Individuals who are injured due to someone else’s negligence and involved in personal injury lawsuits often find they are facing a serious financial crisis. Settlement loans help ease the financial stress, making it possible for you to live comfortably for the duration of your lawsuit while paying medical bills, household expenses and other costs. If you are facing financial issues or fear that bankruptcy may not be far off in your future, learn why you may want to consider litigation funding.
Pre-Settlement funding loans are not actually loans at all, but a cash advance given against a pending settlement to those who are approved. Because you are advanced a portion of your own money, you do not make monthly payments, nor are you required to pay any fees upfront. You only repay the advance when you have won your lawsuit and have your money. In the event you do not win, you do not repay the litigation funding company, because the process is non-recourse. This means that if approved, you can get the money you desperately need now, without the worry of how you will pay it back should you not be awarded a settlement.
Is it easy to qualify for an advance? With settlement loans, no information regarding your employment status, credit history or other background information is ever required. All the information the litigation funding company wants is that which is relevant to the accident that caused your injuries, and those injuries. If you have a solid case which would not be considered frivolous, chances are you would qualify for an advance.
How long does it take to get your money if approved? In most cases, those who apply for settlement loans and are approved can access their money within 24 hours or even sooner. This is an ideal solution for those who need money immediately in order to pay bills, buy groceries and meet other financial obligations.
In most cases, those who qualify can get an advance of about 10% of their expected settlement, so if your attorney determines that your claim is worth $250,000, you will likely be advanced approximately $25,000. This money helps reduce the stress of worrying about how you will pay the bills, so that you can focus on winning your lawsuit.
Learn more about the advantages of settlement loans by speaking with your lawyer, or read about litigation financing online to help you make an informed decision. Don’t settle with the insurance company simply because you are desperate for money and cannot afford the lengthy wait of a personal injury lawsuit – settlement loans give you another option. Contact Mayfield Settlement Funding to learn more.