Most people confuse lawsuit loans with regular loans. Basically, a lawsuit loan is not a typical loan. Instead its cash advance to an injured victim to cater for a personal injury claim. Depending on the qualities of the case, a plaintiff qualifies for funding until he or she receives a settlement.
Do I need a lawsuit loan?
This loan will help take care of your needs while pushing for the injury lawsuit. Also, a personal injury case may take years to conclude. You need enough cash since you have lost your job and your family is looking upon you. The legal process on the other side requires funding.
How can I get a good pre-settlement loan provider?
There are thousands of lending companies available in the market today. Some pride in how they offer low interests while other hype on their easiness to approve funding. But the question still remains, how do you know the best company to use? The first process is to ask your attorney for a referral. Secondly, you should visit organizations such as The Funding Exchange for a list of reputable companies.
What are the repayment conditions?
These loans work on the concept of non-recourse funding. This means plaintiffs will have to pay both the fee and cash advance once they win the settlement. However, if you lose the case, then you won’t have to repay the cash. Depending on the lending company, the interest rates keeping adding as the case takes longer to settle.
Why was I denied a lawsuit loan?
It’s possible for the lender to deny you a loan in consideration of many factors. However, this should not be confused with a weak case. The lender may deny you a loan because of a short settlement period. Lending firms make profits by accumulating interest from your lawsuit. Other reasons include a lawyer failing to submit the required documents, failure to sign the contract or too many demands from the plaintiff.
Benefits of lawsuit loans
A good credit score is not required. Everything lies in the strength of your lawsuit.
If you lose the claim, you won’t be accountable for repayments.
It is important to understand the terms of lawsuit loans as well as the process of applying. Have these loans when you are all your saving have been exhausted. If utilized well, they can greatly change your life as you engage the defendant and insurance company on a legal battle. After all, there is nothing to lose at the end of the day.…