Are you a personal injury victim? Have you been injured as a result of someone else’s negligence, such as in a slip and fall accident? Are you struggling to recover from your injuries, such that paying bills is difficult? Have you been unable to work – or been working only part-time – since the incident?
If the above are true, there’s a type of loan you can get that was created especially for you as a personal injury victim. These loans are called settlement loans, and they’re meant to provide a portion of your expected jury award or settlement while you wait for your case to wend its way through the courts.
How do you apply for settlement loans?
Before you apply for settlement loans, you first have to talk to your lawyer about doing so. You must have hired your lawyer on contingency, and he or she must agree that you can indeed apply for these loans. If your lawyer won’t sign off on the loan, you won’t be able to qualify.
However, if your case is likely to settle out of court or result injury award AND your lawyer agrees that you can apply for one, the next thing to do is to contact a settlement loans company. They’ll review case to make sure it’s valid and verify that your lawyer agrees it’s a good idea to do so. They’ll also make sure your case is likely to result injury award or settlement. With all of those requirements met, you are given the money you need, usually about 10% of the expected final amount once your case is complete.
Is it necessary to pay the money back?
Usually. If, as expected, your case results injury award or settlement, you’ll be expected to pay the money back plus fees and interest. However – and this is important – if you don’t win your case and receive a jury award or it doesn’t settle out of court, you’ll obviously have received no money from your lawsuit as expected. In that case, you owe nothing to the settlement loans company and can simply walk away with no debt from this experience. That’s very different than taking out a traditional loan, which requires collateral and income verification in addition to the requirement that you must pay the money back.
Why worry about money while you wait for your lawsuit to make its way through the courts? Take advantage of a special type of litigation financing called settlement loans – created especially for you – and take care of those financial worries today.