- September 27, 2019
- Jeffrey A. Rubin
Can You Get An Lawsuit Funding?
Can My Lawyer Loan Me Money?
How Do Accident Loans Funding Work?
After you apply for an lawsuitloan, the funder will request information about your accident from your lawyer. The accident funding company will ask about the accident, injuries and the value of the case.
How Much Do Accident Loans Cost?
It is not unusual for personal injury cases to take months or even years to settle or come to trial. The interest rates on a typical lawsuit loan can run between 27% and 60% a year, comparable to some payday loans. On a $25,000 loan, the interest can cost you $12,500 or more in just one year.
What is Compound Interest?
Compound interest is the addition of interest to the principal sum of a loan from the previous period. Interest on interest. It is recharging interest, rather than a fixed amount. Interest in the next period is then charged on the principal sum plus previously accumulated interest.
What is the Difference Between Accident Funding Companies?
Redwood Funding is the only accident funding company that a fixed interest rate of 15% with no fees. The big accident loan companies are Oasis Financial, Cherokee Funding, Global Funding, Buckeye Funding. Many of these companies charge a monthly compounding interest rate that can really mean interest as high as 70, 80 or 90% a year.
How Do You Choose Among Lawsuit Loan Companies?
When choosing a lawsuit loan company most people are most interested in the bottom line: cost. People want cheap and fast service. Lawyers do not like dealing with accident loan companies. Lawyers usually do not get paid for the extra work in providing the information needed by these accident loan companies.
Who Is The Cheapest Accident Loan Company?
Redwood Funding Group is the cheapest lawsuit funding company. They never charge fees in any form. They don’t compound the interest rate and they don’t overcharge for the service of a bank wire or Federal Express. https://goo.gl/maps/eDytSznJhsgaM7sRA.