If someone injures you in any way, you might be able to sue them through a personal injury lawsuit. If you win your case, you might receive a lot of money in your settlement.
The downside to a personal injury settlement is waiting for it to come. Settling a case takes time, and receiving the check is typically the last thing that occurs.
Did you know that you can apply for a lawsuit loan while you’re waiting? A lawsuit loan is a settlement loan that provides cash now while waiting for your case to end.
If you’re interested in getting one, you’ll need to learn the requirements for qualifying for one. Here are the main requirements needed to receive a settlement loan.
You Have a Pending Personal Injury Lawsuit
To qualify for a loan on lawsuit compensation, you’ll need to meet some basic requirements. The first one is having an open, pending personal injury lawsuit.
An open and pending case is one that you filed and are working on at this time. A personal injury case is not something that you settle overnight. Instead, it might take months or years.
When you have a pending lawsuit, you might be suffering from injuries or health issues from the event. The health issues might even prevent you from working, and you might have bills piling up that you can’t pay.
If you’re having trouble paying your bills and need some of your settlement checks now, you can evaluate loans for lawsuits. Getting a loan from your lawsuit settlement before you settle is one of the best ways to have cash.
You can’t file for lawsuit funding unless you can prove that you have an open case in the court. Meeting this initial requirement is typically easy to do.
You Have a Lawyer Representing You
Secondly, qualifying for lawsuit loans requires that you have an attorney representing you. Some people have pending personal injury cases, but they choose to handle the cases themselves.
You have the legal right to represent yourself in your case. However, this is not recommended for several reasons.
First, you have nothing to lose by hiring a lawyer. Lawyers work on contingency, and you’ll only pay your lawyer when you receive the settlement check.
Secondly, you can’t apply for lawsuit loans without a lawyer. All lenders that offer loans for lawsuits have this requirement. The lender you use for the loan will ask for your lawyer’s name and will communicate with them.
If you don’t have a lawyer yet, you can hire one to represent you. Once you do this, you’ll be one step closer to getting your settlement funding.
Your Case Has Enough Evidence to Prove You’ll Win
The next factor deals with the burden of proof or liability. The burden of proof means that you have enough evidence to prove that the other party caused your damages.
Having this burden of proof is an essential element of all personal injury cases. If you can’t prove the person caused your injuries, you won’t have a case at all.
When you apply for a lawsuit loan, the lender will research your case. One of the main things they will look for is the burden of liability on the other party.
They need to know that you’ll win your case, and this is evidence that proves you have a high chance of winning. Lenders care about this because of the way lawsuit loans work.
Once they issue the loan, you’ll never have to repay it unless you win. If you win your case, they’ll get the money they loaned you before you receive your settlement check. If you lose, you won’t owe them a dime.
You Have the Need for a Lawsuit Loan
When lenders issue loans for settlements, they also want to know that the borrowers need the money. Before you apply for the funding, you might want to consider whether you need this money.
What do you plan to use the money for if you get approved? The lender might ask you this question.
If you don’t need the money right now, there’s no point in applying for the loan. If you need it, though, this is probably the best way to get it.
If you don’t receive the money now, you’ll get the money later when you settle your case. Many people don’t have enough money to get by until they receive the check, though, especially if they are not able to work.
The injuries you incur from an accident of any kind can cause life-long effects, and it can also cause severe financial problems.
Receiving pre-settlement funding can help you stay caught up on your bills. It can also help you protect your credit if this is important to you.
You Complete All the Necessary Application Steps
The final requirement is completing all the necessary application steps. The application for a lawsuit loan is not complicated. In fact, you’ll probably be able to fill it out in a matter of minutes.
After completing that step, the lender might reach out to you to ask you any additional questions they have. They will also reach out to your lawyer to discuss your case with them.
Within a few days, you should receive an answer about your loan. If the lender approves it, you might have access to the funds within just a few hours.
Are You Ready to Find Out if You Qualify for a Settlement Loan?
Anyone who meets the requirements stated here can apply for a lawsuit loan. Applying for settlement loans isn’t hard to do, and it doesn’t hurt to try.
If you’re involved in a personal injury case right now and need some cash, contact us. We offer settlement loans and can help you get the money you need. Call us to learn more about our services.