Personal injury loans are just as the name implies; a loan (or more accurately, a cash advance) given to those involved in a personal injury lawsuit, who need money right away due to financial issues. If you are an injured victim who is involved in a lawsuit, you know that these types of cases can take what seems forever. It’s not unusual for a lawsuit of this type to take months to settle, sometimes even years. In the meantime, it can become difficult if not impossible to pay your bills. Litigation financing is a good solution for many people who have been injured because of the negligence of others, is it fight for you? Keep reading to learn more.
With personal injury loans, you are at no risk whatsoever, as even if you are given an advance, you only repay it if you do win your lawsuit. If for any reason you lose, you do not repay the litigation funding company. There are no upfront fees or other expenses that come out of your own pocket, so you essentially have nothing to lose. In addition, you only repay the advance at the time you have possession of your money.
Personal injury loans can be used to pay medical expenses, household bills, to buy groceries or to give your attorney the financial resources necessary to build a strong case on your behalf. Often times, injured victims are unable to work; considering the exorbitant costs of medical treatment today, financial disaster often ensues. Litigation financing can help you avoid financial issues, and live comfortably while waiting for your lawsuit to settle no matter how long it takes.
How can you apply? Only those with serious claims should apply, as most settlement funding companies will not fund what they consider “frivolous” lawsuits. You and your attorney will sign off on the application, which pertains to your injuries and the accident that caused them. Litigation financing companies do not ask questions regarding your credit rating, employment status and other personal information.
Essentially, personal injury loans allow you to obtain a portion of your settlement before you actually get it, so that you can keep creditors at bay and pay your bills. In most cases, if approved you will have the money you need within 24 hours, so there is no long wait. Is the process right for you? Consult with your lawyer, or learn more about the process online.