Personal Injury Loans, and How They Work for Injured Plaintiffs

Are you the plaintiff in a personal injury lawsuit who was injured because of someone else’s negligence?  If you are facing financial issues, you may want to consider personal injury loans. It’s very common for those who are injured to find they cannot pay the bills and meet other financial obligations; after all, medical costs related to injuries and being unable to work can take quite a toll on finances.  How can you possibly live as you once did and keep the creditors off of your doorstep while waiting for your lawsuit to settle?  Litigation funding is one solution that’s a good option for many.

Personal injury loans (also referred to as litigation funding) are really a cash advance given to plaintiffs who qualify.  Not a loan at all, plaintiffs who have a strong case and who are approved may be able to get about 10% of their total settlement now, to pay household bills, buy groceries, and take care of other obligations. Qualifying is relatively easy, as long as your case is viable and will likely win in court.  However, if your lawsuit is found to be frivolous, you will not be approved for an advance.

How can you repay an advance when you’re already having financial difficulties?  With personal injury loans, there are no monthly payments, upfront fees or other out-of-pocket expenses to worry about.  If you are approved and get an advance, you only repay the litigation funding company after your lawsuit has been won and you have been awarded compensation.  At that time you will repay the advance, along with any fees and interest that may apply.  If your attorney is unsuccessful in winning your lawsuit, you owe nothing at all – you do not repay the advance, fees, or interest.

But I have bad credit, how could I qualify for an advance?  With personal injury loans it makes no difference whether you have excellent credit, bad credit, or no credit at all.  The funding company will request information that your attorney will provide.  This information pertains only to the accident or circumstances which caused your injuries, and the extent of the injuries.  You will not be required to provide personal information such as employment history, criminal background, credit info, etc.

How quickly can I get an advance if I do qualify?  In most cases you will get your advance within 24 hours, so there is no waiting for days or weeks when you need money immediately.  Personal personal injury loans are one of the quickest ways to get the money you need right now, and without putting yourself at risk since you will not be responsible for repaying the advance if you do not win your lawsuit.

Find out more about litigation funding online, or ask your lawyer a few questions so that you can decide if it sounds like a good option for your circumstances.

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