The Best Lawsuit Loan Companies FL, GA, SC, OH
- February 22, 2021
- jeffrey rubin
The Best Lawsuit Loan Companies:
There are soooooooo many Lawsuit Loan & Accident Funding companies out there. How does one choose the Best one?
All of them will do there marketing best to convince you that they are special and they are the only ones you should consider. Wrong!
Finally, a lot of them will call themselves #1, or say that they are The Best or The Cheapest.
How do you cut through the chaff to find the wheat, as they say?
Where Do you Find the Best Lawsuit Loan companies best for you? FL, GA, SC, OH
To the untrained eye each Accident Funding companies promises sound convincing. Many of the Accident Loan companies will tell you that they have the Lowest Rate , the Fastest Service, the Cheapest Deal, the Fastest Turnaround or something like that. Some of these might call themselves the Biggest or the Best.
Well, for starters, they can’t all be #1, the best, the cheapest, etc.
The best Lawsuit Loan companies might not be the first to show up on a Google search. It might not be the one you see on the television commercials. Most importantly, choosing the best Lawsuit Loan company might not even be the one your lawyer tells you to use.
Trouble Choosing the Best Lawsuit Loan Companies? FL, GA, SC, OH
Our suggestion is to call around, check the internet and read the blogs. The blogs are where former customers tell the truth about the Legal Funding companies without all the hype.
More importantly, you have to ask the right questions when you speak to a Legal Funding company representative. here are the questions that you must ask in order to have the knowledge of whom to choose:
Do you charge a fixed, compound or sliding interest rate?
A fixed interest rate is the easiest to figure out. If the interest rate is 15% and you are borrowing $1,000 then you know that you will be paying $150 in interest. However, if the interest rate is 2.99% compounded monthly, as most Lawsuit Loan companies charge, then did you know that you will be paying about 75% in interest or $750 on top of the $1,000 loan? If the interest is a sliding scale then you will be paying more or less depending on how much you borrow and what kind of case you have. Is that fair. We think not.
Do you charge fee?
Almost all, but not all, Legal Funding company charges fees. Many of them also add the fee to the amount of money that you are borrowing and make you pay interest on the total amount. So if the Accident Funding company charges $200 for your $1,000 loan, you will be responsible for interest on $1,200, not the $1,000 that you borrowed. You must ask if they are any fees, at all!
Do you have a surcharge for sending me my money?
Believe it or not, while Federal Express, for example, charges about $35 to send an overnight envelope just about anywhere in the USA, you will find many Accident Loan companies placing a giant surcharge on that same envelope. Charges like $125 for a Federal Express envelope or $100 for a bank wire is not unheard of. Be careful!
Before Applying for an Accident Loan, Learn from some of the blogs on this website, www.RedwoodFundingGroup.com
Good reasons for referring you to a pre-settlement funding company would be that they have good rates, charge no fees, only charge simple interest.
Bad reasons for referring you to a legal funding company are “I’ve worked with them a lot before”, “they handle all of our clients’ funding needs.”
Hang up the telephone if they say ” I can’t answer that” or “it depends” or “we need more information” .
The more forthcoming the Legal Funding company is with you the more you should be able to trust them.
How you should handle yourself when choosing the best lawsuit loan companies? FL, GA, SC, OH
The best lawsuit loan companies will be able to answer your questions easily and clearly. Regardless of their answer, make sure that you confirm anything you are told before signing a contract.
We advise plaintiffs to get a formal quote in writing before applying with any company. When you call many pre-settlement lawsuit funding companies, they will give you the run-around when you ask about rates. They will try to ask for your case and lawyer’s details before providing a quote. You should insist on a written quote before providing any sensitive information.
Ask your attorney or paralegal if they have worked with this company before. See if they have a sample contract from the company.
Uplift, for example, has a deep understanding of the logic behind pre-settlement funding. We can then explain every question or concern you have for us. We take your case seriously because we know personal injury is no laughing matter. Uplift gives cash advances on most personal injury claims, from medical malpractice to car accidents. And we can get you approval of your settlement loan within 24 hours. Call us to see if your case qualifies for our cash advance in as little as two minutes.
Don’t just take their word for it
Do a quick search on google for “top-rated lawsuit loan companies.” You’ll see at least 20 companies telling you that they are top-rated and that they can help with your case. Call them and ask about their settlement loans. Ask them if they can get you your funding within 24 hours of approval. Ask them what personal injury cases they give cash advances for.
Overall, they’ll tell you they’re the best. That they offer the most reliable settlement cash advance for your case. Great.
If they haven’t been reviewed with a bunch of other pre-settlement funding companies by an independent third party (none of them are), then they’re just making it up.
Look for good Google, or Yelp reviews, but take these with a grain of salt. Often, the only customers who will review a company are those that have been asked for a review. This means that lawsuit funding companies have a large amount of control over their rating.
Tons of reviews over a short period of time? Red flag. The company probably has a campaign going and asks for reviews from satisfied customers. Don’t let yourself be one of the unsatisfied customers. Always sort by lowest rating and see what those folks have to say about the company.
What rates do the best lawsuit funding companies charge?
The best lawsuit funding companies charge a 15% – 20% simple, semi-annual interest rates. You should insist on a rate in this range.
Many lawsuit funding companies will tell you they charge 2% to 3% monthly. Usually, that is a compounding figure. Often, after a formal review, the rate will be closer to the high end of that range. After tacking on fees, you will end up paying more than 80% in the first year.
If you’re a personal injury plaintiff with a solid case, you should never settle for paying that much interest to a lawsuit loan company. Rather, you should aim to pay a total finance charge (including fees and interest) of less than 50% yearly.
Choosing the Best Lawsuit Loan Companies here:
Here are a few of the largest lawsuit loan companies that might be worth getting a quote from. Pre-settlement funding companies charge a variety of rates and terms. We encourage plaintiffs not to even formally apply with any company before getting a written quote via email.
- Oasis Financial
- JG Wentworth / Peachtree Financial Solutions
- Glofin Funding (Formerly Global Financial)
- Momentum Funding
- Cherokee Funding
- Golden Pear Funding
- High Rise Financial
- Nova Legal Funding / Ally Lawsuit Loans
- Thrivest Link Legal Funding
Uplift Legal Funding is not affiliated with any of the abovelisted pre-settlement funding companies. If you receive a formal offer from any of these lawsuit funding companies, we will beat the terms and match the amount of the offer.