Do you need a pre-settlement cash advance for your lawsuit loan? Read this guide to discover how to get a cash advance here!
Dealing with lawsuits can be a huge headache, especially when you are waiting for your settlement amount. Bills are piling up, you need money for groceries, and you have a life that you can’t put on hold until you receive your money.
Are you currently involved in a lawsuit, and you are tired of waiting to get your settlement? Did you know that you could qualify for a lawsuit loan?
If you are looking for more information on how to get a cash advance on your lawsuit pre-settlement amount, then you came to the right article. We will briefly go over what a lawsuit loan is and who you can contact for more information!
How to Get a Cash Advance
Many clients wonder how to get a cash advance from their lawsuit, and the answer is a lawsuit loan. A lawsuit loan is a loan that you can obtain as an advance from the proceeds of your expected lawsuit settlement.
The loan is typically repaid by your settlement only if you win your case. A lawsuit loan is not considered a loan because it lacks the regulations that most loans have.
Lawsuit Loan Benefits
Most people take out a loan on lawsuits to help cover their living expenses. It is no surprise that insurance companies like to try to get you to accept their lowball settlement offers.
Insurance companies know that you are vulnerable and want to get through the process as fast as possible, so they try to offer you less than what your case is worth. Taking out a loan on your lawsuit can help you pay for your expenses while you rest and recover.
Your attorney will also be able to properly litigate your case to ensure that you get the proper settlement you deserve. There is even a chance that your attorney may be able to negotiate a higher lawsuit settlement while your case is in litigation.
Lawsuit Loan Disadvantages
One of the most significant disadvantages of a loan on lawsuits is that not every case will qualify for an advanced payment. Clients will most likely not be able to see if they can take a loan unless their case has progressed.
Certain states do not allow for lawsuit loans because of the regulations that they have imposed on loans. These regulations are typically in place to protect against predatory lending.
Loan on Lawsuit Qualifications
To qualify for a loan, you will need to hire an attorney who works on a contingency fee. You must also make sure that the defendant has an adequate amount of resources or money to pay for your settlement.
Certain cases that qualify for pre-settlement loans include:
- Personal injury claims
- Labor laws
- Product liability cases
- Auto accidents
- Commercial cases
Cases where a pharmaceutical drug caused serious harm can also qualify for a settlement advance. Keep in mind that you must prove to settlement loan companies that your case will win. You could run into problems trying to pay back the loan if you do not win your case.
Alternatives to Settlement Loans
Before you consider taking out an advance against your lawsuit, you might want to look into your other options. It helps to create a budget to see how much you actually need to cover your essentials.
How much will you need for rent, car payments, insurance, groceries, and utilities? Once you have that amount, you will know how much money you will need per month to sustain your lifestyle. If you cannot sustain your budget without the lawsuit loan, you may need to obtain one.
Help From Family and Friends
You could also reach out to family and friends to see if they can spare money to help you stay afloat while you wait for your settlement. It may be hard to reach out and ask for money, but this alternative may work for you. If they can help you, you could repay them with your settlement once you have it.
Lawsuit Loan Questions
Once you make your decision to go through with a lawsuit loan, you should come prepared to ask the lender a few questions.
You should be able to receive clear and concise answers from the lender. If the lender is beating around the bush and not answering you clearly, then you may want to consider speaking with a different company.
Questions to ask your potential lender:
- When will I receive my settlement money?
- What documents do you need from my attorney?
- What type of fees do you have?
- What are your loan rates?
You may even want to ask about their communication methods with attorneys. If a lawsuit loan company claims they do not need your attorney’s information or cooperation, you will need to look elsewhere.
It is also essential to ask the company to provide you something in writing that tells you the payback terms. That document should not exceed the settlement amount that you are expected to receive.
Get Your Pre-Settlement Money Now
Now that you know more about how to get a cash advance on your lawsuit, it’s time to apply! It is crucial to have the money you need to take care of yourself and your family while healing, resting, and recovering.
We here at Legal Bay Lawsuit Funding have years of lawsuit lending experience, and we know to answer any questions you or your lawyer may have about our process. Click here to start the application process today. You could receive your pre-settlement funds in about 24 hours after approval.