When you are the plaintiff in a personal injury lawsuit and have a strong case, you may be a candidate for what are known as settlement loans. Actually a cash advance, this type of funding allows you to get a portion of your expected settlement so that you can pay household bills, medical costs and other expenses. Personal injury lawsuits often take months or longer to settle; during the duration, you may find it becomes difficult to meet your financial obligations, particularly if you cannot work. This is where settlement loans are beneficial to injury victims.
Your attorney should agree that litigation funding is right for you; most who work on a contingency basis will have no problem with settlement loans. The process of applying is simple, and requires only information relevant to the accident, your injuries and the lawsuit. It is not necessary that you are currently employed, have good credit or a clean background, as this information is not essential to whether you qualify. Litigation funding companies simply want to know that you have a solid, strong case.
Will you have to pay fees or face any other expenses during the application process, or when you qualify? No. With settlement loans, there are no out-of-pocket costs, as all fees and/or interest are repaid at the time you pay the advance back to the funding company. You will repay the loan, along with any applicable fees and interest, only at the time you have your money. Because litigation funding is non-recourse, you do not repay anything at all if for some reason your lawsuit is not won.
Addison Settlement loans can be used to pay attorney fees, household bills, medical expenses and other financial obligations. This helps the injury victim and his/her family live normally and avoid financial issues while waiting for the lawsuit to reach completion. There are no monthly payments involved, so litigation funding will not put a strain on your budget. In most cases, those who qualify will have their money within 24 hours. How much will the funding company advance you? In most cases, about 10% of the maximum potential award you can win. So, if your attorney values your claim at $150,000, you may qualify for $15,000.
Are settlement loans a good solution for you? Only you and your lawyer can determine whether litigation funding may be to your advantage. Settling with the insurance company usually isn’t a good idea, however many feel they cannot afford a lawsuit. Litigation financing helps you level the playing field.