In the blink of an eye, you can become an injured victim in an auto accident. One moment everything’s fine, the next someone who’s driving distracted, drunk, or speeding plows into you. Settlement loans are designed in a way that helps those who suffer serious injuries or disabilities financially, so you aren’t forced to settle for the low-ball figure the insurance company throws out in your desperation for money to pay the bills.
What is a settlement loan?
A settlement loan is a lawsuit cash advance on a pending lawsuit prior to settlement. This allows you to get money to continue your case prior to winning.
Are Settlement Loans worth it?
Settlement loans are worth obtaining if you are in need of money to pay bills. They allow you to continue your lawsuit without settling early for a lesser amount.
A personal injury lawsuit can take much longer than you expect to come to settlement – weeks, months, even years in some cases.
How do settlement loans help?
Meanwhile, if you’re unable to work or facing substantial medical expenses, it’s hard to pay the bills and live as you normally would. Pre-settlement funding makes it possible for you to pay medical bills, household expenses, and other costs so that you can continue on with your lawsuit in order to secure the full settlement or award you’re entitled to.
Are settlement loans actually loans?
The term “settlement loans” can be deceiving, as it’s not actually a loan at all but instead a cash advance against the award you expect to win in your lawsuit. Essentially, it’s a portion of your own money. If approved, you can get the money you need almost immediately – and you don’t repay any of the advance or associated fees until the time you receive your settlement. No monthly payments to add to your already stretched budget, no up-front fees or other costs.
What happens if you don’t win your lawsuit for a settlement loan?
What happens if you don’t win your lawsuit? It’s simple – you do not repay the advance. Pre-settlement funding is non-recourse, which means you only repay the advance to the funding company if your lawsuit settlement is complete. Otherwise, you pay nothing at all.
How do I qualify for a settlement loan?
Qualifying for funding is simple, and does not require you provide information regarding your employment or credit standing. Your attorney will provide the settlement funding company with the information necessary to determine whether you are eligible, including the details of your injuries, the accident or circumstance that caused them, etc. As long as your lawsuit is legitimate, there is usually no problem.
What are settlement loan interest rates?
Interest rates on settlement loans vary. They can be as low are 5% and they can be as high as 20%. You need to be cautious who you use for a settlement loan.
Addison PSF has very competitive rates, however – they vary depending on the risk level of your case!
Interested in learning more about loans for a lawsuit and how this type of funding has helped thousands of car accident victims avoid financial disaster, or settling for less than they deserve from insurance companies? Contact Addison PSF today, or visit our website.