What Are Same-Day Settlement Loans?
If you are in need of instant cash you should look into same-day settlement loans. Find out what they are and more helpful information today!
Are you currently struggling to pay your bills and aren’t sure what to do? You’re not alone since 8 in 10 Americans are in debt.
Wondering what to do and what your options are as far as loans go during a lawsuit? In this article, explore all about same-day settlement loans, why to choose them, and how beneficial they are. Read on to explore why settlement loans might be what you’re looking for when you need extra cash!
What Is a Settlement Loan?
A settlement loan is for when you’re in the middle of handling a lawsuit and need money for living expenses. Other names for it are pre-settlement funding, a lawsuit loan, or litigation funding. It gives you a cash advance on the settlement you’re expected to receive.
Different reasons you might qualify include:
- Wrongful death
- Personal Injury
- Slip and fall
- Medical malpractice
- Product liability
Traditional Loans vs Same Day Settlement Loans?
The money that you receive will gain interest until the end of the lawsuit. When you receive a settlement or win, you’ll need to pay back the interest and principal.
The advantages of same-day settlement loans include not requiring employment or credit checks. They’re also risk-free, and you’ll receive money based on the case.
Why Choose Pre-Settlement Loans?
Pre-settlement loans are great for covering any legal, medical, or day-to-day expenses you might be experiencing. You’ll receive an advance in order to continue the litigation process.
It’s a good idea to research different companies to find the right financing company for you. You’ll find reasonable interest rates by doing the research necessary.
How Much Do Lawsuit Loans Cost?
They cost nothing upfront. You don’t have to worry about any out-of-pocket fees. Certain companies will provide you with a free case evaluation. A non-binding contract will outline all costs if you win your case.
What if I Lose the Case?
This falls under the agreement made with the financing company. Normally, the lender won’t recoup the pre-funded amount. Only if you win.
You don’t have to worry about having good credit. Some companies won’t look at your credit score when determining if you qualify. They instead look at the odds that you’ll win your case.
Settlement loans are fast! You can receive the funding and have it approved within days or hours.
Time To Negotiate
A settlement loan is a great option since you won’t have to feel rushed to take what the defendant offers you. You’ll have the time to see if you can qualify for a better offer.
While you might be tempted to explore all of the different loan options out there, keep in mind that many carry risk and high-interest. For example, a payday loan.
This is a short-term loan where a lender will give you high-interest credit that’s based on your credit profile and income. It’s normally a portion of your next check.
Since they’re immediate, they tend to charge you a higher interest rate. Other names for them are check advance loans and cash advance. They’re what’s known as an unsecured personal loan.
Secure vs Unsecure Loans
Secure loans tend to charge a lower interest since they have an item attached to them in case you don’t pay. For example, this can be your home, car, land, etc. If you don’t pay, they can seize your property.
Unsecure loans are a higher risk for lenders, so they charge more in interest since there’s no collateral. They can have hidden fees that you aren’t aware of. In addition to that, there are states that ban the use of payday loans altogether.
The interest on a payday loan can go up to 500% in APR (annual percentage yield). Some states have laws in place that limit the interest you can be charged. Payday loans fall under an exemption which allows them to charge higher amounts.
Tips for a Successful Lawsuit
First and foremost, hire a high-quality attorney. Ensure that they have the proper experience to back-up what they say.
Whether you need a lawyer for malpractice, slip and falls, or another reason, ensure that they have the necessary experience. Check online and do plenty of research to see what each attorney offers, and their practice area. You can also reach out to your local bar association.
Also, be realistic about how long the case will take. While you might want it to be quick and painless, sometimes it can drag on longer than you’d like to admit.
Offer to answer discovery requests. It’s a good idea to be forthright and not be forced to answer these questions.
Attend settlement conferences if they’re available. This allows you the option to get advice on how strong your case is, and how much it’s worth.
It’s also a good idea to prepare and review your deposition before the trial begins. Your attorney will go over the different questions they’ll ask, and you can practice answering them.
When you go into the trial make sure that you dress professionally. If you have any questions about what you should wear, speak with your attorney.
Exploring Same-Day Settlement Loans
Now that you’ve explored same-day settlement loans, you should have a better idea if it’s the right fit for you. Are you nervous about how you’ll pay for different items during your trial? Or, looking for some extra help?
Contact us today! We offer settlement loans, and you can get the help you need when it’s most necessary.