Before you decide on whether you should get pre settlement funding in Akron, Ohio or not, it’s important that you have a clear idea on what it really is. The concept of legal funding is quite complicated and it’s not everyone who fully understands it. It is why many people are not doing it right and will come to the conclusion that we should stay away from settlement loans. People have both good and bad experiences when it comes to legal funding. True enough, it can get pretty expensive, but let’s take a look at the whole picture and understand why settlement loans are the way they are.
Is Legal Funding a Loan?
Applying for pre settlement funding in Akron, Ohio is not at all similar to applying for a typical loan. It may be called settlement loans, but the correct term should be cash advances. It’s not considered a loan for many reasons. First of all, the cash advance is non-recourse. This means that if the client, for some reason, loses the case, he or she will no longer be required to pay the money owed. It is clearly stated that plaintiffs will only pay the borrowed money and the interest added once they win the case. This is a great advantage to all clients and a great weight taken from their financial burden.
What Are the Requirements for Applying?
There’s no need to worry too much if you are planning on applying for pre settlement funding in Akron, Ohio. Unlike the loans we are all familiar about, there’s no need for any background checks. No need for your work history to be reviewed as well as your credit scores. The only thing they are going to review on your application is your pending case. After you have applied, they are going to review your application and contact your lawyer and discuss. This is for them to get a clearer view on your case and for you to have the chance of getting a higher amount.
Is It Really Expensive?
There’s no denying that getting a pre settlement funding in Akron, Ohio can get pretty expensive. Because you are no longer obliged to pay back the money if you lose the case, it’s only reasonable for companies to charge interest on the money lent to you. However, you don’t have to worry too much about that. Since there are already many legal funding companies, they have become competitive. If you check out Pre-Settlement Funding Loans, you’ll find out that they are very lenient with their rates and interest loans. This company is an excellent example of where you should be applying. It is a company that offers the most affordable rates, but never fails to keep the quality of their services intact.