How to Get a Lawsuit Loan:
If you have been in an accident where you were injured, you fully understand all the difficulties that follow. You need to fix or replace your car. Dealing with insurance and probably lawyers is all part of the deal.
You also need to recover from your injuries and that doesn’t always happen overnight. You might be unable to work or even perform your daily responsibilities while you hobble through recovery.
Perhaps you are now part of a lawsuit to get compensation because you were not the cause of your accident. You might be waiting patiently, or not so patiently, for your lawsuit settlement, so you can pay your unpaid bills that accumulated while you were out of work.
Have you considered a lawsuit cash advance to help out as you wait for your case to be settled? Read on to learn everything you need to know about lawsuit loans.
What is a Lawsuit Cash Advance?
A lawsuit cash advance is what the name implies. You are part of a lawsuit because of an injury you sustained in an accident. There is a pending lawsuit where you hope and expect to be compensated for your injuries sustained as a result of the accident. The lawsuit cash advance acts as a loan for the money you anticipate getting once the lawsuit is settled.
The cash advances go by many different names depending on the lender. They include:
Whatever name is used, the idea remains the same. You get money in advance of your settlement to help with expenses while you wait for the case to come to completion.
Advantages and Disadvantages of a Cash Advance Loan
A cash advance loan can be very helpful to cover bills and obligations if you are out of work from an injury. But there are some things to consider before you decide to go through with getting one.
Of course, the biggest advantage is that you get the necessary cash to survive. This can mean you can pay your bills and cover all those medicals expenses that may be pouring in because of your injury.
It also means you have some breathing room as your lawyers work through your case. You can hold out and get a better settlement result for your case because you are less desperate for money. (bad news for the insurance company)
The disadvantages are the cost of the loan. Like any loan, there is interest to pay. In some instances, certain cases will not qualify for a loan.
Types of Cases Funded By Cash Advance Loans
Different lenders have different criteria. So often a person looking for a lawsuit cash advance will want to shop around at their options. Here are some of the cases commonly eligible for a lawsuit loan:
- Motorcycle accident
- Medical malpractice
- Hernia Mesh Cases
- Auto accidents
- Slip and fall accidents
- Dog bite
- Roundup Cancer Cases
- And many more
As you decide whether a cash advance loan is right for you, you can also research lenders (How to find the Best Lawsuit Loan Companies) the cases they are willing to write loans for.
How Do Cash Advance Loans Work
When you decide you want to get an advance of the expected settlement from your case, you need to do your homework. Like getting an auto loan or a mortgage, not all loans (or companies) are created equal.
Do your due diligence and shop around for the best loan terms. Read the fine print. Understand how the interest will be accrued.
Ask if you are expected to make payments while your case is still in litigation, (you have chosen the wrong company) It’s important to understand how is the loan repaid once you have a settlement. A bona fide lawsuit funding company waits for the litigation to end before repayment.
What Do You Need To Qualify for a Lawsuit Cash Advance Loan?
While the steps vary from lender to lender, there are some basic steps you need to follow when applying for a lawsuit cash advance loan. These include:
- Need a court case already in progress
- Already have a retained lawyer (on a contingency basis) for your case
- Liability should show the other party was at fault
- You need the money for bills and expenses
In nearly all lawsuit loans, you must also agree to pay the loan back in full once you get a settlement from the case.
How is the Loan Repaid?
Once you reach a settlement, beyond a sigh of relief, you must then pay back the loan. How does that work?
The courts will issue the judgment for the settlement to paid and usually who it should be paid to.
Legal fees and any court fees are paid out from the settlement. Then any unpaid medical expenses are paid, usually as part of the settlement. If there are liens because of the lawsuits, those will also be paid.
Then the lawsuit cash advance is paid back. Once all those financial obligations are met, the remaining settlement is paid to the injured party.
What Happens if You Lose?
Like the other conditions, this varies from lender to lender. But most lawsuit loans are set up that if you lose your case, you do not have to pay back the loan.
This should tell you that the lawsuit lender will want to have a certain amount of certainty about your case. They will study the facts of the case closely. They will want to look at the record of your attorney, to see how often they win or lose in court.
This might also mean you to find a loan against your settlement, you might need to apply to several lenders before finding one willing to give you the advance.
Get a Lawsuit Cash Advance Today
Living through an accident or injury is bad enough. Facing the recovery, disruption to your life and the associated bills can be downright overwhelming.
Lawsuit cash advance loans are a way to get through those trying times with less worry.
If you or someone you love is involved in litigation for injuries, we can help. Contact us today to learn about our loan services. Let us help you through this difficult process.