HOW TO GET AN OPIOID LAWSUIT LOAN
Over 2,500 lawsuits — that’s the current count of filed opioid lawsuits throughout the US.
The defendants? None other than the companies that manufactured and supplied these drugs.
As for the plaintiffs, many are state and local governments themselves. Many others are those who’ve developed an addiction disorder to these painkillers. Others are family members of those who passed away due to opioid overdose.
For the victims, opioid lawsuits can help to recover some of the damages they’ve sustained. Unfortunately, they are costly and the compensation isn’t always 100% guaranteed.
In these cases, opioid lawsuit loans can help by providing financial aid. They can serve as a form of legal funding as you await settlement.
The question is, what exactly are these loans, and how do they work? What can you use the loan money for?
We’ll get to the bottom of all these burning questions, so be sure to stick around and read on!
The Life-Altering Damage Brought by Opioids
In 2018, over 67,300 people in the US died due to a drug-involved overdose. Such deaths include only those from illicit substances and yes, prescription opioids.
Granted, that figure is over 3,000 lower than the 70,000+ drug overdose deaths in 2017. Still, that’s an average of 130 daily deaths caused by opioid overdose.
Despite that, pharmaceutical corporations continued to ignore signs of their misuse. They kept manufacturing these painkillers, and in the process, made billions of profits.
Opioid overdoses are so common as they’re among the most addictive drugs out there. That’s because they have a direct chemical effect on the nervous system. Aside from relieving pain, they also work in a way that induces feelings of pleasure.
These drugs alter the brain chemistry that their constant use leads to tolerance. As the body becomes more “tolerant”, it would need a higher dose of the drug to feel the same effects. It’s this heightened dosage that causes not only addiction but also deadly overdoses.
The Case for Opioid Lawsuits
Companies targeted by opioid lawsuits are those that manufacture and distribute the drugs. At the heart of all
these lawsuits, however, is Purdue Pharma, the maker of OxyContin. According to the plaintiffs, it’s this company that started the opioid crisis.
Purdue Pharma is only one of the many defendants in the battle though. In May 2017, the Attorney General of Ohio filed a lawsuit against over a dozen pharma companies. Purdue Pharma is part of the list, but so is Johnson & Johnson and other big names in the industry.
One of the main cases against these drug makers has to do with false and negligent advertising. The plaintiffs contend that they’ve underplayed the risks of the painkilling drugs. They also claim that pharmaceutical companies exaggerated the benefits of their drugs.
At the same time, plaintiffs are suing distributors for supplying these pills. Their allegation is that these suppliers already knew that drug misuse was going on. For instance, in some places, the number of prescribed painkillers exceeded the population.
The Economic Burden of the Opioid Crisis
In 2018 alone, the overall economic cost of opioids reached an estimated $696 billion. On a longer-term scale, the opioid crisis cost the US a staggering $2.5 trillion from 2015 to 2018.
Per person, treatment expenses vary based on the certified opioid treatment program. For instance, methadone treatments averaged $6,552 per year. Naltrexone treatments, on the other hand, had an estimated average yearly cost of $14,112.
Take note that those figures are for treatment alone — they don’t include the losses from, say, days away from work. Nor do they include the money spent on acquiring these drugs in the first place.
Worse, those numbers can’t, in any way, account for the pain and suffering that opioid victims deal with. Especially the grief and mourning of families that lost a loved one due to opioid overdose.
How Opioid Lawsuit Loans Provide Some Semblance of Relief
Even if someone stops using opioids, the effects of these drugs can continue for years. In fact, the minimum length of treatment for methadone is 12 months.
As such, doctor visits, treatment center fees, and hospital charges can quickly pile up. These bills can’t wait, regardless if a patient has the money or not. Worse, it can be hard for people with an addiction disorder to obtain and keep a job.
Without proper treatment, however, things can spiral out of control once again.
Opioid lawsuit loans can help by providing you or your loved one with the funds to keep up with treatment. You can use the loan money to ensure ongoing treatment for opioid addiction. You can also use it to pay for other bills, such as your utility services at home.
How Do These Painkiller Addiction Lawsuit Loans Work?
Whether it’s Oxycodone, morphine, or methadone lawsuit loans, all these are non-recourse loans. You may have also heard of them referred to as “pre-settlement loans“.
The “pre” there means that you can take out a loan prior to receiving the settlement itself. After all, settlements and lawsuits can take years. This means that you’re likely to wait for a long time before you receive compensation.
Being “non-recourse” means that opioid pre-settlement loans are a type of secured loan. The actual settlement serves as the security or collateral of the loan.
However, this doesn’t mean that the lender will take the entire settlement once you receive it. They will only deduct the loan amount plus any other pre-agreed-upon charges. The remaining money will go to you, and of course, your lawyer fees.
No Settlement, No Incurred Debt
The repayment of opioid lawsuit loans depends on the outcome of a case. You would only need to repay the lender once you receive the settlement. In addition, there are no monthly payments or rising loan interest rates to worry about.
You do have the option to repay the lawsuit loan lender even before you receive the settlement. You can do so without extra fees such as “pre-payment penalties” that many lenders often charge. If you have the means to pay back the loan sooner, then feel free to do so.
If, in the unlikely event that your case loses, then you won’t owe the lender anything.
That’s right — you won’t be in debt because the courts decided to favor the opioid maker. In this case, you won’t have to pay back anything to the lender, not even a penny.
This is what makes opioid litigation funding a viable financing option. You deserve compensation, but if you do lose your case, you won’t incur a massive opioid loan debt.
Who Can Qualify for an Opioid Lawsuit Loan?
A current meritorious case is the main requirement to qualify for pre-settlement funding. A meritorious case is one that’s already in court, filed, and is in an active status. This applies to morphine, methadone, OxyContin, Vicodin, Dilaudid, Actiq, or any opioid lawsuit.
You must also have a qualified and licensed lawyer representing your opioid lawsuit. Your legal team should also be working for you on a contingency basis.
If you satisfy these two conditions, then you can apply for a pre-settlement loan. You can do so at any time throughout the litigation or court process. Whether it’s at the beginning or in the middle of the settlement, you can apply for an opioid lawsuit loan.
How Much Would an Individual Get From an Opioid Lawsuit Loan?
This depends on the type of opioid case as well as the costs of retaining a lawyer. This is why pre-settlement loan lenders need borrowers to have an active case. They need to have a clear idea of how much the estimated settlement value is.
From there, they will then deduct the estimated payments that will go to the lawyer. They will then base the amount of loan that they will provide on the remainder of the settlement.
How Soon Can You Get the Loan Money?
In many cases, it takes as little as two days to get the pre-settlement funding you need. This already includes the application procedure as well as the approval process. In some cases, you can even get the funds as soon as the following day.
Don’t Let the Damage Caused by Opioids Go Uncompensated
As you can see, opioids have and will continue to be a burden unless all their victims speak out. That’s why if these drugs have claimed you or a loved one as a victim, know that you deserve compensation.
Once you have an active lawsuit, or if you already have one, consider opioid lawsuit loans. We here at Lawsuit Cash 911 can help you get your lawsuit cash as soon as possible. With our no-risk settlement loans, you don’t have to wait for months, or even years, to receive a settlement.
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