- July 25, 2018
- Jeffrey A. Rubin
South Carolina is a southeastern U.S. state known for its shoreline of subtropical beaches and marshlike sea islands. Do you know what else South Carolina is known for? Accidents! If you are from Charleston, South Carolina and you were in an accident you might be in luck. Why? because if you are having trouble paying your bills as a result of this accident Redwood Funding Group can help. Redwood Funding Group provides legal funding to victims of accidents all over South Carolina and beyond.
If you had a car accident in Columbia, South Carolina or a slip and fall in Greenville then this is to place to get help. A lot of people who are the victims of accidents are also out of work. This means that the money that regularly flows in has stopped. Also, if you have no insurance then you also have medical bills piling up. You might have a great lawsuit and you might make a lot of money at some point. However, that time can be three or fours years away and you have to pay those bills.
That is where a legal funding company like Redwood Funding Group can help you. There are dozens if not hundreds of legal funding companies out there. How are you going to find the wheat among the chaff? The answer is you have to ask the right questions. There are two issues you want answered before you pick a legal funding company. Those issues are the interest rate and the fees.
Interest Rates Matter:
The interest rate varies greatly among all funding companies. Finding the lowest rate is pretty hard. We at Redwood Funding Group are going to make that choice easy for you by laying it out right here very clearly. You have to ask the legal funding company three questions: What is the interest rate. Is it compounded interest and what is the total annual interest rate after one year, two years and so on.
Compound Interest Explained:
Many companies advertise that their interest rate is 3% or 4%. That sounds like a great interest rate but it is not enough to make a educated decision about legal funding. Is that 3% interest rate compounded and how often. Compounded means does it increase based upon the previous terms rate. For example, monthly compounded interest will end up costing you about 65% interest after one year on your advance. That means every months interest grows based upon the previous months rate. Compounded interest is the silent killer for legal funding companies. Just know, Redwood Funding Group has no compound interest, ever! More on that later.
Fees, Fees, Fees:
The next issue to ask your legal funding company is whether they charge a fee. What do they charge a fee for. And finally, do they add the fee to the principal and charge you interest for it. For example, they might charge a $200 application fee or a $300 underwriting fee. Then they add the fee to the amount you are borrowing and you pay interest on the total. Just note, Redwood Funding Group has no fees, ever.
Wires & Overnight:
One other way legal funding companies make money is by tripling their cost to wire or Federal Express you money. What does your bank charge you to do a wire? $25-$35 right? Most of these companies will charge you $80-$100 for that same wire.
Let’s do an example of what will happen in a typical legal funding advance. You want to borrow $1,000. They will charge you a fee of $200. You will then be responsible to pay interest on $1,200. If you want your money wire or Fed Ex’d you will be charged $100, But, they will deduct the $100 from your advance. Day one you will receive $900 and be responsible for $1,200 in interest. After one year you will owe about $1,800 and after 18 month you will owe $2,100. Remember, you only received $900!
Redwood Funding Group:
Let us be crystal clear. At Redwood Funding Group there is no compound interest. There is one fixed rate of 15% every six months. So if you borrow $1,000 you owe us $150 every six months you have the money. After one year, that’s $1,300. Two years, $1,600. Also, there are no fees in any form whatsoever. We don’t masquerade a fee as something else nad charge you for it either. Finally, we charge you what the bank charges ufr foa wire, $30.
Nobody is Cheaper:
After reading this you must go to the homepage of this website and fill out an online Application. We guarantee that you will not find a cheaper legal funding company in the entire USA. So whether you are from Myrtle Beach, South Carolina or Rock Hill, South Carolina get online and get moving. We are gonna save you thousands!