What are settlement loans? To put it simply, it is an advance given to a plaintiff who qualifies against his or her pending lawsuit settlement. If you have been injured due to negligence, are involved in a lawsuit, and are facing financial difficulties that can be attributed to medical costs, lost wages, or the fact that you cannot work because of your injuries, you may want to speak with your lawyer about litigation financing.
You may feel that settlement loans are too risky; after all, how would you repay the funding company if you were to lose your case? Thankfully, this is a non-recourse type of funding, which simply means that if you do not win, you do not repay the advance. In addition, you will not be responsible for any interest or fees that may apply should you lose your lawsuit.
There are no up-front fees or other out-of-pocket expenses with settlement loans. You will not be required to repay the litigation financing company on a monthly basis, so you don’t have to worry about an already dire financial situation getting worse. You only repay the advance after you have won your lawsuit, and have your settlement.
Qualifying is simple, as long as you have a strong case. While frivolous cases are not accepted, qualifying is easy if you have a viable case. Your lawyer will submit the required information to the funding company, which includes documentation of medical treatment and testing of your injuries, the nature of your injuries, and how the accident or circumstances led to your injuries. Companies that provide settlement loans will not ask you to submit any information regarding your credit standing, employment status, etc.
What can the advance be used for? Settlement loans make it possible for you to pay household utility bills, the mortgage, medical bills, or even buy groceries. Basically, you will have the money you need to live as you normally would while waiting for your lawsuit to reach completion. Contact Mayfield Settlement Funding for more information.
In most cases, those who qualify will get an advance in about 24 hours. You can expect the amount of the advance to be about 10% of the settlement you expect to win in court. While litigation financing is not the best solution for every individual, it has helped tens of thousands avoid financial disaster and even bankruptcy. Speak with your attorney today, or go online to learn more about settlement loans.