Lawsuits are costly procedures, to say the least. You have the responsibility to pay the legal fees of your lawyer while the case is being fought in court, and some lawsuits take months, even years to reach a verdict. To make things worse, if you are involved in an accident that renders you incapable of continuing your full time job, you will not have any source of income which you can use to see a lawsuit through — which means you’ll also need to find a way to make ends meet as you pay for rent, mortgages and basic necessities.
Lawsuit loans help ease the financial burden on your shoulders by providing money until you are able to pay it back from the settlement.
A settlement loan is advanced to someone who is awaiting the settlement of a lawsuit or claim. In the case of a vehicle accident injury, a lawsuit loan funding service can pay for medical bills, rent, mortgages, vehicle loans and other basic necessities.
Settlement loans also make sure that you are not forced to give in to a low settlement amount because you’re worried about making ends meet for your family. Lawsuit loans do not have to be paid back until the verdict is reached and the settlement amount is received by your lawyer.
The process of applying and receiving a lawsuit loan or settlement loan usually happens very quickly, as time is of great concern for all people involved. Once you apply for an advance settlement loan with a service provider such as Settlement Lenders, they begin by running an initial assessment of the case and the claim. All details of the case are reviewed. Once all the information is gathered a questionnaire is sent to your lawyer. Once your lawyer returns the questionnaire, a representative will speak to you about how much financial assistance can be provided.
As settlement loans are most needed by those who are facing imminent financial problems, no payments or paybacks are demanded before a verdict is reached. In the event that the case is dismissed in court, you will not need to make any payments at all. As the settlement itself is the collateral of the loan, lawsuit loan providers do not require credit checks and other time consuming verifications to provide financial assistance.
The loaned amount differs from person to person, depending upon the settlement amount, the personal expenses, the time needed to settle the case, the possibility of winning the full claim amount, and some unique circumstances. The money can be advanced as a lump sum payout, a monthly living allowance, or a line of credit. Make sure that you discuss the details of the payment with your loan adviser and understand exactly how much you will need to pay back, before you make a deal.
Photo Credit: Fireworks – by EastWest
