- March 24, 2020
Redwood Funding Group has been seen on Yahoo, Google, Medium, Tumblr & More. Why? because we are the cheapest legal funder in America. No fees or compound interest, ever. Just 15% Fixed Interest every six months. We have even been seen on videos of the National Academy of Continuing Legal Education, NACLE.com. Come see what we’re all about:
What are Lawsuit Loans from Accident Funder?
Lawsuit loans are also known as pre settlement loans or accident loans. The accident funder provides upfront cash to the accident victims in exchange for repayment at the end of the case. This is an easy way to solve money problems while ones litigation is pending. These legal finance loans are really risk free. Why? because if you lose your case you pay back nothing. If you win you pay back what you borrowed plus interest. The legal funding company will only give you money if they think your case has a good chance of winning.
Why Are Pre Settlement Loans Important:
Whoever is responsible for your injuries, they probably have insurance. These insurance companies both provide your opponent a lawyer and pay the settlement. Most insurance companies are huge corporations. This means that they have literally billions of dollars backing them. That money is used to delay and delay your settlement and trial. Why? because the longer your case takes the more likely it is you will settle for pennies on the dollar.
How Can I Get Approved:
Once you apply for funding the accident funder will request some documents from your lawyer. Once those documents are provided the lawsuit loan company should make a decision instantly. Therefore, you should be able to get your money right away once the funder has what they need.
Can I get Legal Funding a Second Time:
That depends. One way to get second funding or another lawsuit loan might be to ask the lawsuit funder that gave you your first loan. Another way is to get funding from a new company. Very often, the new new accident funder company will buy out the loan from the first company. They will then give you a little bit extra money. Meaning you will owe the 2nd legal funder both for the old first loan and whatever they gave you in new money.
How Do I Pick a Funding Company:
The most important factor in choosing a legal funder is cost. Many legal funding companies very high rates. Furthermore, many accident funder companies advertise very low rates, i.e. 3% but don’t mention that these rates are monthly compounded. An educated consumer must know the correct questions to ask the prospective lawsuit funding company. Here are those questions:
- Do you charge fees?
- Do you compound your interest.
- Exactly how much will I owe you after different periods
Most lawsuit pre settlement companies charge fees. They might call them application, underwriting or processing fees. These fees are applied at the beginning of the case. Many legal finance funders might even charge fees during the case or at the end. They might call those maintenance or closing fees. These fees often depend on the amount of money being borrowed. The fees can run as high as $500 per loan.
The lawsuit funder will take those fees and add them to the amount of money your are borrowing, called the principal. They will then make responsible for interest on the fee and the principal together. A $2,000 loan with a $350 fee means you are responsible for $1,350 in interest, day one.
Therefore, you must find out if there are any fees being charged in your loan.
All lawsuit funders charge interest. The interest can be fixed or compounded. Compound interest grows based upon the principal and interest of the previous period. For example, if you borrow $2,000 at 15% fixed annual interest you will owe $2,000 plus $300. $2,000 at 3% monthly compounded interest is about $2000 plus about 800. When you are dealing with Compound interest you end up paying double after 18 months from the start of the loan.
You must ask your prospective lawsuit funder if they charge fixed or compound interest. It will mean the difference of thousands of dollars owed.
Every legal funding company will offer several ways to send you your money. Among those ways will be a bank wire, a Zello transfer, Federal Express or Western Union. It has gotten to the point where you must ask your prospective legal funder how much they charge for these services. Why? Because many accident funders will charge you a premium over and above what they are being charged for these services. I have seen Federal Express and bank wires costing almost $150!
- Redwood Funding group as no fees, ever in any form.
- Redwood Funding Group charges a fixed 15% interest rate for every six months you have the money. Most accident funders use compound interest or high fixed rates.
- Redwood Funding Group guarantees the repayment with a chart on our website showing you exactly what you will owe for every amount. Nobody, nobody does this upfront
Call a few funders and tell them you want to borrow $2,000. Ask them exactly what you will owe them up to 3 years time. Prediction: Nobody will give you a straight answer.
Go with Redwood Funding Group. Apply on this website now or call (212) 349 2844.
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For more on Lawsuit Funding Loans, see: