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October 20, 2020

Question About Bairs Foundation Interest on Loans After Milestone Consulting Tweets Saunders Video

by Structured Settlement Watchdog
 
Milestone Consulting tweeted a video featuring Florida personal injury trial lawyer Joe Saunders of Pinellas Park, a member of Injury Board who " thinks that Bairs Foundation "charges like 5%" on pre settlement litigation loans to plaintiffs.  The same video was also promoted on Facebook.
 
According to its website on October 20, 2020, the Bairs Foundation states "We base our interest rate on the Wall Street Journal U.S. Prime Rate, plus 6.5%, adjusted on a monthly basis. The interest rate for the month is predicated on what prime is at on the first day of the month. As of June 1, 2019, the interest is 12% simple interest".  [screenshot excerpt right]
Bairs Foundation interest rate 10-20
Screenshot from Bairs Foundation 10-20-2020
 
According to PrimeRate.com the current U.S. Prime Rate is 3.25%.  3.25% plus 6.5% equals 9.75%.
 
9.75%-5% equals 4.75%, less than what one would calculate using the formula that the Bairs Foundation actually says on its website.
 
What is the Prime Rate?    The prime rate, also known as the prime lending rate, is an interest rate used by banks generally to represent the interest rate at which banks lend to customers with good credit. Some variable interest rates, such as what the Bairs Foundation says it charges on its website, may be expressed as a percentage above or below prime rate
 
The Prime Rate  History
 
Here is an excerpt of the transcript from Injury Board member Joe Saunders' YouTube video that Milestone Consulting posted to its YouTube account on October 16, 2020 and then tweeted today  [Source: YouTube].
"maybe more importantly a milestone has
00:30
set up a foundation the bear
00:32
foundation that provides litigation
00:35
loans
00:37
it very low rates is a counter to the
00:41
loan sharks that charge
00:42
100 percent the bear foundation i think
00:45
it's
00:46
five percent or something for small
00:48
litigation loans up to maybe five
00:50
thousand dollars
00:51
or so um so you know they're a really
00:55
valuable asset to be able to use"
 
The Milestone tweet follows days after Milestone claim to have a yield of 7%-9% on market based periodic payments was rightly questioned.
 
Why would Milestone Consulting publish a video on its YouTube Channel and tweet  and post to Facebook about it, when the Bairs Foundation website says something that is completely inconsistent? Who reviews this stuff? Although one might presume that Mr. Saunders stated the 5% to the best of his recollection, Milestone chose to publish the video with the inaccuracy and then further promote it in a tweet. Hmm

Posted at 03:11 PM in Buffalo Structured Settlement Cash Now, Credibility of Financial Advisors, Pre Settlement Loans, Structured Settlement Watchdog® |

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Guide to Structured Settlements 2022

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