Borrowing on Your ICBC Claim

The interest rate charged can easily reach 20-60% per year and if your ICBC case drags on a few years

An increasing number of lending companies are prepared to advance money to you if you have an ICBC claim. They tend to charge substantial administration fees to set up the account and then charge interest monthly. They are reluctant to tell you what the interest rate really is.

The interest rate charged can easily reach 20-60% per year and if your ICBC case drags on a few years, then you will be paying huge dollars for the advanced money.

You should carefully review all administration fees and the actual annual interest charged to determine what sort of interest rate you are going to pay. In most cases, you will probably find the rate to be in the 20% to 60% range, which makes credit card companies look reasonable when it comes to the interest rate they charge.

It is strongly recommended that you don’t borrow against your ICBC claim through these lending companies unless the interest rate is reasonable, and the administration fees are modest. Sourcing out funding from family members or friends as well as a conventional bank or even your lawyer is the best approach.