Could Lawsuit Loans Be the Solution to Your Financial Issues?

Lawsuit loans are not actually loans, but a cash advance given to personal injury plaintiffs who qualify against a pending lawsuit settlement.  While this is not the solution for every individual, it could be a way for you to eliminate much of the financial stress you are under as you wait for your case to complete – which could be months or even longer.  Unfortunately, victims of negligence who are seriously injured are the ones who seem to suffer the longest; medical costs can financially bankrupt you, and if you cannot work the situation becomes even worse.  Following is some information about pre-settlement funding to help you determine if it may be something you and your attorney want to consider.

Who qualifies for lawsuit loans?  Not every individual will qualify, but most will.  As long as you have a strong case that the funding company would not consider frivolous, chances are high you will qualify.  The company will determine this based on the medical and accident reports and other documentation submitted by your lawyer.

My credit is bad, does it matter?  No.  With lawsuit loans, you are never asked to supply information regarding your credit standing, employment, or other background information.  Whether or not you are approved is based solely on the strength of your case and the data from your attorney mentioned above.

How long does it take to get approved?  In most cases the decision is made the same day the information is submitted.  After you are approved, you will get the advance from the litigation funding company usually by the next day.  Lawsuit loans are based on the amount you expect to win in your lawsuit, and are usually about 10% of your expected settlement.  Therefore if your attorney has filed suit for $145,000, you will likely be given an advance of about $14,500 if approved.

Will I have to pay anything upfront?  No.  Lawsuit loans are unique in that you pay absolutely nothing until your lawsuit has settled and you have your award.  No upfront fees, no monthly payments.  You repay the litigation funding company the advance along with any fees and/or interest that apply once you have your money.  If for any reason you do not win your lawsuit, you owe nothing.

What can the money be used for?  Pay hospital and doctor bills, monthly household bills, attorney fees, or have any property which was damaged in the accident repaired.  With lawsuit loans, you can pay your bills, buy groceries, and live without the financial stress while waiting for your lawsuit to finalize.

Lawsuit loans are a risk-free way for plaintiffs who are involved in a personal injury lawsuit to enjoy financial peace of mind and potentially avoid bankruptcy while their attorney fights for their rights in court.  The best way to determine if this may be a sound option for you is to speak with your lawyer, who is very familiar with the litigation funding process.

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