What Is a Lawsuit Loan?

6-26-2014 2-49-02 PM

A lawsuit Loan is borrowing money against the settlement or judgment that you expect to receive from the lawsuit. Legal loan companies that provide this type of loan advances the money to you before the case is settled. When there is already a settlement, the loan can now be repaid.


Benefits of Settlement Funding


Usually, the litigation processes of a lawsuit take several years to finish. With a lawsuit settlement funding, you can get that much needed money right now. This loan can cover all your living expenses while you are waiting for the settlement. If you are injured, the insurance companies often take advantage of this situation by offering you a smaller amount since they know you are in need of financial help. With the help of a pre-settlement funding, you can choose to hold out and wait for a much fairer and larger settlement.


Repayment of Your Pre-Settlement Funding


What if you did not win the case? Are you still obliged to pay your lawsuit cash advance loans? The answer is “no”. You wouldn’t owe the firm any money even if you did not win the lawsuit since this is a non-recourse funding.


When Can You Receive Your Pre-Settlement Funding?


Once you have prepared all the necessary documents needed for the loan, you can immediately receive the cash advance within 24 hours.


Is Credit Check or Employment Check Required?


There is no credit check and employment check required for this type of loan. Even if you do not have a job at this moment, you are still qualified to receive a pre-settlement funding.


Is There An Initial Fee Payment for This Type of Loan?


You will not pay any initial or upfront fee for the pre settlement loan. The financial solutions company can only be paid when you receive your settlement money.


Do You Need a Lawyer to Apply for Lawsuit Settlement Loans?


You need to be accompanied or represented by a lawyer who is working on a contingency basis. It means that your attorney can be paid out of your settlement.


What Is the Legal Age for the Lawsuit Cash Advance?


The legal age for a person to receive his or her lawsuit loan is 18 years old and above.


How Much are the Rates?


The settlement loans have the lowest rates out of all lawsuit funding. This type of loan only has a rate of 1% per month.


How to Apply for Your Non-Recourse Loan


If you want to apply for a settlement funding, you can call the legal funding companies directly or fill out an online application form from their website. You can talk to a legal funding representative and they will assist you and answer all your questions.


Call Us Today 866-WE-FUND-U / 866.933.8638


About the author
Michael Smith is the Customer Experience Director at 911 Lawsuit Loans LLC and is responsible for client relations throughout the funding.
Author:Mike Smith