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Is a non-recourse cash advance a loan No. - mylawfunds.com
A cash advance loan is a short-term high-interest loan than can be obtained in exchange for a post-dated check, usually a week or two weeks from the date the check is actually issued, from the consumer. The amount of the check includes the amount of the cash advance plus any additional charges and interest. The lender does not cash the check until the date written on the check. At any time, the consumer can decide whether to let the lender simply cash the check or to renew the loan by paying only the service charge. This arrangement is known by many names, some of which include:
Is a Cash Advance Loan Considered a Loan
Although many cash advance lenders would try to have you believe that they are simply cashing checks for a service fee, a cash advance loan is indeed a loan of money. This is important to know because a proper loan provides consumers with a much greater level of protection, including the right to be informed of certain disclosures as stated in the Truth in Lending Act.
It is strongly advised that a consumer understand the risks involved in this type of loan because the interest rate can be incredibly high. The interest rate may be difficult to understand in this type of loan because it is usually described and included in the service fee.
What Legal Problems Exist with Cash Advance Loans
The most common legal problem exists with consumers being surprised by extremely high charges when renewing a cash advance loan. A 15% service fee per week sounds like the same rate as a standard credit card but is in fact a nearly 600% interest rate over a year, which is how credit card interest is calculated. Consumers consider it highly unfair to pay such high rates, particularly if they were not informed of such charges.
The other legal issue is when a check bounces after a lender attempts to cash it. If this happens, lenders will often allege check fraud and take the consumer to civil court, where the punishment may be up to three times the amount of the original check. For consumers, this makes cash advance loans extraordinarily expensive.
Do I Need an Attorney
If you feel that you have been victimized by some part of the cash advance loan, particularly if you are being drowned in high charges, consult an experienced attorney immediately. An attorney will be able to refer you to a good financial planner and aid you with your loan problems student loan forgiveness form
Last Modified: 2018-04-02 00:04:20
Law Library Disclaimer
It can take years to receive a personal injury loan from your accident. Pegasus Legal Funding, LLC is committed to providing you with a settlement advance you need now. Call us at 855-386-3968 now to get your lawsuit money,. These funds can be used to relieve you of financial pressure so that you and your Attorney can work to achieve a maximum recovery. Lawsuit cash from our legal funding company may help you to “hold out” for a fair and often higher settlement. In addition, the funds can be used to assist you with paying bills or other basic necessities of living while you await the resolution of your case. We offer law funds as low as $500 to as high as $500,000 at rates that are the Best in the industry. In fact when you get a funding from Pegasus directly, you are not only getting the most competitive lowest rates, but are getting what we provide large law firms who send their client funding requests. And best of all since we’re a direct funder, there are No Broker Fees!
Is it a Lawsuit Loan
Unlike a lawsuit or pre-settlement loan which needs to be paid back even if you lose your case, our legal financе programs are non-recourse cash advances, also known as settlement funding. If you lose your case, you keep the money and owe us nothing. None of the programs should be considered to be pre-settlement loans. There are no payments until your case settles!
How Do I Receive My Cash Advance
A legal funding / cash advance is an investment in your potential settlement. Client who are approved and are funded receive monies and repayment of these funds are calculated with interest. While this funding is commonly referred to a “lawsuit loan” which implies repayment of the interest and principal are expected and required under most circumstances. In the legal definition of this cash advance / funding transactions are NOTLOANS. Pegasus Legal Funding pre-settlement funding’s are not required to be repaid if our client does not win their case. Payment is expected only when our Client receives a settlement from the defendant.
James Sheridan is the Contracts Manager at Pegasus Legal Funding LLC and is responsible for the final stage of the funding approval process. James’ focus and priority is delivering to PLF’s clients the funds they need as quickly as possible loan amortization chart
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The Pros and Cons of 5 Legal (and Illegal) Cash Advance .
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