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All Things You Need To Know About Lawsuit Loans
Are you in need of quick money to finance your daily needs?
Are you in need of a sufficient amount of cash to pursue your case?
If your answer is “yes” for any of the questions, then you might consider learning about lawsuit loans.
What lawsuit loan is?
Lawsuit loan is no longer unusual these days.
After the boom of lawsuit funding companies back in the early 1990s, pre-settlement funding has become very common these days. With its existence, many plaintiffs have regained the courage to fight for their rights and to let justice prevail.
Lawsuit loans are arrangements wherein the plaintiff will receive a certain amount of cash from the lawsuit loan company.
This amount of cash will soon be repaid after the lawsuit has been closed and won by the plaintiff.
Nonetheless, if the plaintiff loses in the legal battle, then it just means that he is no longer obliged to pay the lawsuit loan company anything – not even a penny.
Importance of Lawsuit Funding
There are many plaintiffs out there who are not aware that they can get cash advances through a lawsuit loan. We all know that plaintiffs, especially those who are victims of physical injuries, are suffering from financial trouble.
Some of these victims have become disabled and can no longer continue their regular job, resulting in loss of income. Some people think that it is okay to wait for the final settlement.
Nonetheless, how can these plaintiffs survive the upfront costs of their case and their daily needs? This is where low-interest-rate pre-settlement funding enters.
The Purpose of Lawsuit Loans
As what is stated earlier, there are so many people out there who do not know that they can get cash advances before the settlement of their case. We all know how long it is to wait for a final decision regarding a certain lawsuit.
It might take long months, or worse, long years for the plaintiff to gain what he deserves.
To help the plaintiff with his financial troubles, there are lawsuit funding companies out there who are more than just willing to offer a lawsuit loan. This funding scheme is aimed to help victims and plaintiffs survive their pre-settlement days.
What Can We Expect From a Lawsuit Loan?
Some people are not just unaware that they can get cash advances. They are also unaware of what a lawsuit loan is. There are many advantages of getting a lawsuit loan from a reputable company. Below are the things that you can expect:
Getting approval for a lawsuit loan is very fast. Do not even think about days. Why? It is simply because it will only take a few hours for you to get approval and to get the cash that you need. It is definitely one of the easiest ways to get instant cash.
A Risk-Free Deal
Most often than not, lawsuit loans are considered to be completely free from any risk. It is because the plaintiff is not required to repay the lawsuit funding company if ever they lose the battle in the court. In case the plaintiff received a small amount of settlement, then he is only required to pay the company with a portion of what he received as a settlement amount from the legal case.
How much lawsuit loans grants can be?
We all know that every lawsuit, especially those that involve personal injuries, have their own worth.
However, do not expect that you will get the total amount of your lawsuit’s worth as pre-settlement funding.
Remember that your settlement will be divided into three after all.
The first third will go to your lawyer who helps you in all the legal matters.
The second third will go to your medical bills and other bills that are related to your case.
And the remaining part will be yours.
The amount of lawsuit funding that you will get from a legal finance company will be dependent upon the last third that we are talking about above.
Of course, it will be too risky for the lawsuit loan company to invest an amount that is exactly equivalent to your overall settlement.
But you can rest assured that you will get the amount of cash that you truly need.
What Are the Cases Covered by a Lawsuit Loan?
Considering the advantages of getting a lawsuit loan, there is no surprise to see many plaintiffs who will be looking for a pre-settlement loan company and who will be applying for a lawsuit loan.
However, before you go to the nearest lawsuit loan company in your area, it is a must for you to know what cases qualify for lawsuit funding.
Some of the cases that are usually granted with a lawsuit loan are property damage case, dog bite case, Fela case, product liability case, whistleblower case, and APPEALS case.
These are just some of the many cases that are covered by the pre-settlement loan.
Cases for which you can get lawsuit loan cash advance from ECO funding
Not all cases are covered by a lawsuit loan. Only some of them can count as eligible for this arrangement. Some of the common cases that can qualify for a lawsuit loan are:
- Truck accidents
- Prison cases
- Police misconduct case
- Wrongful discrimination
- Bus accidents
- Trans vagina mesh case
- Property damage case
- 3rd-degree burn cases
- Breach of contract cases
Even when your case is not among those cases listed above, do not lose hope.
Remember that the cases listed above are just some of the many cases that can count as eligible for a lawsuit loan.
It is best to consult our lawsuit loan representative whether your case can qualify or not.
It is also smart for you to discuss this with your lawyer. Always keep in mind that your lawyer is your best ally when it comes to matters regarding your legal case.
How Lawsuit Loans are Different from Bank Loans?
A lot of people use the terms lawsuit funding and loans interchangeably.
Although these individuals call legal cash advances as loans, pre-settlement funding, it is necessary to differentiate between bank loans and lawsuit funding as these are non-recourse-based finances, the main premise behind legal advances.
