Lawsuit loans are simply money that is available to people who have or are considering filing a claim for injuries they have sustained. Pre-settlement funding is a mystery for some, and hopefully this article will help clear up some of the cloudiness so that you can make an informed decision as to whether this is a good option for you.
Most people are interested in learning about litigation financing, how it works, how much their advance may be, when it is available, etc. Hopefully these pointers will answer any questions you may have about pre-settlement funding.
1. Lawsuit loans are not actually loans like you obtain from a bank. There are no credit checks or previous employment queries. The cash advance you receive is based upon the amount that is presumed you will win when you reach your settlement.
2. What if you don’t win your case? What happens then? In the unlikely event that this does happen, you don’t owe the litigation funding company any money whatsoever. If you do win your claim, your attorney will handle repayment of the previously decided upon amount back to the company.
3. Is it a hassle to apply for pre-settlement funding? Not at all! You and your attorney fill out paperwork about your claim, send it in to the litigation funding company. They will then review your claim and inform you of whether or not your case qualifies the same day. If so, you will receive your money the very next day.
4. What can you use the money for? Although it can be used for many different reasons, lawsuit loans are primarily designed to help financially stressed litigants live comfortably while their claim is pending. The most common use for these funds is to pay household bills, medical fees, attorney fees and other expenses.
People who have been seriously injured in any type of accident often can’t work. Pre-settlement funding helps replace money you have lost due to inability to work to pay monthly expenses and avoid additional worries about bills.
While this may not be the answer for everyone, it is certainly an option when money is tight and you want to pursue justice for your injuries. It may be a good solution for your current situation. If you are interested in learning more about lawsuit loans and how they can benefit you, contact a reputable litigation funding company or speak with your attorney.