partner FAQ
General Questions
Our process is quick and easy! Simply request a brief overview call at www.bydcash.com/contact. To get started, you will sign our standard agreement, which allows us to pay you directly on behalf of your client. Once you’ve signed and returned your agreement, we will schedule an implementation call for you and your team, during which we will review your firm’s process and goals, as well as explain the BYDcash 2-step process.
No, there is no minimum case volume required to work with us.
Minimum of 6 months and maximum term of 60 months. We do not have a prepayment penalty after the 6-month mark.
With BYDcash, law firms are able to:
- Get paid 100% upfront
- Serve more clients
- Improve cash flow
- Get out of the collections business
- Eliminate the risk of stalled or abandoned cases due to payment shortfalls
BYDcash approves more than 90% of loan applications.
In addition, a signed Legal Agreement from the Law Firm is required. As long as we have an English template of the Legal Agreement on file, we can accept the signed document in the client’s native language. Please email this as a PDF to [email protected]. No Legal Agreements will be accepted directly from the client.
We welcome all kinds of partner-related conversations! We work closely with immigration law firms since their clients may need financial solutions. However, we also work with various immigrant or immigration law serving industries, such as paralegals, marketing firms, staffing agencies, nonprofits, and others.
If you don’t see your industry mentioned and want to learn more about partnership opportunities, get in touch with us at www.bydcash.com/contact.
Payment, Cost, & Other Related Questions
Yes, there is a one time late fee applied after the 10-day grace period of the invoice date. These are clearly outlined in the loan agreement to ensure transparency.
However, the late fee can be waived if borrowers contact our team and reschedule their payment at least 3-5 days before their scheduled due day. We are committed to working with our borrowers to help them plan their payments so they do not incur additional charges.
After three months of missed monthly and late fee payments borrowers may be moved to collections, which can negatively impact their petition/legal case. That is why it is crucial to emphasize the importance of budgeting and planning for any type of loan, as there are consequences when borrowers fail to meet their obligations.
We request that law firms encourage their clients to communicate with them and our team about any foreseeable financial challenges and/or changes in personal contact information.
BYDcash disburses funds directly to the law firm within 5 business days of loan execution. Typically, funds are disbursed within 48 hours.
Yes, we can direct payments to the appropriate office based on the location of the case. Please provide the necessary details when setting up your account with our team. When submitting the Fee Agreement, please indicate in the subject of your email to which location the case should be assigned.
BYDcash does not charge the law firm for the offloading of your in-house credit/payment plans and accounts receivables.
For most cases, $15,000 is sufficient to cover attorney fees and government filing fees.
Multiple Beneficiaries
If there are multiple beneficiaries in a case, loans may be offered per beneficiary. For example, a petition for an entire family may exceed the $15,000 limit. In that case, each parent could apply separately with one or more children to fit within the maximum loan amount.
Subsequent Phases of the Case
The fee agreement should reflect the current phase of the petition – work that is being performed in the near term. Loans may be approved for subsequent phases of the case, when you are ready to perform that work.
BYDcash charges 3%/mo. (22%-24% APR), similar to or less than the cost of a credit card.
BYDcash provides loans of up to $15,000 per borrower. The loan amount is based on the fee agreement, including attorney fees and government filing fees.
We manage all payment collections and related risks.
Client Related Questions
Yes! If a borrower has a positive payment history and has paid up to 3 months of consecutive invoices, they can re-apply for a second loan as long as the total borrowed principal is $15,000 or below.
Yes, we can assist clients without a Social Security Number or credit score. BYDcash leverages a proprietary underwriting model with the understanding that most applicants will not have an SSN or credit score.
Required documents include:
- Picture ID – Passport, US or Country of Origin Driver’s License, or Consular ID (If no ID is available, we may be able to proceed, please ask.)
- Bank Statements, Housing information (Rent or Mortgage), Cell Phone Bills, &
Utility Bills (electricity, gas, water) - Cosigner with legal status in the US
- Signed Attorney Fee Agreement
If the case is terminated prior to the completion of the petition, either due to the law firm or the decision of the client, a refund will be established based on the work completed on the case. Please notify BYDcash immediately. Monthly payments will not stop until a refund (if applicable) has been received from the law firm. Any refund from the law firm will be returned directly to BYDcash and applied to the outstanding principal balance. The remaining principal will need to be satisfied by the client with an amended loan document reflecting a new monthly fee and a new term.
All loans must have a sponsor to apply, who will take on the responsibility of the lien on the loan. If your clients face challenges securing a sponsor from their family and friend network, consider asking them about their employers serving as cosigners. Additionally, some law firms we work with act as sponsors for their clients.
We support all U.S. visa types. Here are some common types of legal immigration visas we fund: We DO NOT finance loans for those with criminal records or incarcerated.
Family-Sponsored Immigration
- Immediate Relative Visas (IR)–I-130 Alien Relative Petition
- Family Preference Visas (F) –I-485 Adjustment of Status
Employment-Based Immigration
- EB-1: Priority Workers
- EB-2: Professionals with Advanced Degrees or Exceptional Ability
- EB-3: Skilled Workers, Professionals, and Unskilled Workers
- EB-4: Special Immigrants
- EB-5: Immigrant Investors
Diversity Visa Program (DV Lottery)
- Diversity Immigrant Visa Program
Refugee and Asylum Status
- Refugee Status/Humanitarian
- Asylum Status: Affirmative/Defensive
Nonimmigrant (Temporary) Visas
- B-1/B-2: Visitor Visas
- F-1: Student Visa
- H-1B: Specialty Occupations
- H-2A: Temporary Agricultural Workers
- H-2B: Temporary Non-Agricultural Workers
- J-1: Exchange Visitor Visa
- L-1: Intracompany Transferee
- O-1: Individuals with Extraordinary Ability or Achievement
- P-1: Athletes, Artists, and Entertainers
- R-1: Religious Workers
- TN: NAFTA Professionals (for citizens of Canada and Mexico)
Humanitarian Programs
- Temporary Protected Status (TPS)
- Deferred Enforced Departure (DED)
- U Visas: For victims of certain crimes
- T Visas: For victims of human trafficking
- Special Immigrant Juvenile Status (SIJ)
Citizenship and Naturalization
- Naturalization for Permanent Residents
- Derivative Citizenship
- Acquisition of Citizenship
Other Specialized Programs
- VAWA (Violence Against Women Act) Self-Petition
- Deportation/Removal Proceedings
- FOIA–Freedom of Information Act
- EOIR-Executive office for Immigration Review
- RFE–Request for Evidence
- Naturalization/Citizenship
- I-601a Waiver
- Consular Processing
- I-765 Work Permit
- I-131 Travel Document
Contact us to discuss the specifics of your client’s situation at www.bydcash.com/contact