SAME DAY LAWSUIT LOANS ARE AVAILABLE
In a single year, over $3 billion gets paid out in medical malpractice settlement payouts. That averages about one payment every 43 minutes. Each of the recipients of these payouts went through the lawsuit and settlement process.This process can take several months and even years. In the meantime, the victim may not be able to work and therefore have no income. This can make paying the bills challenging. Same day lawsuit loans can make going through the legal process much more manageable. If you’re currently pursuing a personal injury claim, keep reading and learn how this special type of lawsuit loan can help you.
How Do Same Day Lawsuit Loans Work
24 hour lawsuit loans proceed in the same as other loans in that you’ll need to apply -, then get approved by the lender,- receive your money, and then at some point,repay the loan. There are some significant differences in the details of the procedure, though..
HAVE THE RIGHT TYPE OF CASE
You need to have the right type of case that the lender is willing to fund. These are generally personal injury types of cases, but they can vary from lender to lender. Here are some common types of cases, but this is not an exhaustive list.
- Accident injury
- Medical malpractice
- Clergy Abuse
- Product liability
- Premises liability
- Hernia Mesh
- Law enforcement mistake or misconduct
- ETC ETC
It’s best to speak directly with the lender to find out if they fund your type of claim. These types of cases tend to settle for a specific dollar amount before ever getting to the trial phase. About 95-96% of personal injury cases settle in the pretrial stage.
HAVE AN ACTIVE AND MERITORIOUS LAWSUIT
You can apply for same day lawsuit loans at any point during your case. The one requirement is that you have a case. So you can’t apply for your loan before you file your claim.
The further along in your case you are, the more solidified your claim will be. This makes it more likely you will get approved. The lender will be able to estimate your settlement award more accurately.
The earlier in your case you take out the loan, the longer you’ll have to pay interest on it. Ask the lender about caps to ensure your fees don’t compound to larger than you expect. It can be unpredictable how long your lawsuit will take; you need security on how much you’ll ultimately be liable for.
HAVE AN ATTORNEY RETAINED ON A CONTINGENCY BASIS
You cannot represent yourself and qualify for a settlement loan. The lender wants to ensure you have the best possible odds of winning your case. This means hiring qualified legal representation.
Think of it as the lender wants to protect their investment. The company you finance a car purchase through insists that you have full coverage on the car to protect their loan proceeds. Requiring you to hire a lawyer for your lawsuit is a similar type of protection.
LIABILITY MUST REST WITH THE DEFENDANT
You need to be the victim in the lawsuit. You can be the primary one responsible or the one liable for the damages
WHAT YOU DON’T NEED FOR SAME DAY LAWSUIT LOANS
Because the lender is letting you borrow money against your settlement award, they aren’t concerned with your credit score, credit history, monthly income, or assets. You don’t need to make monthly payments like you would a traditional loan, so these factors don’t influence the approval decision.
CHOOSE THE CORRECT LENDER
There are plenty of reputable companies that you can work with to borrow money from. But there are also several not so reputable companies out there. These companies operate more like loan sharks and look to take advantage of people in tough financial situations.
Carefully research any company before you decide to work with them. Look at their online reviews and learn what other people experienced when they borrowed from the lender.
Ask the lender what their policies are for interest and fees. Ask how they calculate interest. Find out if it’s compounding as this can increase your costs quickly.
Find out how fast you can expect the money after approval and completion of the loan paperwork. If you need the money right away, you don’t want to have to wait for a check in the mail that could take up to two weeks to get to you.
Finally, ask the lender if there is a cap and what it is the total amount that you could owe. This will help you plan and budget for repayment.
CONSULT YOUR ATTORNEY
If you’ve hired an experienced attorney, chances are they’ll have had clients who’ve used lawsuit loans. They can help advise you on lenders that may be more predatory to avoid.
Your attorney can also review the loan contract terms with you before you sign it. This will ensure you don’t agree to a predatory contract without realizing it.
FILL OUT AN APPLICATION
Once you know that you meet all of the requirements, you can fill out an application. Make sure the information is complete and accurate; otherwise, you risk delaying the lender’s response.
REQUEST AN APPROPRIATE AMOUNT
Don’t expect to get approved for the full amount of money you expect to get in your settlement. You also shouldn’t expect to get the average settlement amount, though the statistical averages can help you estimate your expected settlement total.
Different types of personal injury awards can vary greatly. Personal negligence awards average $1,146,473, while product liability awards average $5,076,430.
Take into consideration that your attorney works on a contingency fee. This averages about 30% of your award. Then if you have medical bills, the medical provider can place a lien on your award for up to 30%.
This leaves 30% of your award value that the lender can use to lend against.
You can take out multiple lawsuit loans against your settlement. But keep in mind that the overall limit is still limited
to the available portion of your settlement.
SAME DAY LAWSUIT LOANS APPROVAL AND PAYMENT
Once approved, you’ll need to sign some documentation where you agree to the loan and the terms of repayment. Then you’ll need to set up with the lender how you’ll receive your funds. Most lenders can wire the money directly into your bank account or mail you a check.
HOW DO YOU REPAY?
Unlike traditional personal loans or other financial lending tools, you don’t have to begin repayment immediately. The loan becomes due when your lawsuit settles. The defendant will make the payment, and the funds will get dispersed.
This will make repayment easy as your attorney can handle the repayment of the loan for you. That way, you’re not tempted to spend the money instead of repaying your loan.
BENEFITS OF SAME DAY LAWSUIT LOANS
The most significant benefit of quick lawsuit loans is the immediate injection of cash. A personal injury lawsuit can take several months or even years to go through the judicial process. In the meantime, you may not be able to work.
MEET FINANCIAL OBLIGATIONS
Without the help of lawsuit funding, you may not have the ability to pay your financial obligations, even buy groceries. Your other creditors won’t wait for your lawsuit to settle to obtain their money owed.
Your settlement loan can prevent your car from getting repossessed, your home getting foreclosed on, and defaulting on personal loans. It can also allow you to maintain your life by paying for daily expenses such as groceries or gas.
STRONGER SETTLEMENT POSITION
Once you know your bills will get paid, you can breathe easier and feel less pressure to finish the lawsuit. The other party in these types of lawsuits is typically an insurance company. They have substantial financial backing and know
that you probably don’t.
A common strategy is to wait you out until you become financially strapped and willing to settle. Then they’ll offer you a low ball offer that you feel pressured to accept. A settlement loan prevents all of this.
IT’S A NON RECOURSE LOAN
If for some reason you don’t win your case, you won’t have to repay your loan. This is called a non-recourse loan.
You can take out the loan risk-free knowing that if your lawsuit doesn’t end in your favor, you won’t be on the hook for the money.
APPLY FOR YOUR SAME DAY LAWSUIT LOAN
Same day lawsuit loans give you the financial freedom you need to pursue your claim. Don’t lose your stronghold because of the stress of money getting tight. A lawsuit loan can give you the financial backing you need to focus on pursuing your claim properly.
Contact a lender today and discuss with them how much you could qualify for. Then fill out the application, get
approved, and receive your same day funding.
Check that we fund your type of case and apply for your loan today.
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