This does not only entail semantics because if you want to apply for a settlement loan and determine if it is the kind of funding for you, but you also have to understand what it really is.
The term “lawsuit loan” gives us an idea that lawsuit cash advances are kinds of loans, and technically, this is not the case.
For one, loans need to be repaid – regardless of the events that will occur in your life or your capacity to pay.
For instance, in cases of mortgages or credit card balances, you have to repay the amount in whatever way you can, whether you are facing financial troubles or stability.
In order to avoid paying these kinds of loans, you may be forced to declare bankruptcy, which in most cases, you will still need to pay some amount to the lending company.
A lawsuit loan is actually considered as a type of non-recourse fund because repayment may only be demanded in certain circumstances – if an extra-judicial settlement is reached or the case is won in court.
Legal cash advances are specifically designed to address the different needs of complainants, which is the number one reason why the advance will only be paid if the client has the ability to do so.
If the case is lost or abandoned, the cash advance is yours to keep and you do not need to pay anything to the creditor.
As mentioned earlier, pre-lawsuit cash advances are only repaid under certain instances, as it cannot be negated that lending firms who offer this kind of financing take on a much higher risk compared to traditional lenders.
The latter has recourse in the form of legal claims, repossession companies, and collection agencies when it comes to the recovery of the cost of the debts if ever borrowers default on their loans.
However, in the case of litigation funds, the companies cannot really do anything if the borrower has no capacity to pay.
They are forced to just absorb the loss and this is precisely the reason why lawsuit loans are more expensive.
Another important distinction to keep in mind is the method in which the creditors extend their funding.
When it comes to traditional loans, lenders get to determine the people who can get financing based on the ability to repay.
For complainants who cannot work because of their injury, this can be a big problem because they have no steady income source.
With lawsuit loans cash advances, the basis of the agreement is the strength of the pending case in court and no employment verification, credit checks, or collateral is required for this kind of transaction.
How to get a lawsuit loan?
Are you at financial risk due to your criminal case?
Check to see if lawsuit funding can help you. If your case is medical malpractice, you can apply. Never engage in lawsuit funding with your attorney.
We as a lender can explain the loan process to you.
Lawsuit funding is a non-recourse cash advance made by a plaintiff against an unfinished lawsuit. It’s a non-recourse settlement financing because in case the plaintiff loses the case, the lending company does not have a remedy to collect payment.
Lawsuit loan for an ongoing trial
Lawsuit Loans can be available for cases such as personal injury, class action, or product liability and manslaughter. The lawsuit cash is available too for malpractice, breach of contract, worker’s compensation, and medical bills.
Lawsuit loans for a business entity
If the lawsuit is in the nature of commercial disputes and or intellectual assets conflicts, the applicant can qualify for lawsuit funding.
Lawsuit funding for attorneys & law firm
The attorneys who are dealing with cases, they additionally capable of having pre-settlement cash loans. This loan can be utilized in estate agent fees, specialist witness proof, or expert witness investigations.
Repayment of the loan amount
After the case is settled in favor of the plaintiff, the settlement lender or lending company will reclaim the lawsuit money from the plaintiff’s settlement prize.
Though, if the case is determined from the applicant, and there is no settlement prize known, the lender has no recourse to claim payment.
Hence, the lawsuit settlement funding cannot be classified as a loan.
In addition, such a financial program is exempted from certain usury laws. The lender can earn profits by charging an upfront fee in lending the money to you.
Relative to the policy, a lender or financial institution may charge you monthly fees just like a creditor’s financing fee for the right to the cash. There may be cases in which lawyers themselves are the lenders.
If such is the case for you, it is advisable never to engage your attorney in providing lawsuit funding as it may create a legally unacceptable conflict of interest between you and your attorney.
What is the requirement for lawsuit funding?
To apply for settlement financing, you need to be symbolized with each of your legal professionals. This is the first requirement.
The financial institutions that offer such financial programs need to speak to your lawyer about the case he is handling in your representation.
Among the information, the lender/lender needs are the court date, all necessary documents related to your case. There also needs to be a signal of suitable claim, which can be a signed or verified presence in the court for such hearing.
If the lawsuit is about injuries, you must give proof to the financial company for your treatment. Documents from the hospital and doctor who administered treatment to you should suffice.
There are times when the lender needs additional documents and information, in which case, you will be asked to sign a release order to grant them permission or access to similar papers.
Once all requirements are posted, the lender will evaluate them and determine if you are qualified for lawsuit funding.
A lawsuit loan is commonly used by plaintiffs that need financial assistance without risking your early settlement. There are times when lawsuit funding generates a possibility to drag lawsuits to a standstill.
If you need money right now for your pending trial, apply with us. We can help you with lawsuit loans at the lowest interest. Our process is simple and quick. We understand the plaintiff’s urgency and act accordingly.
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If you are already in a lawsuit, then we can offer you lawsuit funding without any hassle.