Lawsuit loans are more of a cash advance than an actual loan. People who are the victims in a personal injury lawsuit often find they are running short on money. At this point, it becomes tempting to settle with insurance companies for less than you deserve. How can you pay the bills and live comfortably while fighting for a full settlement? Litigation financing companies offer an easy solution for those who qualify, which is easy.
You never expected to become injured, and now you cannot work. Add to your regular monthly expenses the medical bills that are now rolling in, and you may find yourself in a financial dilemma. Lawsuit loans are designed to help those in such a situation so that they can live a normal lifestyle while remaining active in fighting their lawsuit. Litigation financing is a process that many lawyers recommend to their clients in order to avoid settling for less compensation than they deserve.
Does a lawsuit loan require collateral as many conventional bank loans do? No. Your pending settlement is all that is taken in to account. The application pertains only to the details of your lawsuit, so there are no credit checks and other background information to worry about. Your lawyer will submit the application to the settlement funding company who will then review it to determine if you qualify. You will know right away if you are eligible, usually the same day. This is a welcome relief for those who are struggling financially or even facing bankruptcy.
How do you repay lawsuit loans? It’s natural to ask that question, since you are already having problems paying your regular monthly obligations. With litigation financing, there are no monthly payments to further add to your burden. You simply repay the funding company when you win your lawsuit and have your money. In the event that you do not win, you owe absolutely nothing so you don’t have to worry about how you would repay the money if you didn’t win.
The amount you may qualify for depends upon how much you expect to win in your lawsuit. For example, if you expect to get a $300,000 settlement, you may be eligible for a good sum of money, often up to $250,000 or more. This money can be used to pay household expenses, medical bills, attorney fees and other costs.
Find out more about litigation financing online, submit a form for more information or talk to your lawyer about lawsuit loans today. Financial relief may be right around the corner, so do not put it off!