Personal injury loans are simply an advance that is given to an individual who has been injured due to someone else’s negligence, if that individual qualifies. This is an advance against a settlement you expect to win in a personal injury lawsuit. Settlement funding companies offer these “personal injury loans” to those who have a solid case which will likely win; frivolous lawsuits will not be considered.
How do those who have been injured qualify for personal injury loans? The process is private and confidential, requiring only information about your injuries, and the accident or circumstances that caused them. No information regarding your credit standing, employment or other background data is ever required. Litigation financing companies deal only with you and your attorney, who will provide the necessary information about your lawsuit.
If approved, how much of a cash advance can you get? It all depends on how much you expect to be awarded in your lawsuit. With personal injury loans, most funding companies will give those who qualify about 10% of their expected settlement. So, if your lawyer values your claim at $125,000, you will likely be given an advance of approximately $12,000 to $13,000. You will receive this money generally within 24 hours of applying if approved.
How will you repay the advance? With personal injury loans you only repay the settlement funding company if your lawsuit is won, at the time you have your money. There are no monthly payments, or out-of-pocket expenses. You will repay any fees or interest at the time you repay the advance; if for any reason you do not win your lawsuit, you owe nothing.
Many injury victims find that they face tough financial issues because of medical costs and lost income when they cannot work. Soon, it becomes difficult to buy groceries and pay household bills, let alone attorney fees. Personal injury loans help plaintiffs involved in injury lawsuits live as they normally would while their attorney continues to fight for full compensation. This money can also be used to pay attorney fees, so that your lawyer has the financial resources to fight aggressively and effectively on your behalf.
Learn more about this type of funding, or discuss it with your lawyer to determine if this may be a suitable course of action for you. Personal injury loans are one option that have helped thousands of people avoid financial disaster and even bankruptcy or foreclosure while fighting for the full compensation they deserve.