- December 31, 2019
- Jeffrey A. Rubin
Presettlement Loan with No Fees & No Compound Interest, Ever. Just 15% Fixed For Every Six Months That You Have the Money. Unbeatable! See our Table & Compare. Beat Bridgeway!
If you were the victim of an accident you might need pre settlement funding. If you also have trouble paying your bills, you might need legal funding. Redwood Funding, Bridgeway Legal Funding, Oasis Financial, etc . Lawsuit loan companies give loans, called advances, with no risk to help pay those bills. Whether you need to pay a mortgage, phone bill or hospital bill, legal funding can help. Let’s now explain what legal funding is all about.
Legal funding is not a loan at all. It is really an advance only on the success of your lawsuit. That means that if you are successful with your lawsuit you have to pay back your lawsuit loan. However, if you lose your lawsuit you do not have to pay back your lawsuit loan. Most importantly, since you only pay your advances back if you win, this means your advance is given to you at no risk. The lawsuit loan company does not get involved with your case but only waits until the end for payment, again if you are successful.
Should I apply for a Pre Settlement Advance on my Lawsuit?
All lawsuits take time. Some lawsuits can go on for 4,5 or six years. If you are having trouble paying your bills then over time those bills will add up to thousands of dollars. The insurance company defending against your lawsuit wants the case to drag out for years. The insurance companies make interest on the money they eventually will pay you. However, they also know the longer the case takes the more likely you will settle for less. An advance from a pre settlement funding company can help you avoid settling for less than your case is worth.
What Kinds of Cases Get Accident Loans😕
Accident loan companies fund the following types of cases:
Car accidents; truck accidents; slip and fall accidents; motorcycle accidents; construction accidents; bus accidents; tractor trailer accidents; bicycle accidents and pedestrian knockdown accidents.
Again, if you were the victim of any of these types of accidents than you might qualify for an accident loan.
How Do I Apply for a Lawsuit Advance😕
First, in most cases you or your lawyer will fill out an Application. The legal funding company will then contact your lawyer to review your case. If the accident funding company decides to fund you they will send you a contract. Once they receive the contract back they will send you the money.
How Do I know Which Pre Settlement Loan Company to Use:?
There are 3 criteria to consider in picking a legal funding company. The first is do they charge fees. Oasis, Bridgeway, Global, etc charge a fee. An application fee, underwriting fee or closing fee. Those fees can range from $100 to $500. Many of these same companies add the fee to the amount you are borrowing. This way they charge interest on the principal that you receive and the fee that you pay them!
The second criteria to consider is whether the lawsuit loan company compound the interest. Monthly compound interest means that the interest you are charged the 1st month is recharged so in the second month you pay interest on the first month’s interest,and so on. Many companies advertise that they only charge 3,4 or 5% interest. However, they don’t tell you upfront that it is monthly compounded. The annual rate of a 3% monthly compounded interest is about 70%.
The final criteria to ask any Legal Funding company is exactly how much will I owe after 1,2,3 years and onward. If you cannot get a direct answer to that question, don;t use that company.
Redwood Funding, Bridgeway Legal Funding, Oasis Financial, Cherokee Funding, Momentum Funding, Global Funding, etc. These are some of the biggest and most known accident loan funding companies in the country. If you need funding ask these companies the needed questions. See who provides the best deal. When you are finished compare rates, fees and total amounts owed.