When you hear the term ‘lawsuit loans,’ it’s natural to think that the process is actually related to a loan. Actually, it is a cash advance given against an expected lawsuit settlement to those who qualify. Essentially, if you have a strong case you may be eligible to receive a portion of your own money early, before your lawsuit completes.
Litigation financing has helped thousands of people pay their bills and live comfortably while waiting for a personal injury lawsuit to settle. Lawsuit loans make it possible to pay medical expenses and household bills, or to catch up on financial obligations so that you can avoid further financial issues or possible bankruptcy. In most cases, funding companies advance about 10% of an expected settlement.
Qualifying for lawsuit loans is easy, as long as you have a strong case. Litigation financing companies usually approve those whose cases are viable and likely to win, but do not accept frivolous or weak cases. The only information required from you and your attorney is that which is directly related to your injuries and the accident or circumstances that caused them. Whether you have bad credit or even no credit makes no difference. Employment verification or background checks are not necessary, either, as the funding company will recoup its money if you do win your lawsuit.
Lawsuit loans are a good solution for many personal injury plaintiffs who need money, simply because there are no up-front costs or fees to make an already difficult financial situation worse. You never repay a dime until you win your case and have control of your money. At that time you will repay the litigation financing company the amount of the advance, as well as any applicable fees or interest. The remaining money is yours to do with whatever you please. In the event you are not successful in winning your lawsuit, you owe nothing.
The process of applying is quick and easy, and if you qualify you can expect to have the money you need in as little as 24 hours. For many who have suffered injuries caused by negligence, settling for what the insurance company offers will not do; however, proceeding forth with a lawsuit is costly. Lawsuit loans allow you to level the playing field, so that you are not forced to accept a low-ball offer from the insurance company and can live normally while your attorney fights for the full compensation you deserve.