When you have been injured in an accident and find yourself facing what appears to be a long legal battle, lawsuit loans offer the immediate financial relief you may need. Until you are injured, you never realize the impact it has on every area of your life. Not only are you facing steep medical expenses, you may be unable to work, therefore your income has come to a halt. Litigation financing is a way to face your legal battles and live normally, without having to worry about financial devastation or bankruptcy.
Although the phrase ‘lawsuit loans‘ implies that you are getting a loan if approved, it is actual a cash advance against your pending settlement. There are no upfront or out-of-pocket expenses involved; the litigation funding company will review your case to see if your lawsuit merits an advance. This information is all submitted by your attorney, and pertains only to your lawsuit so there are no credit or employment checks to worry about. If you do qualify, you can expect to receive your money quickly, usually within 24 hours.
How much money may you be advanced? It depends upon how much you expect to be awarded when you receive your settlement. If you expect to win $500,000, you may be advanced $50,000. Generally speaking, with lawsuit loans you can expect an advance of about 10% of your expected settlement. Most litigation funding companies advance anywhere from a few hundred dollars to $250,000 or more.
How will you repay the advance? Litigation financing companies charge a fee for their service, but you will not be required to repay the advance or the fees until you have your money. In the event that you do not win your lawsuit, you pay nothing. Lawsuit loans are non-recourse, which means you owe nothing if for any reason you are not awarded a settlement. When you do win, you repay the funding company at the time you receive your money, or through your payments if you have a structured settlement.
Lawsuit loans can be used to pay medical bills, household expenses, attorney fees and more. Instead of struggling financially and being under undue stress for months while waiting for your settlement, you can pay your bills and put financial worry behind you, so that you can concentrate on winning your lawsuit. Speak with your attorney about settlement funding today, it may be just the solution to your financial needs.