How To Get A Loan While Waiting On A Settlement?

A shortage of funds is common for people who are waiting for a settlement. Most of them try to get a cash advance to secure their financial situation since lawsuits are expensive and can take a lot of your savings during proceedings. Whether it’s attorney fees, gathering evidence, or consulting experts, it all costs money, and a lot of it. Therefore, you may try to get a loan while you have a pending settlement. Here are a few things you need to do to get a loan while you are waiting on a settlement.

1. File a lawsuit with the help of an attorney

The very first thing a person who has suffered injuries because of someone else’s negligence and needs compensation for the damages must do is to file a lawsuit. To fill out a particular kind of lawsuit (a “personal injury case”), you must hire an attorney. Because if you need a loan against your pending settlement, an attorney must be working on your case. If you decide to handle the case yourself, the pre-settlement funding company may reject your loan application. Therefore, a pending case and an attorney working on a contingency basis are the basic requirements to qualify for a lawsuit loan.

2. Always apply with a trusted pre-settlement funding company

Once you file a lawsuit and have a pending trial going in court, the next thing to do is get a loan against the future settlement award. You can find numerous companies online offering pre-settlement loans, but it is advisable to select companies that have a good reputation in the industry and understand your requirements. To apply, all you need to do is fill out an online application form or contact them through the given phone number on their website. Since we offer pre-settlement loans, you can also apply with us or call us at 800-961-8924. Based on the merits of the case and the expected value of your settlement award, you will receive a loan offer. Further, the interest rate varies from case to case; therefore, you have to share your case details with the lending company, and based on their assessment, they will offer the best rate they can. Since it is a no-risk lawsuit loan for the applicant, the interest rate can be a bit high.

3. Before signing any proposed contract, get it reviewed by your attorney

If a lawsuit funding company decides to lend you a loan against your future settlement, they will share a contract. This contract will be an agreement between your attorney and the lender since your lawyer is responsible for repaying the cash advance at the end of a successful settlement. The agreement will contain all the terms and conditions of the legal funding; therefore, read it thoroughly and understand every bit of it before signing the document.

4. Make a decision on whether to take the loan offer or not

Once you get the agreement from the pre-settlement funding company, talk to your lawyer and understand the loan terms and their complexities. Since you are taking out a loan, it is always advisable to prepare yourself mentally. If you are willing to surrender a portion of the settlement amount in exchange for the money you need right now, then you must get the deal. If you have any questions about the loan, get the answers right away so you can make an informed decision. If you think the interest rates are fair and your attorney agrees, you should take the deal. Never take any decision before talking with your attorney, since attorneys know all the legal bits of your case.

Get A Pre-settlement Funding Quote

If you are already in a lawsuit, then we can offer you lawsuit funding without any hassle.

CALL: 800-961-8924