merchant cash advance companies.
FAQs:
Q: What is Everest Business Funding?
A: Everest Business Funding is a merchant cash advance company that provides short-term loans to small businesses.
Q: What are merchant cash advances?
A: Merchant cash advances are a type of loan that is repaid as a percentage of future sales. The loan terms are typically very short, ranging from a few months to a year. Interest rates and fees are typically very high.
Q: What are the risks of borrowing from Everest Business Funding?
A: The risks of borrowing from Everest Business Funding include:
- Very high interest rates and fees
- Difficulty repaying the loan
- Additional fees and penalties for late payments
- Aggressive collection tactics
Q: What can I do if I have been sued by Everest Business Funding?
A: If you have been sued by Everest Business Funding, you should contact an attorney immediately. An attorney can help you understand your rights and options, and can represent you in court.
Q: What is the outcome of the class-action lawsuit against Everest Business Funding?
A: The class-action lawsuit against Everest Business Funding is still ongoing. It is too early to say what the outcome of the case will be.
Q: What can I do to protect myself from predatory lending practices?
A: There are a number of things you can do to protect yourself from predatory lending practices, including:
- Be wary of any lender that offers quick and easy loans with high interest rates.
- Read the terms of any loan agreement carefully before signing it.
- Ask questions if you do not understand anything in the loan agreement.
- Get a second opinion from another lender before taking out a loan.
Conclusion
If you are considering borrowing money from Everest Business Funding, it is important to be aware of the risks involved. The company has been accused of using unfair and deceptive practices, and borrowers may find themselves trapped in a cycle of debt. If you have been sued by Everest Business Funding, you should contact an attorney immediately.
References:
- Streamlined Consultants, Inc. d/b/a STREAMLINED CONSULTANTS and MOSHE L. STERN v. EBF HOLDINGS LLC d/b/a EVEREST BUSINESS FUNDING d/b/a EBF: https://www.kslaw.com/attachments/000/009/942/original/Streamlined_v_EBF.pdf?1664997449
- Owe Money To Everest Business Funding EBF Partners? We Can Help – Dramer Law: https://dramerlaw.com/
- Ebf Holdings, LLC d/b/a Everest Business Funding v. Dechoker, LLC d/b/a Dechoker et al: https://www.solosuit.com/posts/beat-everest-business-funding-court
- Beat Everest Business Funding in Court | SoloSuit Blog: https://www.solosuit.com/posts/beat-everest-business-funding-court
- Trapped in debt with Everest Business Funding? – Tayne Law Group: https://attorney-newyork.com/debt-relief-services/everest-business-funding/
