Lawsuit loans have been a good solution for many plaintiffs in personal injury lawsuits who find they are in a financial bind. When you are injured because of someone else’s negligence, it can seriously upset your life – including your ability to work. It often becomes hard to pay the bills and meet other financial obligations; this is what settlement funding is for. So, how does it work?
Rather than an actual loan, lawsuit loans are more of a cash advance against the settlement you expect to be awarded in your lawsuit. It’s your own money, you are simply getting access to a portion (usually about 10%) of it early. If approved, you can have the money you need in about 24 hours.
How do you get approved for lawsuit loans? It’s actually very easy, even if you have no credit or bad credit. With settlement funding, you are not asked to give personal information such as credit rating, employment status, etc. Your attorney will submit the required information, which includes how the accident or circumstances that resulted in your injuries occurred, and details on the injuries themselves. The funding company simply wants to ensure that your case is strong, and valid. Today, many people are money “hungry” and will sue at the drop of a hat. The company wants to ensure that yours is not a frivolous lawsuit.
Repayment of lawsuit loans. Unlike conventional loans where you typically make monthly payments, you only repay the settlement funding company when you actually get your money. You will also pay any fees or interest at this time, so there are never any out-of-pocket expenses. If for any reason you do not win your lawsuit, you will not repay the loan. You are never at any financial risk during the process.
Essentially, lawsuit loans allow you to pay the household bills, medical expenses, and other costs so that you can avoid potential bankruptcy or foreclosure while waiting for your lawsuit to settle. You will also have the money to help your attorney develop a strong lawsuit, increasing your chances of winning.
Personal injury lawsuits are notorious for taking months to complete; in the meantime, plaintiffs often find they are going broke. Settlement funding may help you prevent facing serious financial issues; speak to your attorney about whether it may be a good option for you today, or learn more about the process online.