Can You Get an Advance on a Pending Settlement? (The Answer Is Yes)

Can You Get an Advance on a Pending Settlement? (The Answer Is Yes)

If you are wondering if you can get an advance on a pending settlement, the answer is yes. Learn more about everything here!

Americans visit the doctor almost 40 million times each year as a result of accidental injuries.

Many of these injuries are the result of another party’s negligence. As Americans, we have the right to sue the party(s) responsible for our injuries. However, the legal process isn’t always timely.

If you have a pending settlement for a personal injury lawsuit, you might be curious about lawsuit cash advance loans. Keep reading to learn more about your options and how to qualify for one of these life-saving loans.

What Are Lawsuit Settlement Loans?

Lawsuit settlement loans are offered by private lenders to plaintiffs in personal injury lawsuits.

The personal injury claims process is notoriously slow. In fact, it can take months or even years to resolve your case. Even cases that settle out of court have drawn out timelines.

For this reason, lawsuit cash advance loans were created to help plaintiffs at a time when they need it most. Lawsuit settlement loans are non-recourse loans that require no investment by plaintiffs. If you don’t win your case, you don’t have to repay your loan.

This type of loan is ideal for those who aren’t at their financial best because of its simple qualification requirements and the prolonged repayment period. Let’s take a look at some of the benefits of taking out a lawsuit loan in more detail.

Benefits of Lawsuit Loans

When you’re injured at the fault of someone else, it can be extremely frustrating to wait for the compensation you deserve. While it can take months or years before you ever receive compensation, the bills don’t wait around.

In addition to paying your regular living expenses, chances are you will also have medical bills from your injury that require prompt payment. Depending on the severity of your injury, you may be out of work for quite some time.

While you might recover these lost wages in your settlement, you need income until that happens. This is where lawsuit cash advance loans come in.

They provide an immediate source of funding to keep you on your feet while you wait for your case to be resolved. For many, this means you can afford to get the medical treatment you need in the meantime.

You won’t have to worry about defaulting on your other loans or being unable to keep a roof over your head.

Another less obvious benefit of lawsuit loans is that when you aren’t desperate for money, you have more leverage to negotiate a better settlement. Insurance companies prey on plaintiffs that need money asap by trying to get them to settle for less than they deserve. When you’re in a good place financially, you can take your time negotiating a settlement and won’t feel pressured to accept less than your case is worth simply because you need cash.

The best part is that there’s no pressure to repay your loan until you do receive a settlement check. It’s in your lender and your attorney’s best interest to help you get a higher settlement amount.

What If You Lose Your Case?

One of the biggest benefits of lawsuit settlement loans is that they are considered non-recourse loans. What this means for you is that if you don’t win your case, you don’t have to worry about paying back the loan.

So, if you don’t receive a settlement check, you aren’t out anything for taking out the loan. This is because lenders make sure to approve funding only for cases that are likely to settle or be won.

Lenders typically require funding applicants to be represented by an attorney to make sure they have a good case.

Along the same lines, you won’t have to make any payments on your loan if/until you receive a settlement check. This is often a huge stress reliever for plaintiffs who are struggling to pay their living expenses. Not having to worry about repaying your loan allows you to use your money to stay afloat while your case is pending.

Qualifying for a Lawsuit Loan

Qualifying for a lawsuit settlement loan is much easier than other types of loans. The only official requirements are that you have a pending lawsuit against another party for an injury you sustained caused by their negligence and that you are represented by an attorney.

Having an attorney on your side is typically required to take a case like this to court and it also improves your chances of winning.

When lenders evaluate potential borrowers, they understand that plaintiffs in personal injury cases are usually dealing with less than ideal financial circumstances. It’s common for victims in personal injury cases to be out of work due to their injury.

Combine this lack of income with mounting medical bills and you have a financial mess. Lawsuit settlement loan qualifications are based exclusively on your expected settlement amount. Lenders won’t verify your income and they won’t look at your credit score.

Additionally, your assets won’t come into play. Your future settlement award acts as collateral for the loan.

Fast Funding

Lawsuit settlement lenders almost always have a quick turn around times for funding approval and disbursement. This is largely because they do not have to do a lengthy review of your financial history.

Applying for a lawsuit loan is fast and easy. You’ll usually receive funding within 24 to 48 hours after approval.

Do You Have a Pending Settlement?

If you have a pending settlement from a personal injury lawsuit and are struggling while you wait for your check, you have options. As long as you have a pending lawsuit and an attorney, you are eligible for a lawsuit cash advance loan.

You don’t have to suffer financially while you wait for the compensation you deserve. Click here to contact us and learn more about our lawsuit funding options,

Disclosure: This is not a lawsuit loan, or a pre-settlement loan. Although many refer to them as lawsuit loans, in reality they are not a traditional loan because there is no risk or recourse if you lose your case. This is a non-recourse lawsuit settlement advance. You owe nothing if you lose your case.