Do All Lawsuit Loans Work the Same Way?

You may be wondering if all lawsuit loans work in the same manner. The simple answer is no; with most lenders, you will be required to offer property, your home or another physical form of collateral in order to qualify.  Settlement funding companies work in a different way.  The collateral in this type of loan is actually the money you expect to win in your lawsuit, so that loan is offered against that money if you qualify.

Many people who find themselves involved in a personal injury lawsuit eventually run short on money.  Not only are you having to spend time in court, your injuries may prevent you from working.  The bills keep coming in, and you may have medical costs on top of other expenses.  Lawsuit loans are designed for those who are in need of financial help in order to live comfortably and avoid bankruptcy while fighting to win their lawsuit.  Insurance companies will also take advantage of you, which can often be prevented with litigation funding.

What happens if you do not win your lawsuit?  With settlement funding, you only repay the money if you do win.  Once your settlement money starts being dispersed to you, it can be used to repay the lawsuit loan.  Since the process works this way, you can have the money you need up-front to live while you are involved in your lawsuit, then repay the loan with the money dispersed upon reaching settlement.

Unfortunately, many people end up having to sue an employer or insurance company to get the compensation they deserve when they become injured.  The money received in lawsuit loans helps individuals pay immediate expenses while going through the legal process in order to get the compensation they are entitled to.  Settlements in personal injury lawsuits often take months to reach, so you can keep your financial situation above water while waiting to reach settlement.

Working with settlement funding companies is easy.  Your attorney simply submits an application pertaining to your lawsuit, which will be reviewed the same day in most cases.  If you do qualify, you can get the money you need the very next day.  Simply stated, lawsuit loans help you get the money you need right away, without putting up collateral and jumping through hoops like is often the case with conventional loans.

Learn more about lawsuit loans online, or give us a call today with any questions you may have.

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