Borrower & Cosigner FAQ

Wth a BYDcash loan:

• You choose from flexible  payment options that best suit your budget.
• Your loan covers payment of the attorney fees, in full, from the start. That means your attorney can start your case faster!
• There’s no need to use all your savings to start your case. Leveraging a loan helps you spread out payments over a longer term than what your law firm may offer.

You can apply for up to $15,000 to cover:

• Attorney fees.
• Government filing fees.

*Note – If government filing fees are associated with your case type, your total loan request must include the attorney fees and the filing fees.

Once all loan documents are signed by you and the cosigner, and the bank account you will make your regular payments from is verified,  the attorney fees, in full, will be sent directly to the law firm.

When your attorney is ready to file your case they request the filing fees and  BYDcash will send the funds to them.*

*Note: You must be current on your BYDcash loan payments for filing fees to be distributed to the firm.

No. Social security numbers and credit scores are not required.

Yes. Check the Borrower page of our website for service area updates.

Yes. You must have a cosigner who lives in the US and has legal US status or permission to be considered for a loan. This individual must be someone who is willing to assume financial responsibility for your loan if you are unable to pay it back.

Examples of legal status:

• US Citizen.
• Lawful Permanent Resident (Green Card Holder).
• Visa holder.
• DACA.
• Temporary Protected Status (TPS).
• Asylee.

A cosigner will also need to fill out the areas in the application related to them. At a minimum, they will provide info such as contact information, and upload proof of legal status as well as their ID. 

It is important to know that the cosigner will become responsible for paying your loan off if you cannot make payments. 

Your attorney must be enrolled as a BYD Network member to be able to accept BYDcash loans as a form of payment. 

Once you know what the attorney and government filing fees amounts are for your immigration case, you are ready to complete the BYDcash Intake Form to start the application process:
www.bydcash.com/getstarted.

Yes. There is $25 non-refundable application fee.

You must: 

• Be 18 years old or older (If you’re a minor, your parent, guardian, or cosigner may apply on your behalf).
• Be working with an attorney in the BYD Network.
• Have no felony record.

The following are required:

• A cosigner with US legal status.
• A copy of your fee/quote legal agreement signed by both you and your attorney (your attorney provides this).
• Valid ID (Driver’s License, Passport, or Consular ID).
• 3 months of your most current U.S. bank statements.
• 3 months of your current rent or mortgage bills.
• 3 months of current cell phone bills.
• 3 months of one type of utility bills (i.e., water, gas, electricity).

Don’t have all of these documents? That’s okay!  Our team will help identify alternative acceptable documents you can submit as substitutes.

Your cosigner will also need to fill out their part of the application and upload ID and proof of their legal status.

These documents inform us of your current and past financial situation, help us assess if you’re a good candidate for a BYDcash loan, and predict your ability to sustain payments long term.

If you have not made any progress on your application despite outreach from our application support team, it will be closed after two weeks. However, if you are actively working on the application, you have 30 days.

In the instance the beneficiary of the legal services is detained, they cannot be the person who applies for the loan. Another party, such as a spouse, relative  or employer must apply and submit their financial documentation to secure a loan. In addition, BYDcash requires a third person who will be the cosigner.

Once you finish your application, our team reviews it within 24–48 business hours.

Once  you are approved:

• You and your cosigner sign the loan agreement.
• You make a $150 prepayment (we apply this payment to your loan principal).
• Your attorney receives payment for their attorney fees and can start your case!

BYDcash loans are installment loans, meaning you will repay the loan, plus interest, through scheduled, fixed payments each month  over a set period of time. The interest rate is 3% per month on the remaining principal balance (effective rate 36%).

We offer terms from 6 months to 60 months! BYDcash loans are installment loans so the payments are the same month to month and auto-drafted from your account.

Additionally, you can choose to make payments 1x a month, 2x a month, or 4x a month. It’s up to you! 

Note: The final payment may be minimally higher or lower than your usual payment due to any difference caused by the occasional inability to round loan and interest payments to uniform payment amounts due to our daily interest calculation method. Also, one additional small payment may result depending exclusively on the schedule of your first loan payment. 

Yes. You can make additional payments or pay in full anytime, with no penalties, after the first 6 months of making regular, on-time payments. 

Helpful advice: Making additional payments helps bring down the total cost of your loan!

We understand financial challenges can impact anyone at any time. We will work with you to find a repayment solution that helps you stay on track and ensures your case is not impacted. We may be able to:

• Change payment dates. 
• Set up more convenient payment intervals, like  2x a month or 4x a month.
• Talk to you about other plans available should you be facing a qualified hardship.