- March 23, 2021
- jeffrey rubin
Lawsuit Cash Advance & AccidentFunding:
Are Cash Advance Loans like a bank loan?
No. A car accident loan is not even a loan. It is really what is called a cash advance. Why? For one reason, a loan must be paid back under every circumstance. However, a car accident cash advance is only paid back if you win or settle your lawsuit. If you lose your lawsuit you don’t pay back your cash advance. An additional reason why it is not a loan is because ones credit score has nothing to do with whether you qualify for the cash advance. The quality of your lawsuit is the main or only criteria about whether you qualify for a cash advance.
How big of a Accident Funding can I get?
Every cash advance company probably has its own metrics for deciding how much they might advance on any given case. However, the amount of available insurance, the severity of the injury and whether there were any prior cash advances probably are the most common criteria for qualifying for a cash advance.
How quickly can I receive my money once I am approved?
Almost all Accident Funding companies provide for several ways to get your money fast. Usually that means by bank wire, Zelle, Federal Express, Priority Mail from the USPS.
What are the interest rates on Accident Funding Loans?
The interest rate for an Accident Funding varies depending on the cash advance company that you use. Suffice it to say, the interest can be fixed or compounded. A fixed rate of interest is easy to understand. A rate like 15% fixed on a $1,000 loans means you are paying $150. A monthly compound rate of 2.99% means you end up paying about 75% interest in total for the year. Obviously a fixed rate of interest is both easier to understand and compute.
How much is my Car Accident case worth?
An accident victim should understand that no two cases are alike for many reasons. Just because ones friend had a “similar” injury does not mean that your case is going to settle or is worth the same amount. One of those criteria is where the accident case is venued. This means that a lawsuit filed in a very liberal county usually will return a higher award then a case filed in a conservative county. Additionally the amount of available insurance money sometimes plays a role in the amount of the settlement or judgment. Lastly, the degree of fault among the parties also plays a pivotal role in how much of a settlement one is going to get. These factors makes it difficult to approximate the value of a case just by injury alone.
How do I determine which Cash Advance company to use?
There are several factors to evaluate in determining the cheapest accident funding company to use. One factors to consider is fees. Many but not all Accident Funding companies will charge you a fee to process your cash advance. They might call this an application fee, a processing fee or an underwriting fee. In any case, what this means is on top of the interest rate you are also paying a fee just to be allowed to get money from this particular cash advance company. Finally, the fee might be dependent on hos much money you borrow. Beware of fees!
That’s not all to worry about in regards to fees. Many cash advance companies will take that fee and add it to the amount of the loan. For example if you borrow $1,000 and the fee is $200, these companies will require you to pay interest on a $1,200 cash advance.
A second factor, but most important, to consider when taking out a cash advance is the interest rate. As stated the best kind of interest is usually a fixed rate. It is both easiest to understand and is pretty straight forward. Companies with a compound rate of interest will often hide the details of your repayment in the back of the contract. A monthly compounded rate of 2.99% sounds great, maybe, but you will end up paying 75% or more on your cash advance.
Finally, many Accident Funding companies charge you a premium just to send you your money. For example a typical Federal Express Priority Mail envelope costs around $35 to anywhere in the country. However, you will see many cash advance companies charging up to $150 to send you that envelope. The same is true with bank wires. A bank wire typically costs around $30. However, watch out for Accident Funding companies that charge $100 to send that same wire.
Look for companies that don’t charge fees. Have a fixed rate of interest and don’t overcharge to send you your money.
Who is the Cheapest Cash Advance company in America?
Easy. Redwood Funding Group doesn’t charge any fees in any form whatsoever. Furthermore the rate of interest is fixed at 15% for every six months that you have the cash advance. So for example, if you borrow $1,000 you wont have any fees, ever. So the interest rate of 15% fixed is only applied to the $1,000 advance, hence you owe $150 every six months. That is all.
Redwood Funding Group is the cheapest cash advance company in America.
ANGIE’S List: https://www.angi.com/companylist/us/nj/teaneck/redwood-legal-funding-group-reviews-9231553.htm