When you are injured and involved in a personal injury lawsuit, the thought of settling for an amount less than you deserve may be attractive, simply because you are having a tough time paying the bills. Personal injury loans are designed for these types of situations, and help plaintiffs live comfortably while awaiting full settlement without putting yourself at risk. If you’re not familiar with this process, you will find the following information helpful.
Qualifying is easy. Getting approved for personal injury loans is a fairly easy process. The only information litigation funding companies require is that information which is directly related to your injury, and the circumstances that led to the injury (for instance, a car or slip and fall accident). If your case is solid and likely to be won, you will likely be approved. Additionally, you will not be required to provide personal information regarding your credit rating, employment status, etc.
Get your cash advance immediately. Personal injury loans are really not loans, but a cash advance against the money you expect to win in your lawsuit. If approved, you can get the funds you need to pay medical costs, household bills, attorney fees, and other expenses immediately, usually within 24 hours.
Litigation funding is a non recourse type of funding. What does this mean? It’s simple. If you win your lawsuit, you will repay the advance along with any fees or interest which may apply. However, if your attorney is unsuccessful in winning your case, you owe nothing. Essentially, you are not at any risk – and if your case is lost, you have received “free” money.
Expect about 10% of your anticipated settlement. With personal injury loans, you can expect to be advanced about 10% of your expected settlement if you qualify. This means that if your lawyer filed suit for $100,000, you can expect an advance of about $10,000. This money will help you meet your financial obligations for the duration of the time it takes for your lawsuit to complete, so that you aren’t forced to settle for less than you deserve.
Frivolous cases will not be accepted, and your attorney should have accepted your case on a contingency fee basis. Why? This lets the funding company know your case is viable, otherwise the attorney would not likely have accepted it. Learn more about personal injury loans online, or ask your attorney about litigation funding, and the benefits.