The litigation period of a lawsuit may take two years or more. Desperate need for money often pushes victims into accepting a low-ball settlement offer. Whether trying to recover from a personal injury, wrongful termination, or workman’s comp case, there is hope.
Many people are not aware you may obtain pending lawsuit loans. These loans are made against the settlement your attorney anticipates you will receive in your case. Once the case settles or reaches an award at trial, the loan is repaid from your winnings.
The beauty of having a loan against a pending lawsuit is there are no payments due while your case is pending. If you do not win, lawsuit settlement loans do not have to be paid. Keep reading for more information.
Do Your Homework:
The most important thing when seeking a cash loan on a pending lawsuit is to do your homework and make sure you are dealing with a reputable company.
Verify fees and interest rates prior to signing the contract. Fees and lawsuit loans interest rates are low from an honest company. They will be upfront about these charges and show them in their contract.
Talk to Your Lawyer to make sure that they are agreeable to participating in a pre-settlement loan. To obtain a loan you must have an attorney and they must be willing to participate in the loan company process. They may be able to provide you with the name of a reliable loan company.
Fast money is the primary purpose of using pending lawsuits and getting loans. The company should be able to put cash in your hands within 24-48 hours with no credit check.
The percentage amount is the portion of your expected settlement that you may receive in a loan.
Take only what you need when taking out a loan. The larger the loan the more interest you will pay and the greater impact it will have on your overall settlement receipts.
Types of Lawsuits That Qualify:
There are a wide variety of lawsuits that offer pre-settlement funding. These are typically cases that operate on a contingency basis, which means the attorney is paid a percentage of the settlement. Cases that qualify for lawsuit loans include:
- Automobile accidents
- Personal injury
- Workplace injury
- Medical malpractice
- Wrongful termination
- Commercial lawsuits
- Product liability
If your case type is not shown above, the personal lawsuit loan company you apply to will advise you if your lawsuit meets case type criteria.
How to Apply For Pending Lawsuit Loans:
When you select a pre-settlement loan company, the first step is to complete a simple online application. The company will contact your attorney for information regarding your lawsuit and the amount of settlement they anticipate you receiving. If you meet the qualifications you will likely have cash in your hands within 24-48 hours.
Advantages of a Pre-Settlement Lawsuit Loan:
When you apply for a lawsuit loan there are no hard credit checks or background checks made. The loan company does not care whether you have a job and will not request payroll stubs. They have no interest in your employer and whether or not you are working.
The qualifications are that you have a lawsuit filed, you have an attorney, and there is a likelihood of a settlement of sufficient funds to justify a loan.
Cash Brings Peace of Mind:
When you are in the midst of a lawsuit and have no idea when it will settle, pending lawsuit loans can bring you peace of mind. By simply coordinating a willing attorney with a loan company you will soon have money in your hands while litigation is pending.
We invite you to check out the rest of our blogs for more great information on a variety of topics.