Lawsuit Loans, a Simple Process That Could Save You Financially

Lawsuit loans are one option for individuals who are involved in a personal injury lawsuit and need money right away.  When you have been injured, the medical bills can often overwhelm your budget, making it difficult or even impossible to pay your bills.  Because these types of lawsuits are often drawn out and may take months to settle, you may not receive your compensation when you need it – and how can you pay the bills?  You may fear foreclosure or even bankruptcy.  Litigation financing is a process that while simple, has made it possible for many injury victims to live comfortably and pay the bills while waiting for their lawsuit to settle.

What are lawsuit loans?  Although the name implies it is a loan, it is actually a cash advance against your expected settlement; it’s actually your own money, you are simply receiving it early if you qualify.  In most cases, litigation funding companies will advance about 10% of your anticipated settlement.  If you qualify, you can have the money you need right away, in most cases within 24 hours.

Unlike what you often find with conventional loans, you don’t have to go through mountains of paperwork or jump through hoops with lawsuit loans.  No personal information such as credit rating, employment status or criminal background record is ever required. All the funding company will want is information provided by your attorney regarding your injuries, how they occurred, the accident that caused them, etc.  The company simply wants to make certain that you have a strong, legitimate case before advancing you the money.

How and when do you repay the advance, fees, interest, etc.?  With lawsuit loans, you never pay any money upfront.  Fee, interest or other costs are repaid at the time you repay the advance, which is when your case has been won and you have access to your money.  Because litigation financing is non-recourse, you do not repay a penny if you do not win your lawsuit.  Essentially, you are at no risk financially.

Lawsuit loans may be used to pay medical bills, household expenses, to buy groceries, pay attorney fees or to have your car repaired if it was damaged in the accident that caused your injuries.  When you are unable to work or are required to spend a great deal of time in court which takes away from your income, litigation funding can be quite a welcome relief.  Ask your attorney about the possibility today.

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