Many people are wondering whether they can get a loan on a pending lawsuit, the answer to the question is yes, they can.
There are actually so many types of loans available in the universe to help the human community. The lawsuit loan is also one among those many loan types.
When a person got injured in an accident when he or she can immediately file a personal injury lawsuit against that accident maker so that he or she can get the appropriate compensation for his or her sufferings.
Normally the compensation which one can get by the lawsuit loan is wages expenses, wages for the pain and sufferings felt by the individual, medical and hospital bills, miscellaneous bills and costs which are associated with the accident, etc.
Briefing on The Claim
Generally, a personal injury lawsuit claim can take much time. The duration of the settlement of the claim depends on the type and severity of the accident which the person met, the type of insurance company in which he or she made the claim, negotiations by the insurance company, etc.
In most cases, this time gap creates many obstacles especially when the person needs money instantly for some emergency. The main advantage which the lawsuit loans have is that it provides enough time gaps to fight for the offer or the claim.
The lawsuit loan does one good help to the clients. It provides the necessary money for the concerned accident or claim to the individual perfectly.
Even though much delay occurs in the settlement of the claim, it’s sure that the person will get his or her claim in the future without fail. This is the most positive aspect of lawsuit loans. There are so many companies available to advise you as well as to assist you in obtaining the perfect lawsuit loans.
Some loan companies offer free advice and suggestion to their clients regarding lawsuit loans. Certain companies drop their clients in between without any necessary helping hands and their case in the court will go on for years together without any fruits.
Save Your Hassle With This Loan
To get rid of these unwanted issues and at the same time to get a perfect lawsuit loan you should, first of all, try to know what is lawsuit loan and either you are eligible to apply for that or not.
Do most people have a unique question regarding the lawsuit loans which is nothing but that really the lawsuit loans help in emergency condition? The direct answer to this doubtful question is “Yes”.
When you met with an accident unfortunately by the issue of wrong driving of the opponent then by the help of the lawsuit loan you can easily manage all your medical and hospital bills.
Even for your rehabilitation course, the lawsuit loans will help you instantly. But most people claim for their medical settlements with their normal and regular health claim policies. Through such policies, you cannot pay your medical returns immediately mainly during the emergency period.
But with the help of the lawsuit loans, you can first pay all your medical bills and costs instantly and relax without any tension. That so now people are showing more interest in knowing the pros and cons of lawsuit loans and some people even started using it confidently and getting the real fruits out of it happily.
You also try to use the lawsuit loans but with the expert guidance of any attorney or eminent advocate in your locality.
Get Hassle-Free Loans Against Your Pending Lawsuit
If you have any lawsuit pending for claims for damages due to accident or negligence of others and are financially constrained to meet your daily expenses as well as legal expenses, you can get lawsuit loans to tide over the situation.
Flexibility of loans
You will find funding companies offering you flexible terms in loans on searching online for lawsuit loans. These funding companies will provide you with cash within a short time after being satisfied with the information you provide and on the assessment of the merits of the pending lawsuit.
You can opt for the best plan for repayment from among the plans offered by them which carry attractive rates of interest.
The most important advantage you get is that in case your lawsuit is not settled within 2 years, you do not have to pay any interest for the remaining period till your claims are settled.
Can I get lawsuit loans without an attorney?
The answer is no. For you to qualify for getting a lawsuit loan, you need to have an attorney to represent you in your case.
Even though this may be disappointing to some people, but this is the law practice with the purpose to protect the victims and also lawsuit loan companies who are funding you the money in pending cases.
Can I get a lawsuit loan from my attorney?
No, a lawyer cannot offer you any loan because it is unethical for them to do so. You can discuss with your lawyer if you are having issues with money.
Even though your lawyer cannot directly offer you a loan, but they can provide you with lawsuit loan companies who can offer you the loan that you need.
How much you can get?
Normally 15% of the projected settlement amount is paid as a cash advance which ranges from $ 250 to $ 250,000.
But the most attractive term of the lawsuit loans is that you do not have to pay anything if your claim is not settled and interest is payable after the initial 2 years and not after that regardless of the period of time taken for settlement.
These funding companies will not ask you to repay the loan amount together with interest until you receive your claim amount in full. For part of the payment, you receive you do not have to pay the funding company anything.
These companies also provide funding for Worker’s Compensation claims in some states, the list of which you can find on logging onto their websites.
You do not have to pay any charges at the first instance or monthly charges at the time of disbursement. The principal amount together with accrued interest and the principal amount is repayable at the time of settlement through your attorney.
To find out whether you are eligible for lawsuit loans, the first thing you have to find out is whether your lawsuit falls under the areas mentioned in the list provided by the funding companies.
Although most claims are related to personal injury caused by many reasons, you will also be eligible for lawsuit funding in case of animal bites, food poisoning, animal bites, sexual harassment, and product liability.
Once you find that you are eligible, just fill up the prescribed form with the required particulars. They will also require your attorney to submit information as required by them.
Any common person is benefitted from these lawsuit loans where during the period of unemployment statutory liabilities can be met such as payment of education expenses, electricity, and medical bills together with the legal expenses.
This profession is completely ethical and has opened up the market which creates an open and free system for plaintiffs to use their options at their discretion.
Thus a plaintiff gets an opportunity to utilize the full advantage of an available and viable option through these loans to tide over financial crisis until the time of settlement of the lawsuit.
You can seek an appointment with the funding company you choose where your case will be discussed at length and prudent advice provided to complete the formalities for getting the loan.
Read also: What is the Right Type of Loan For You?