If you have been injured in an accident, it can take time before you are able to go back to work or you may suffer a disability that will stop you from working altogether. Since personal injury suits take time to resolve, you might find yourself with no money.
However, in cases where a plaintiff does not want to borrow from friends, family, or a second mortgage, a lawsuit settlement loan will come in handy. These loans are available to plaintiffs who are waiting on their award or settlement and can help pay for medical bills, food, house rent, mortgages, car loans, and more.
Litigation takes time, even if you have a strong case. It can take weeks, months, or years before you receive your award or settlement. These loans were invented for precisely such times. Here is what you need to know about lawsuit loans.
Who Qualifies for Lawsuit Loans?
These loans are attractive because not only will they give you the immediate cash that you need, but they will also give your attorney enough time to build your case and negotiate for the best settlement possible.
However, not everybody can qualify for a lawsuit loan. This loan is available to plaintiffs who are dealing with the following:
- Products liability suits: If you are injured when you are using a product, and either manufacturers or suppliers are held liable.
- Personal injury lawsuits: If you sustained injuries from a physical assault or slip-and-fall
- Workplace lawsuits: such as a worker’s compensation case.
- Medical malpractice lawsuits: such as those where a provider operated on the wrong body part, prescribed medicine for an incorrect diagnosis, or caused you harm due to their gross negligence.
- Car accident lawsuits: if there is proof of negligence
- Wrongful death lawsuits: where a death could have been prevented if it weren’t for someone else’s negligence.
Lawsuit loan providers take very little into consideration to determine if you qualify for the loan. They bear the brunt of risk because the loan is non-recourse, and should your case fail, you will not owe them a dime.
The Application Process
Once you qualify to apply for the loan, the lending company will need some basic information about you and your attorney’s contact information so that they can get more details about your case. Because the lender entirely relies on your settlement to get their money back, they will want to ensure that your case has a high probability of success and that the stakes are high. The lender’s case manager will work directly with your attorney to understand your claim.
If you have a valid and robust case, the lender will approve the loan, and you should be able to get the money once the paperwork is done. Most lenders approve loans in less than 24 hours, which means that you can get cash within a week.
Remember, lenders do not look at your credit score. Even if you have a bad credit score, you can still qualify for a lawsuit loan. To mitigate risks, case managers evaluate each case individually because there is no set standard for approval. You are likely to get approved for the funding regardless of the type of lawsuit as long as it is strong enough. However, these loans are not regulated, and lenders are free to set their terms and conditions.
To avoid paying high-interest rates, hidden fees, or dealing with unfavorable terms, shop around and compare interest rates. You should also ensure that you clearly understand the loan terms, interest rates, and other fees before signing the agreement.
Contact a Lawsuit Loan Company for a Loan
Good lawsuit loan companies are transparent, fast, and have your best interests at heart. Their main aim is to give the plaintiff funding during litigation to help take care of their financial needs. If you need money as you wait on your settlement, you should get in touch with a lawsuit lender for quick financing.