Lawsuit loans may sound like an intimidating term, but it’s really just a cash advance against a pending lawsuit settlement. Unlike conventional loans, you don’t have to wade through a lot of red tape or wait for days to learn if you’ve been approved. With litigation funding, you will generally know within 24 hours of applying if you have been approved.
Are most applicants approved? It depending on the strength of your lawsuit, and whether the funding company considers it frivolous. With lawsuit loans, in most cases if you have a strong case that will likely win in court, you are approved. You will then get a portion of your expected settlement quickly, usually by the next day. In general, most funding companies advance approximately 10% of the expected settlement, or anywhere from $500 to $250,000 or more depending on the value of your claim.
For most people, repaying lawsuit loans is no problem because of the way the process works. You only repay the advance if you in fact do win your lawsuit, and then only when you have your money in hand. Any applicable fees or interest will also be paid at this time, so you are never out any money or required to make monthly payments. If for any reason you do not win your lawsuit, you do not repay the advance, nor any fees or interest because funding is non-recourse.
How will it be determined if you qualify? You and your attorney will submit the information required by the settlement funding company, which pertains strictly to your injuries and the accident/circumstances that caused them. Whether you are employed or have good credit makes absolutely no difference. Litigation financing companies only want to know that you have a solid lawsuit which will likely win in court. This helps ensure that the company will get its money back.
What can the money be used for? Lawsuit loans allows those who have been injured and who may be unable to work to pay the bills. Utility bills, the mortgage, medical expenses, attorney fees, even costs to have your property repaired if it was damaged in the course of events that caused your injuries. Essentially, you can live comfortably and avoid creditor harassment while waiting for your lawsuit to complete.
Insurance companies simply do not give injured victims the full damages they deserve, and personal injury lawsuits can take months or even longer to complete. In the meantime, you have a tough time paying the bills, and fear that you will be broke before your lawsuit settles. Lawsuit loans are not for everyone, but may be the perfect solution for you. Learn more online, or talk to your attorney about litigation financing. Contact Mayfield Settlement Funding Lawsuit Loans today!!!