Unfortunately, attorneys don’t like dealing with most of these companies, since they generally charge exorbitant rates of compound interest on the amount advanced. This has given the industry a bad reputation, since the interest can build to such heights (and the funding companies make so much money) that it becomes impossible for the attorney to accept a reasonable settlement offer. Perhaps 6% per month doesn’t sound like much at the beginning, especially if you expect the case to settle within a few months. But if the case drags out and takes more than a year, you’ll now owe the funding company over 100% of the original balance… And the clock keeps on ticking…
I recently discovered a company that has turned the non-recourse funding industry on its head with a completely different model. Instead of charging high rates of interest, the company (known as Fast Funds) looks to “invest” in a case, the same way as the personal injury attorney does, by buying a piece of the expected settlement. So, it doesn’t matter if the case settles in 6 months or 2 years, the attorney and client won’t be forced to prematurely settle in order to deal with outrageous interest payments.
What’s so great about this is that it’s a “win-win” scenario for the client, the attorney, and Fast Funds as well. Fast Funds not only buys the time necessary to bring the case to its most successful conclusion, but they also relieve the financial stress of the client. In return for advancing funds to the client, like the attorney’s fees, their profit depends entirely on the amount of the gross recovery. Fast Funds never charges interest or any upfront fees. They work quickly, and in many cases a client may have funds within 24 hours from the time they receive all the required documentation on the case.
Fast Funds is already the funding company of choice for over two hundred law firms and attorneys throughout the United States, because of the company’s ethics, reliability, and fair terms.
Now I do have to provide a disclaimer here. I liked this concept so much that I decided to become involved with Fast Funds as an investor in the strategy, as it has all the qualities that I look for in a solid investment – and to top it off, it also helps people in need without taking advantage of their unfortunate situation.
If you or someone you know is in such a predicament and is considering a non-recourse advance, have them contact Fast Funds as well. You may help them save a bit more than just the shirt off their backs. [Email for more information]
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Super information it is without doubt. I’ve been seeking for this info.