THE COST OF AN IMMIGRATION LOAN WITH BYDcash
Immigrating to the US is complex, and professional legal support is highly recommended for the best possible outcome, but hiring a lawyer can be expensive. Most law firms require a large deposit upfront before they will start your case, and hefty monthly payments, with full payment due before your petition is filed. Therefore, a prolonged payment plan can delay your case for months or years.
We created BYDcash to solve this problem.
At BYDcash, we offer immigration loans of up to $15,000 to help you pay for your attorney’s fees and government filing fees upfront, so your case can be worked and filed as soon as possible. With budget-friendly payment plans, you choose your preferred monthly payment, and your lawyer gets paid 100% upfront, so they can start your case right away!
BYDcash IMMIGRATION LOAN COST
A BYDcash loan costs about the same or less than a credit card. With a fixed interest rate of 3% per month on the outstanding principal balance, the typical annual percentage rate (APR) for a BYDcash loan is 22% to 25%, compared with an average 25% to 36% or more for credit cards, particularly for those with little or no credit history.
Other commonly used legal payment methods such as credit cards also generally offer variable interest rates. This means that interest can compound over time, increasing the total cost due on the money you initially borrowed.
Because BYDcash charges a fixed rate, the interest paid on a BYDcash immigration loan will not compound, and the cost of financing is determined and established when you apply.
The total cost of interest for a BYDcash immigration loan is based on the loan amount and the length of the term, between 6 – 60 months.
NO HIDDEN FEES WITH A BYDcash LOAN
BYDcash charges a loan application fee and a loan origination fee. When you complete the online intake form, you pay a $25 application fee. This triggers the assignment of your Relationship Manager who will work with you throughout the application process and help you determine the best terms to meet your budget requirements.
Once you’ve been approved, you’ll pay a $150 loan origination fee. When your loan documents have been signed and your loan origination fee has been paid, BYDcash pays your attorney, so they can get started on your case.
- Application Fee: $25 (non-refundable)
- Loan Origination Fee: $150
If you are late on your monthly loan payment, a $35 late fee is charged (after a 10-day grace period from the invoice due date).
However, to help you avoid late fees, you may:
- Choose your monthly payment date.
- Schedule your payments monthly, biweekly, or weekly to better fit your budget.
- Contact us at least 10 days before the payment due date to reschedule your payment, if needed.
KEY TAKEAWAYS:
- The total cost of a BYDcash immigration loan will not increase overtime – you know the cost before you sign the loan agreement
- BYDcash monthly payments are fixed and remain the same each month
- BYDcash allows you to choose your preferred monthly payment amount, helping you stay on budget
- You can choose the day(s) of the month and the frequency of your loan payments (monthly, semimonthly, or weekly)
- Compared to credit cards with variable rates, BYDcash may offer a lower total cost
- Because BYDcash pays your attorney 100% upfront vs. monthly payments via cash, check or credit card, your case can be completed as quickly as possible, without delay!
SAMPLE: THE COST OF A $4,000 BYDcash IMMIGRATION LOAN
Alejandra meets with her immigration attorney and explores payment options to start her petition. The total legal fees and USCIS filing fees are $4,000. The attorney requires a 50% down payment to proceed.
Alejandra contemplates delaying her case to save up money to pay out of pocket, but her attorney suggests BYDcash – a safe, straightforward, and affordable loan option to get her case started quickly.
Alejandra evaluates her finances and decides she can comfortably pay $270/mo.
Using the BYDcash Loan Calculator, she determines a 20-month loan term will bring her monthly loan payment to $268.
The interest cost of a $4,000 BYDcash immigration loan over 20 months is $68.85 per month on average.
Below is the breakdown of the cost.
Term
(Months)
20
Total
Amount
$4,000
Monthly
Payment
$268
Avg Cost
per Month
$68.85
Total Loan
Cost
$1,377
Check out the BYDcash Loan Calculator to view your monthly payment amount!
With fixed monthly payments and no hidden fees, you can start and complete your immigration case without the stress of delays and fluctuating costs. The path to Building Your Dreams starts with BYDcash.