Lawsuit Loans are to be taken advantage by plaintiffs who have a pending lawsuit, and have retained a lawyer. A lawsuit loan is also known as a lawsuit cash advance, litigation financing, non-recourse loan, lawsuit or settlement funding. The loans are especially useful when a plaintiff has a long litigation on personal injury or accident. A lengthy litigation requires prolonged processes that require hefty funding.
If you get into an accident due to the negligence of others, a lawsuit cash advance can help cater for your lawsuit, if you don’t have the finances, seeing that you had not planned for the injury sustained. While you wait for your settlement, the loan can keep your lawsuit going by providing daily expenses of the case such as maintaining witnesses or personal use.
Five Ways You Can Benefit From a Lawsuit Loan
1. If you lose the case, you are not required to pay back the money owed. Payment is only required if you win your case.
2. With regular loans, credit checkers are needed to go through our financial details to determine your credit worthiness. The process could be lengthy and in the end you might not even qualify for the loan. With settlement funding, many providers like My Lawsuit Loans require no credit check and no bank accounts to qualify for a lawsuit loan.
3. Typical loans require you to make monthly payments or upfront fees. Again, you will only be required to make payments if you win your case.
4. After you acquire your loan, nobody will dictate how you use the funds. You can use the money to pay for your mortgage, medical bills, car payments and any other payments that you might not be able to make due to your injury.
5. Acquiring a lawsuit loan is a quick and easy processes. The applicant can have money in their account in a period of only 48 hours.
The process of Getting lawsuit loan
1. Fill out a lawsuit funding application form online at no cost.
2. Submit relevant documentation to the funding organization to support your claim.
3. An underwriting team will review your case.
4. If your loan is approved the company will send you a contract that you and your lawyer must sign.
5. Send back the contract and wait for the funding company to transfer the money to your account.
A lawsuit settlement can come in handy when you cannot get funding from banks, friends or family. Many people give up along the way because they cannot afford to go through litigation because of lack of funds. It is essential to take advantage of the benefits that come with the loans and alleviate the financial stress and burden required to keep a case going.