Lawsuit Loans: a Little-Known Way to Keep You Financially Secure While You Wait for Your Lawsuit to Complete

If you’re the victim in a personal injury case, this can be a tough situation. Not only are you injured and in pain, but you have to wait for your case to complete before you see any money – right?

Not really; although it’s certainly true that you have to wait for your case to wend its way through the courts or to settlement before you receive permanent monetary compensation, there is a way for you to access some of those funds temporarily while your case is still being decided.

This type of litigation financing is called a lawsuit loan or settlement funding. Lawsuit loans are somewhat different than other kinds of loans. You are lent the money just as with any kind of loan, to be sure, but your qualifications as a potential recipient are different. You don’t have to undergo a credit check, and you don’t have to put up collateral.

Instead, you have to be the victim in a personal injury lawsuit case that is likely to either settle or go to court and result in a jury award. You must also have hired your attorney on contingency, meaning that your attorney doesn’t get paid unless you win your case. Finally, your attorney must agree that it’s okay to take out a lawsuit loan as well, in that he or she will have to sign off on your application for lawsuit loans.

As long as you can meet these qualifications, though, you can get some of your projected settlement or jury award money ahead of time, so that you can pay for financial needs while you wait for your case to finalize in the court system. Find a company that specializes in lawsuit loans, and apply through them. Once you’re approved, you’ll receive a portion of your projected settlement or jury award, usually about 10%.

If you win

If you win your lawsuit, the company who lent you lawsuit loans’ money will ask for it back, plus interest and fees. However, if you lose, you won’t owe the company anything. Instead, you walk away and the settlement funding company simply absorbs the loss. This is a no risk way for you to have the money you need while you wait for a final decision on your case. You don’t have to suffer financially, and don’t have to wait for that “far-off” day in the future when you’ll finally have the money you need from your settlement or jury award. You can have part of it now, and you can get it at absolutely no risk to you.

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