Personal injury loans, like the name implies, are loans given to those who are involved in personal injury lawsuits and who qualify. Actually a cash advance against the money you expect to win in your lawsuit, this funding makes it possible to avoid financial stress and pay creditors, medical costs, and other expenses while you wait for your claim to be settled. Essentially, you can live comfortably and avoid “going broke” while waiting to get the settlement you deserve for the injuries you sustained because of someone else’s negligence.
Must personal injury loans be paid back on a monthly basis? No. Unlike conventional bank loans, you will not repay the money monthly with litigation funding. In fact, you pay nothing at all until your lawsuit has been won and you have your money in hand. At that time, you will repay the advance along with any fees and/or interest that apply. Should your attorney fail to win your lawsuit, you will not repay any of the advance because settlement funding is a no-recourse process.
How can I apply? The application process is a simple one that your attorney must be involved in. With personal injury loans, if you have bad credit or no credit it makes no difference. Nor does it make a difference if you are unemployed. The litigation funding company only wants you and your lawyer to provide information directly related to the lawsuit, such as details of the accident or circumstances that resulted in your injuries, and the injuries themselves. Your attorney can give you further details of the application process.
Personal injury loans give those who qualify the opportunity to obtain about 10% of their expected settlement. This means that if your attorney has filed a lawsuit for $240,000, you will likely be advanced about $24,000. Use the advance to buy groceries, pay household utility bills, or even have your vehicle repaired if it was damaged in the accident causing your injuries.
The process is quick and simple. Unlike with most other forms of funding, litigation funding is quick and easy. If you qualify, you will get the money you need almost immediately – usually within 24 hours. No red tape or mountains of paperwork, no waiting for days or weeks to get the money you so badly need.
Personal injury loans have helped tens of thousands of injured victims avoid financial disaster, foreclosure, and even bankruptcy while waiting for their lawsuit to settle. Is litigation funding the right solution for your particular situation? Your attorney can help answer this question, and give you more insight into the process. It is definitely worth your time and effort to learn more about this type of funding. Contact Mayfield Settlement Funding to learn more!