- September 27, 2019
- Jeffrey A. Rubin
Can You Get An Accident Funding?
If you have a lawyer and are the victim of an accident you can qualify for Accident Funding. When the accident loans company receives certain information or documents about your case they will decide whether to fund you and how much.
How Do Lawsuit LoansFunding Work?
Once you request accident loan from a particular company, they will request information about your accident from your lawyer. This includes how the accident happened, the extent of your injuries, insurance coverage and any liens that you might owe on your accident case.
How Much Do Accident Loans Cost?
The cost of a lawsuit loan really depends on the particular Accident Funding company. Some accident loans companies charge fees to administer or process the Accident Funding. Those fees are called administrative fees, underwriting fees, processing or application fees. Some accident loan companies might even charge a closing fees. All accident funding companies will charge interest in one form or another. Most lawsuit loan companies will charge what’s called compound interest others will charge a fixed interest rate. Finally, some companies will charge to send you a wire or a Federal Express delivery of your funds.
What is Compound Interest?
Compound interest is the addition of interest to the principal sum of a loan or deposit from the previous period, in other words, 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?
No accident loan company that we know of charges a fixed interest rate of 15% with no fees other than Redwood Funding Group. There are many accident loan companies like Oasis Financial, Cherokee Funding, Global Funding, Buckeye Funding. Many, but not all of these companies charges a monthly compounding interest rate that can really mean an annual rate of interest as high as 70, 80 or 90%.
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 convenience and speed of service. Lawyers on the other hand really do not like dealing with accident loan companies because the lawyer usually does not get paid for the extra work required in providing the documents or information needed by these accident loan companies.
Who Is The Cheapest Accident Loan Company?
As far as we can tell, Redwood Funding Group is the cheapest accident 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