Are you the victim or the plaintiff in a personal injury lawsuit? Are you currently struggling to pay bills because you unable to work at the moment? Do you have medical bills and other bills piling up because there is no money coming in? Are you tempted to simply settle with the plaintiff in your lawsuit for an amount that is much less than you know you should be able to get, simply because you need money now?
Many people are in your situation, but fortunately, there’s help. What if you could pay your bills without worrying about risk while you wait for your lawsuit settlement or jury award to finalize? There would be no need to settle for less than you know you should be able to get, simply so you can pay bills. Actually, there is a way you can do that. It’s called loans, or lawsuit loans.
With settlement funding, a litigation financing company lends you a portion of your expected settlement or jury award, usually about 10%. This is what happens: a company who specializes in offering lawsuit loans takes a look at your case, and determines whether or not it has merit as a truly valid personal injury case. You won’t be able to qualify if you have a frivolous case, but if you have a legitimate case, you should have no problem.
In addition to the requirement that you must have a legitimate case, your lawyer must also have been hired on contingency. That means that your lawyer, like you, does not get paid unless you win your case. The litigation financing company offering you your loan will indeed get their money back if you win your case, plus fees. However, if you lose your case, the company in question does not reclaim the money it lent you; you simply keep the money you’ve already been given. And because there is no collateral or credit check required, you don’t face any damage to your credit history or financial profile if you lose your case and cannot pay back this money. The litigation funding company offering you the lawsuit loan takes the hit, and simply absorbs the loss if you lose your case.
Finally, your lawyer as well must sign off on your application for litigation funding. You will not be eligible unless your lawyer does so. As long as he or she is amenable, though, you can have access to at least some money while you wait for your case to finish in court and either settle or be granted a jury award. This should ease some of the financial hardships for you, so you can concentrate on healing from your injuries and getting on with life.