If you’re currently involved in a personal injury lawsuit, you know how expensive they can be. Lawsuits have significant financial consequences for everyone involved, including the person filing the lawsuit.
From medical expenses to everyday bills, you could end up spending a lot of money while you wait for your settlement to come in.
If you’re in this position right now and you’re having a hard time making ends meet, you might want to consider a lawsuit advance.
Read on to learn more about the benefits of lawsuit advances and why they might be a good option for you.
What Are Lawsuit Advances?
A lawsuit advance–also known as a lawsuit loan or pre-settlement loan–is a type of loan granted to individuals who are involved in personal injury lawsuits.
Lawsuit funding companies provide these loans to qualified individuals to help them make ends meet while their case is ongoing. Lawsuit advances can’t be used to retain your attorney, but they can help with everyday expenses.
When you apply for a lawsuit advance, the lawsuit funding company you work with will evaluate your case and figure out how much you’ll likely receive if you win. They then offer you a sum of money based on that evaluation.
In exchange for the loan, the borrower agrees to pay back that money, along with a “funding fee,” when their case is settled.
Benefits of Lawsuit Advances
There are lots of reasons why someone might apply for a lawsuit advance. Some of the greatest benefits of these loans include the following:
Make Ends Meet
Most people seek out lawsuit advances because they’re having a hard time making ends meet while their case gets settled.
Maybe they’re unable to work because their injuries are too severe, or maybe they have a lot of medical bills coming in that need to be paid right away.
Whatever the case may be, a lawsuit advance gives you access to additional funding when you need it the most.
Get More Time for Negotiation
Personal injury lawsuits can take several years to settle. You might not have years to wait for your money to come in, though.
You might even be tempted to accept a subpar settlement just so you can get paid and pay your lawyer their contingency fee (which is usually 33.33 percent of the settlement).
A lawsuit advance also allows you more time to negotiate a favorable settlement. You’ll have the money you need to take care of pressing matters and will have more bandwidth to devote to making sure you get the settlement you deserve.
This is also a benefit for your attorney as it allows them more time to make sure you win your case (and ensures they get paid for their work).
Easy to Apply
It’s easy to apply for lawsuit advances, too. All you have to do is fill out a simple form with some basic information about your case.
No Credit Checks
Lawsuit advances don’t require any credit check, either. This means that you don’t have to worry about your credit score taking a hit or even being viewed while you wait to see if you’ve been approved.
In most cases, you’ll find out very quickly if your lawsuit advance application has been approved. Lots of lenders even offer a 24-hour turnaround time. This is much faster than if you had applied for a loan or line of credit through a local bank.
There are not any restrictions on the way you use the money from your lawsuit advance. You can use it to make sure you have enough to buy groceries, to repair your car, to pay your rent–whatever you need. The choice is yours.
There are also very few risks associated with applying for a lawsuit advance.
It is the industry standard for lawsuit lenders to offer non-recourse advances. This means that you don’t have to repay the loan at all if you do not win your case.
You also don’t have to put up any collateral to qualify for a lawsuit advance. This means you don’t have to worry about losing your car or your home even if you end up losing your case.
How to Apply for a Lawsuit Advance
If you decide you want to apply for a lawsuit advance, the process is quite simple.
Most lenders allow you to apply online by providing them with just a few details about your case and the amount of money you need to borrow. You’ll also have to provide a name and contact information for your lawyer.
In order to qualify for a lawsuit advance, your lawyer will need to verify that you are, in fact, involved in a lawsuit.
They’ll have to approve the advance as well, so it’s a good idea to talk to your lawyer beforehand and make sure you’re on the same page.
Choosing a Lawsuit Advance Company
Most people who apply for lawsuit advances get approved without any issues.
To increase the likelihood that your application gets approved, though, it’s a good idea to do some research and make sure you’re choosing the right lawsuit advance company.
Here are some tips to help you find the best company to help with your case:
- Make sure they offer to fund people who live in your state
- Read online reviews and testimonials to make sure you’re working with a reputable company
- Make sure they answer all your questions and don’t try to rush you into a decision
Be sure to read their contract carefully before you agree to anything, too. This will help you make sure you know exactly what you’re getting into and avoid any unpleasant surprises later on.
Get a Lawsuit Advance Today
As you can see, there are plenty of reasons why you might want to consider lawsuit advances to tide you over and help you pay other bills while you finish wrapping up your case.
Do you want to apply for a lawsuit advance? If so, we can help at Lawsuit Cash 911.
Contact us today to learn more about the types of cases we fund or to apply for an advance online.
We make it easy for you to apply with a 30 second online application. We will get back to you right away to let you know if you qualify.