If you are a plaintiff fighting for the compensation you deserve in a personal injury lawsuit, it may be becoming difficult to pay your bills. Considering medical expenses, time off work spent in court, or even an inability to work because of your injuries, you may be facing a financial struggle. Lawsuit loans are one solution you may want to consider, rather than settling for less than you deserve from those who were negligent out of financial necessity.
Other terms for lawsuit loans include settlement funding, litigation financing, and litigation funding among others. Here is a brief explanation of how it works:
Learn if you qualify. Most plaintiffs who have a strong case do qualify for lawsuit loans. Applying is easy; your lawyer will provide the litigation funding company with documentation regarding the accident or circumstances which led to your injuries, and information regarding the nature and seriousness of the injuries themselves. The funding company will then review this data to determine if you are eligible for an advance on your pending settlement.
Get your money now, when you need it. If you are eligible for an advance, you can expect to get your money within 24 hours of applying.
No credit check or employment verification. Unlike with conventional and other types of loans, lawsuit loans do not require that you provide personal information such as your credit rating or employment status. The funding company simply wants to ensure that you have a strong, viable lawsuit which is likely to be won. This helps ensure the company will be repaid for the loan.
Lawsuit loans are non-recourse. What does this mean? It’s simple. If you are approved for an advance and get it, you only repay the litigation funding company if you do in fact win your lawsuit. If you do not win, you owe nothing. There are no out-of-pocket expenses to worry about, and you will only repay the advance and any fees or interest which may apply when you have your money. You avoid financial risk, because you will not be responsible for repayment of the advance if you do not recover damages in court.
How much your advance will be depends on the value of your claim. With lawsuit loans from Mayfield Settlement Funding, the amount of advance you are given is determined by how much your attorney files suit for. In most cases you will be given an advance of about 10% of the value of your lawsuit. This money can be used to pay household bills, medical and doctor bills, attorney fees, and more. Essentially, you can continue forward with your lawsuit in pursuit of the full compensation you deserve, without suffering financially.
Lawsuit loans are not the ideal solution for everyone, but it may be for you. Your attorney can provide you with more information, and help determine whether litigation funding is right for you.