Anyone who has been seriously injured because of another party’s negligence knows the financial problems that can arise. Lawsuit loans help you get through during the time you are injured and receive settlement from the insurance company or through a jury award, so that you can pay your bills and live comfortably. If you are not familiar with what litigation funding is and how it works, this article will simplify things for you.
Most people never think of how their injuries will affect them overall, other than the medical costs. Certainly you will have substantial medical expenses, but if you cannot work your income will be reduced as well. Eventually it becomes hard to pay the household bills or mortgage; lawsuit loans help ease the financial stress over the time it can take to get your settlement or jury award, which is often months or even longer.
Will you qualify? If your claim is a strong one, most likely you will qualify. Litigation funding companies usually only refuse cases they deem as frivolous. If you sustained serious injuries that were more than simple bruising or sprains, lawsuit loans are probably a good solution for your situation. You never have to worry about your credit rating or current employment status, as funding companies do not consider this information when determining if you qualify. All you will be asked for is information regarding the accident, and the injuries you suffered because of the accident.
Will you have to spend money out of your own pocket? With lawsuit loans, you never pay any fees upfront, so you don’t have to worry about coming up with fees, payments or other money you simply do not have. You will only repay the loan, along with a small amount of interest and fees, at the time you are awarded your settlement. If for any reason you do not get the settlement or jury award you expected, you owe nothing because the process is non-recourse.
How much of an advance can you expect? Because Mayfield lawsuit loans are simply an advance against your pending settlement, most litigation funding companies are happy to advance about 10% to those who qualify. So, if you expect your settlement or jury award to be $100,000 your advance will likely be approximately $10,000. This money can be used to pay hospital and doctor bills, attorney fees, to buy groceries or pay household bills.
Why face possible bankruptcy or foreclosure when you are the one who was injured because of someone else’s carelessness? Speak with your lawyer about the advantages of lawsuit loans, and whether this is a good solution for your situation.