Borrower FAQ
General Questions
Yes! If your attorney does not work with BYDcash currently, we can speak with them to help meet your needs.
To qualify, you must be 18 or older and have a signed attorney fee agreement for your immigration process. If you are a minor, your parent, guardian or sponsor may apply on your behalf.
On average, the loan process takes 5 to 7 business days.
This time frame varies depending on how quickly you can submit the documents needed to process the loan. Once you’ve submitted your documents, loan approval typically occurs within 24 hours. Following approval, the client needs to sign and send the loan documents for our team to process the Loan Origination Fee and verify the bank account, which usually takes 3 to 5 days (this can be done concurrently with the application process to accelerate loan execution).
Not necessarily, but it is a requirement for applications to show that you or your cosigner has stable income in order to be approved.
The requirements are the same, whether you are in the United States (U.S.) or outside of the U.S. You will need a sponsor with legal status in the U.S. and a U.S. bank account, as well as a signed attorney fee agreement from a U.S. law firm. If the firm is not already working with BYDcash, we can speak with them to get them signed up.
Once you have moved to the U.S. and established a personal bank account with 3 months of usage, we can change the monthly payments to be debited from that account.
You will need to provide an ID card (Driver’s License, Passport, Consular ID) and 3 recent United States (U.S.) bank, rent, cell phone, and utility (water, gas, or electricity) statements. You also will need a cosigner with U.S. legal status. This can be your sponsor or anyone with U.S. legal status.
We strive to assist all our clients. If your circumstances are unique, our team can discuss alternative qualifications.
BYDcash charges 3% per month on the outstanding principal, similar to or less than a credit card (~22% APR). With BYDcash, you also choose your payment terms (6 to 60 months), so you can select a monthly payment that fits your budget. You may choose a longer term to get a lower monthly payment today, then after 6 month, you may pay it off as quickly as you want to reduce the overall cost.
Payments, Fees, & Other Related Questions
A Late Payment Fee of $35 will be charged after the 10-day grace period of the invoice due date. However, to help you avoid late payments, BYDcash lets you choose your monthly payment date or you may schedule your payments to be pulled biweekly or weekly to better fit with your monthly budget.
If you know you will be unable to make a payment on time, you may contact our billing department at [email protected] at least 3-5 days before your scheduled payment date to reschedule your payment and avoid a late fee. We are committed to helping you plan your payments, so you do not incur additional charges.
Seriously delinquent accounts may be turned over to a Collections Attorney, which can negatively impact your petition.
Absolutely! To reduce the cost of the loan, you may make additional payments, and after 6 months, you may pay off the loan early without any penalties.
Today, we process your Loan Origination Fee through the bank account that will be used to make your monthly loan payments. Once you submit your Automated Clearing House (ACH) Authorization form, the Loan Origination for $150 will be charged to verify that the bank account is open and funded. This is a bank verification, and it takes 3-5 business days. To accelerate your loan completion, we can process the bank verification as soon as you provide the ACH Authorization Form. Please let us know if you would like to process this prior to your application approval.
Your BYDcash loan is used to pay for your immigration attorney fees and government filing fees.
Financial challenges can affect anyone, and we are here to help. Contact us at [email protected], and we’ll explore options to help restructure your payment plan.
A United States (U.S.) bank account is required to apply for a BYDcash loan for the life of the term.
If you do not have a U.S. bank account and are unable to use the account of your cosigner, in some instances you may be able to use a friend or family member’s bank account for payments. Please speak with your BYDcash Relationship Manager about your unique situation.
BYDcash charges a non-refundable $25 Application Fee. Once your loan is approved, a $150 Loan Origination Fee is applied.
We pay your attorney directly and in full, so they can begin working on your petition immediately. With a BYDcash loan, they also know good funds are available for the government fees, so they can complete and file your petition as quickly as possible.
Sponsor Related Questions
All BYDcash loans require a sponsor. Securing a sponsor for a loan is a United States (U.S.) banking industry standard. A sponsor provides additional security for the loan, ensuring that payments will be made on time, helping increase your chances of getting your BYDcash loan approved.
Being a sponsor means they share responsibility for your loan.
We strive to assist all our clients. If your circumstances are unique, our team can discuss alternative qualifications.
A sponsor is someone who agrees to take financial responsibility for the loan, if you become unable to make your payments.
A sponsor must have legal status in the United States (such as a U.S. citizen, Legal Permanent Resident, Work Permit holder, or TPS/Asylum status), demonstrate the ability to cover the loan costs, and be willing to take responsibility for the loan.