Are you the victim of someone else’s negligence? Have you suffered a personal injury, such that you have filed a personal injury lawsuit against the offending party? Is your case likely to settle or win in court? Are you having difficulty making ends meet while you wait for your lawsuit to complete?
If you’ve answered “yes” to these questions, you may be eligible to apply for something called a lawsuit loan. Lawsuit loans, sometimes also called “personal injury loans,” are loans that in effect let you borrow against your expected jury award or settlement when you are a personal injury lawsuit plaintiff.
How this type of settlement funding works
Applying for lawsuit loans isn’t anything like applying for traditional loans. You don’t need collateral, and your credit history will not be checked. Instead, companies that specialize in this type of litigation financing take a look at the personal injury case you’re involved in, and will determine if it’s likely to settle or result in jury award.
There are a couple of other requirements as well. Your attorney must have been hired on contingency (meaning that he or she will not collect monies from you unless you win your case), and your attorney must agree that applying for lawsuit loans is a good idea. If these requirements are met, the company you’ve applied through will give you a percentage of your expected settlement or award, most often about 10%.
This gives you the money you need to pay bills and other living expenses while you wait for your final settlement or jury award to arrive. When it does, the company will recoup what it lent you, plus fees and expenses.
There’s no risk
The good news is, if you are found eligible for one of these loans and you don’t win your case after all, the litigation financing company involved simply absorbs your lawsuit loan. You don’t have to pay back the money you’ve borrowed. This makes it a much better option for you if you’re already struggling with finances; you can simply dispense with any further worry about the loan and move on with your life.
Don’t wait. These litigation financing companies understand how difficult it is to try to heal from injuries AND continue to pay bills, which can be difficult to impossible if you’re not working right now because of your injuries. You may also have medical bills to pay as a result of your injuries, such that you need money now. Lawsuit loans can provide you the financing you need with no risk and no obligation.
Visit Mayfield Settlement Funding to learn more about lawsuit loans.