A confession of judgment is a document that some lenders include for loans or cash advances that deprives you of your rights in court. You agree ahead of time to not dispute any claims by the lender. They are then free to take the document to court, make up anything they way and seize your assets.
The state of New York will accept them from anywhere, so even if they aren't legal in your state, you can be ruined by them. The lender can simply file it in New York if it isn't legal in your state.
Read the article for a quick run down of how this works and remember to never sign one for any reason when borrowing money or getting a cash advance. They are being used to ruin small businesses across America:
A debt-collection machine that’s chewing up small businesses across America
HN Discussion
The state of New York will accept them from anywhere, so even if they aren't legal in your state, you can be ruined by them. The lender can simply file it in New York if it isn't legal in your state.
Read the article for a quick run down of how this works and remember to never sign one for any reason when borrowing money or getting a cash advance. They are being used to ruin small businesses across America:
A debt-collection machine that’s chewing up small businesses across America
HN Discussion
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