If you are the injured party involved in a personal injury lawsuit, you may be curious about settlement loans and how they work. Basically, this type of funding is not a loan, but more of a cash advance against your pending settlement. It is your own money, you are simply “borrowing” against it if approved by the litigation funding company. This is one option you may want to consider if you find that because of your injuries, you are falling behind on household bills and other obligations.
This frequently happens, simply because those who are injured face many more expenses than they may initially expect. You may be unable to work because of your injuries, or time spent in court may be taking away from your income. Medical costs continue to skyrocket; soon, you find you’re behind on the mortgage or do not have the money your attorney needs to fight vigorously on your behalf. Mayfield Settlement loans give you the financial resources necessary to pay your bills, attorney fees, medical costs and other expenses so that you can relax and avoid finance issues for the duration of your lawsuit.
Not every case qualifies for settlement loans, although most do if they are strong and likely to win. In order to qualify, your attorney must submit the required information which includes the details of the accident that caused your injury, your actual injuries, etc. If you have bad credit, no credit or are unemployed it makes no difference. Litigation funding companies are interested only in the facts surrounding your claim.
If you do qualify, you will receive your money quickly, usually within 24 hours. On average, most funding companies advance approximately 10% of the total settlement the plaintiff is expected to win. The process is non-recourse, which simply means that in the event you lose your lawsuit you owe nothing to the litigation funding company. If you are worried about out-of-pocket expenses, there are none. Any fees and/or interest will be repaid at the time you repay the advance, after your case settles.
For many people there are few options when it comes to getting the money they need to pay bills and buy groceries while waiting for a lawsuit to settle. Find out more about settlement loans online, or discuss the process with your attorney for his opinion on whether it may be for you. You could have the money you need immediately.