Why You Need A Personal Injury Lawsuit Loan
Explore a Personal Injury Lawsuit Advance
Personal injury plaintiffs who are finding it tough to cope financially have the option to apply for personal injury lawsuit loans. Though called loans, legally these are cash advances you can get against a projected reward or settlement of your case. Any type of accident will turn your life upside down. Besides the obvious physical injury and discomfort, you could also suffer mentally and monetarily. Not being able to work for a while (or worse, permanently) causes you to lose out financially and adds to the mental stress on how to look after your family. In these cases, you can sue the person, company or organization that contributed to your accident for personal injury.
Chances are that you will receive a large reward to compensate for your mental stress and loss of income. But with your funds depleted by medical bills and other expenditure you will probably find it hard to provide for your family. Insurance companies prey on this situation and stretch out settling for as long as possible in the hope that you will cave in and take whatever they offer. You don’t have to because you can apply for a personal injury lawsuit loan that will help tide you over till the law suit is settled.
What to expect when applying for a personal injury lawsuit loan
- Personal injury lawsuit cash advances depend on your projected settlement reward and you will not need to provide details or proof of income, or submit to a credit check.
- You can use the cash advance you receive to pay any outstanding medical bills, daily expenditure and other household bills.
- These lawsuit loans are usually Non-Recourse cash advances which you will have to repay once your claim is settled. The advantage of this type of funding is that should you, in the rare event, lose your case you will not have to pay back the loan.
- In case the reward is smaller than predicted, the amount you will need to pay back will not be more than your share of the settlement amount.
- Thus, personal injury lawsuit funding helps you to stop worrying about money issues and allows you to concentrate on getting the best settlement, despite all efforts by the defendant’s insurance company to force you into accept any measly sum they offer.
- Be advised, though, that this is a high-risk loan and as such processing fees and interest rates (sometimes as much as 15 per cent) will be higher than traditional loans. The fee varies on the company and type of personal injury case. While some companies may ask for a one-time consolidated fee, others could charge you on a monthly basis from the time the loan is allotted till you repay it.
Getting this type of law suit funding is pretty simple. Your lawyer will probably advise you to contact a loan company. That company will then get in touch with your lawyer to get all available information on the case. After evaluating the validity of your claim, the personal lawsuit funding company will calculate what the likely reward or settlement will be and offer you a cash advance based on that estimation.
So, if you have been the victim of an accident or have been injured because of someone else’s negligence – be it automobile, a fall down stairs, or slipping on the wet tile flooring of a toilet in the mall – you can make a legal claim for personal injury damages. In most cases, victims also end up being hit financially and will probably need some cash in hand till the settlement comes through. This is can be done by taking out a Personal injury lawsuit loan.