- April 26, 2020
Redwood Funding Group never charges fees and never compounds the interest. One Fixed Rate of 15%. Borrow $1,000, You Owe $150 Every Six Months. That’s It!.
Accident Funding, also known as Pre-Settlement Funding, provides victims of accidents money before their case is settled. In other words, if they are disabled this money can pay expenses during the course of the litigation. However, the laws are confusing and you must be careful with whom you borrow money.
A lawsuit can drag on for many years. It can also cost you money that you otherwise would never have to pay. For example, you might have medical expenses, deductibles, transportation to the doctor, etc. However, if you are disabled and can’t work these bills only pile up. Furthermore, this is in addition to your regular bills and expenses. Meanwhile, your lawsuit is dragging on and on.
These are options you can consider to get additional money. You can borrow money from the bank. Similarly, you can max out your credit cards. However, not everyone can get bank loans or have credit cards to use.
Solution: Lawsuit Advance
Lawsuit Loans, Pre Settlement Funding, Lawsuit Funding, Car Accident Loans, what they are called it means money in your pocket. An Accident Funding means plaintiffs are advanced money now in return for paying it back, plus interest, at the end of the case. However, a major difference from a bank loan is that this Lawsuit Advance is not paid back if you lose the case. Consequently, there is no risk to these loans.
If you win or settle your case you must pay the principal and interest back. However, if you lose your lawsuit then you are under no obligation to refund anything that you borrowed. This sounds like a great deal. It could be assuming you are careful about which company you borrow your money from and under what terms.
Criticism of Lawsuit Loans
There are several critics of Pre-Settlement Funding and you must be careful to avoid all of them. 1) High Interest. 2) Fees. 3) Confusing contracts and terms.
Fees: Many, but not all, Accident Funding companies charge fees. These fees can be application, processing, underwriting, handling, opening or closing fees. Regardless, of which Pre-Settlement Funding you use this fee can be as high as $500. Furthermore, the Lawsuit Funding Company will add the fee to the principal borrowed and charge interest on both. For example, if you borrow $1,000 and the fee is $200 then you will be responsible for interest on $1,200. When you borrow money look for a Lawsuit Loans company that does not charge fees.
Interest: All Lawsuit Advance companies charge interest or something like it. The educated borrower should know how to find the best deal. Most of these Lawsuit Funding companies will charge compound monthly interest. This means the interest today is based upon last months principal and interest. Next months interest will be on top of that. A small advertised interest rate of 4% is really about 80% a year! Do not borrow money from a Lawsuit Loans funder that uses monthly compound interest. Find a Pre-Settlement Funding company that uses a fixed rate of interest.
The contract presented to you and your lawyer should be clear in all of its terms. If you have a question like ‘how much exactly will I owe after 2 years?’ should readily available and answered clearly. Any Pre-Settlement Funding company that does not directly answer all of your questions, do not use.
Redwood Funding Group
Let us be clear: Redwood Funding Group never charges fees. We also never compound our rate of interest. We have one fixed rate: 15% of what you borrow for every six months you have the money. For example, if you borrow $1,000, you will owe $150 every six months. We are so confident that we have the cheapest Lawsuit Advance Rate that we have a clear chart on this website showing exactly how much you will owe. No Lawsuit Funding company in America has a chart like ours on their website. Nobody.
We strongly suggest you call 2 or 3 Lawsuit Funding companies. Ask them exactly how much you will owe them after 1,2 or 3 years for the amount you want to borrow. We bet half of them won’t answer your question. The other half will be beat by Redwood Funding Group.
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For more on Lawsuit Funding Loans, see: