If you have been the victim of someone else’s negligence and are currently involved in a personal injury lawsuit as the plaintiff, are you struggling to pay your bills? Do you wonder how you’re going to get by until your lawsuit settles or results in a jury award?
If so, you’re in luck. A specific settlement funding option called a lawsuit loan can give you the money you need with no strings attached.
How you qualify for lawsuit loans
Not everyone qualifies for lawsuit loans. To do so, you have to be a plaintiff in a personal injury lawsuit, and that lawsuit has to be likely to settle or result injury award. You must also have hired your lawyer on contingency, meaning that he or she won’t get paid unless you win, and your lawyer must agree that applying for this type of pre-settlement funding is a good idea.
There are no financial hoops to jump through, no credit reports check, no collateral to provide. Your collateral is in effect your status as a plaintiff in a personal injury lawsuit, with that lawsuit likely to result in some sort of monetary compensation.
How lawsuit loans work
Assuming that you meet the qualifications, you apply for a lawsuit loan through one of the companies that offer these types of litigation financing vehicles. You receive the money, usually about 10% of what is expected to be your jury award or settlement, once you’re approved.
You don’t have to pay the money back unless you win your case
Unlike most types of loans, lawsuit loans won’t saddle you with a debt you’ll have to pay back whether or not you win your case. That creates further hardship for you, and it’s hardship you likely don’t need.
Instead, you’ll be expected to pay back the amount you borrowed once you win your case, plus interest and fees. If you lose, however – and this is very important – you won’t have to pay back anything. These companies are very, very careful when they decide which candidates are qualified to receive this type of settlement funding, so when you’re offered this money, it’s considered a good risk to them that you win your case. If you don’t, they absorb this risk and release you from any financial obligations to them free and clear. Simply get on with life, sure in the knowledge that you’ll have no financial obligations to worry about. Visit Mayfield Lawsuit Loans today.