Look at the factors important to you, which may include the interest rate available, the manner in which the company charges interest and fees, the level of service provided, and reviews from other clients. Service level differs between companies, as does the available interest rate. Settlement loans start at around a 20% interest rate annually (1. 67% monthly) and go up from there, because 20% interest is where the floor hovers for the loan company to be able to recoup its costs and stay in business. However, some companies charge as high as 45% annually (3. 5% monthly). Others advertise a lower interest rate but tack on many extra fees that, if included in the interest rate instead, would make it higher. In addition, the advertised interest rates are annual rates, so if your case takes more than a year after you receive the initial loan advance to settle, the amount you owe will increase. Terms of a settlement loan can be capped, with a set maximum for the final amount collected by the loan company negotiated, or where the interest stops accruing after a negotiated length of time.
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Time duration: You can get cash within 24 hours once your application gets approved by the company. Types of claim covered: Personal injury, surgery funding, medical malpractice and civil cases Key qualities: Simple application process and post settlement funding. Nova Legal Funding Nova Legal Funding is based in Los Angeles, California. They provide non-recourse funding to the plaintiff. They have a rigorous policy of conservative underwriting that helps them to charge lower rates than the other pre-settlement companies within the industry. Besides that their assigning interest rate is directly correlated with the risk profile of each individual case. Nova Legal Funding only funds those legal cases where a plaintiff has serious injuries and clear liabilities. Currently they are providing lawsuit loans to all states except Colorado, Maryland, and Tennessee. Cash advance: Their funding range is in between $500 to $ 100, 000 Time duration: If your application gets qualified for the fund, you will receive it within 24 hours of approval.
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