7 Advantages of Getting a Lawsuit Loan
When your finances can’t wait for a settlement to officially clear, one may consider a lawsuit loan. Read more advantages here.
Are you in the middle of a time-consuming lawsuit? Are you thinking about getting a lawsuit loan?
If you’ve got an important case, a lawsuit loan may be the right way to pay your bills while you’re waiting for your settlement. But you’ll need to do your homework first.
Here’s what you need to know about the benefits of a lawsuit loan.
What Is a Lawsuit Loan?
Often, plaintiffs will take out a lawsuit loan when they’re faced with payment requests and a lack of regular income. They’re given the option of borrowing money against the settlement they expect to get in order to fund their current medical and living expenses. Lawsuit loans are particularly popular with personal injury cases.
With a lawsuit loan, a company will buy your rights to your entire settlement amount in exchange for an advance on what you expect to receive. Lawsuit loans have several advantages.
1. You’ll Get the Funds You Need Now
If you’ve been involved in a serious accident, you may have any number of bills pouring in. Your initial medical attention may have involved an emergency room visit or hospital stay. And you may have ongoing needs such as doctor’s visits, physical therapy, and prescriptions.
In addition, you may not be able to work in the same capacity that you did before your accident, leading to a reduction in your wages. You may be counting on your settlement to bring in the remuneration you need, but the money you’re expecting won’t pay the bills now. When cash is necessary for your basic living expenses, a lawsuit loan can help tide you over until your settlement is granted.
2. You Won’t Owe the Money If You Lose
One of the major advantages of a lawsuit loan is that you won’t need to repay it if you lose your case. If you seek a bank loan or charge your credit card, you’ll eventually need to pay your loan back with interest. This is not the case with a lawsuit loan, and it’s one of its most appealing features.
3. You May Be Able to Get a Better Settlement
When you really need cash, you may be tempted to settle for less money than you deserve in a case simply because you’re desperate to put something in your bank account.
With a lawsuit loan, you and your attorney will have more time to negotiate. If you don’t think you’ll get what you deserve unless you go to trial, a lawsuit loan can provide you with what you’ll need now so you’ll have time to fight for what you’re entitled to.
4. You Don’t Need a Good Credit Score
Believe it or not, you can get a lawsuit loan even with a low or average credit score. Some lenders may even decide not to check your credit history. If you were to seek a loan from a bank or other lending agency, your credit history would be an important part of the equation.
5. There are Only Two Requirements
You’ll need to apply for a lawsuit loan in order to find out if you qualify for one. There are, however, only two requirements in order to apply.
All you need to in order for your application to be considered is an ongoing personal injury case and representation by a personal injury lawyer. The application process itself is also very straightforward, and often involves simply submitting the contact details of your attorney and yourself.
6. It’s Hassle-Free
Securing a bank loan while you’re waiting for your lawsuit to settle means added paperwork during a complicated time. There will be income verification, credit checks, and possible upfront costs.
Lawsuit loans, however, are based on the facts of your case. Therefore, no additional self-proving is required.
7. Peace of Mind
When you’re in the middle of an involved lawsuit, you’ve probably got plenty to worry about. You’ve got bills, complications with your employer, and a great deal of emotional stress.
A lawsuit loan can remove the financial worries from your current situation so you can focus on winning your case and getting back to your life.
Finding the Right Lawsuit Loan Company
You’ll want to do your research before settling on a lawsuit loan company to do apply with. A great place to start is to ask trusted friends or acquaintances who have been through a personal injury case before who they’d recommend.
You can also read online reviews and see what former clients are saying. Remember that anyone can get a negative review occasionally. What you’ll want to look for are patterns.
Do former clients seem to be happy with the service provided by the company? Were there any surprise fees or notices? Was the staff friendly and helpful?
Look for a lawsuit loan company that works closely with you and your attorney. You’ll want professionals who communicate well and respond to emails and phone calls right away. You’ll also want to be looking for clear terms in your agreement.
The right company will be open to answering all of your questions. You should feel comfortable working with them and confident in their ability to get you the cash you need.
Going through a complicated personal injury case is a trying time. You may feel drained physically, financially, and emotionally. The right lawsuit loan can provide the funds you need to help you stay on your feet while you’re waiting for the settlement you deserve.
Don’t stop getting smart about your future now. For more information on quality lawsuit loans, contact us today.