As an injured victim involved in a personal injury lawsuit, you may find it becomes impossible or nearly impossible to pay all of your bills, mainly due to enormous medical costs. Settlement loans help ease the financial anxiety, helping you pay the bills and live comfortably for the duration of the lawsuit. It is widely known that these types of cases often take months to settle; how do you pay the bills in the meantime, particularly if you cannot work? Litigation funding may be the answer.
What are settlement loans, exactly? It is simply an advance against a pending settlement; in other words, a portion of your own money. Litigation funding companies offer these advances to those who have a solid lawsuit that will likely be won. If you qualify, you can have the money you need to pay household bills, medical expenses, attorney fees and other costs usually within 24 hours or less.
Do you have to have good credit to qualify for settlement loans? No. Litigation funding companies do not care about credit standing, employment status or any background information. The only factor that determines whether you qualify is the strength of your lawsuit. Funding companies review the information regarding the accident which caused your injuries, and the extent of your injuries – nothing else.
How do you repay the loan? You never have to worry about paying fees or other upfront costs with money you do not have. Settlement loans are non-recourse, which means you only repay the loan when you win your lawsuit and get your money. If you do not win, you pay nothing – no fees, no interest, no portion of the advance that was given to you.
Essentially, Mayfield settlement funding allow you to live normally and avoid financial issues while waiting for your lawsuit to reach completion. You don’t have to settle with the insurance company for far less than you deserve, and can relax while your lawyer fights hard for the full compensation you deserve. In most cases, litigation funding companies will advance approximately 10% of the amount you expect to win in your lawsuit. So, if your attorney valued your claim at $300,000, you can expect an advance of about $30,000.
Are settlement loans right for everyone? No, but it may be the solution in your situation. Speak with your attorney about litigation funding today, and whether it may be an option for you to consider.