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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 is a lawsuit loan?
A lawsuit loan or pre-settlement loan is common these days for people who are in fiscal trouble during a pending lawsuit. Because of the availability of lawsuit loans, many plaintiffs have regained the courage to fight for their rights and to let justice prevail. A lawsuit loan is an arrangement in which the plaintiff receives a certain amount of cash from the lawsuit loan company in exchange for agreeing to share a portion of their winnings after the settlement is completed.
The amount that is given in the form of a lawsuit loan will only need to be paid back to the lender if the plaintiff wins the litigation. And if the plaintiff loses 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 Loan
Many people who have a pending lawsuit and a cash shortage are unaware 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 because of the rise in the number of bills. Some of these victims have become disabled and can no longer continue their regular job, resulting in a loss of income. Some people think that it is okay to wait for the final settlement.
But how do people manage the upfront costs of their case as well as their daily needs? This is why we started lending low-cost lawsuit loans so that plaintiffs could have enough cash on hand to survive through the court proceedings.
Need of Lawsuit Loans
Lawsuits are expensive and time-consuming, and if you are a part of a personal injury lawsuit where you have suffered injury because of negligence, then you have to take care of yourself and at the same time tackle a legal case. We understand the time lost in waiting 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 during the phase where they have no money and are totally dependent on the amount they will receive from the offending party, our lawsuit funding scheme is aimed at helping victims and plaintiffs survive the days with ease.
What Can We Expect From A Lawsuit Loan?
Getting approval for a lawsuit loan is very fast. Do not even think about days. Why? It is simply because you will receive approval in a matter of hours and will receive the funds you require in a matter of days. It is definitely one of the easiest ways to get instant cash.
A Risk-Free Deal
Lawsuit loans are considered to be completely free from any risk. Because the plaintiff is not required to repay the lawsuit funding company if the case is lost in court. In case the plaintiff received an amount of settlement, they are only required to pay the company a portion of what they received as a settlement amount from the legal case.
What Are The Limits On Lawsuit Loans?
Every lawsuit is different from one other, especially those that involve personal injuries, so they have their own kind of worth. However, do not expect that you will get the total amount of your lawsuit’s worth as a lawsuit loan.
Remember that your settlement will be divided into three after all.
- The first third will go to your lawyer, who helps you in all 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 loan that you will get from our 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.
Cases Covered By A Lawsuit Loan Are
Given the benefits of obtaining a lawsuit loan, it’s no surprise that so many people want to know if their case is eligible for a cash advance.
A lawsuit loan is typically granted in the following cases: property damage, dog bite, FELA case, product liability case, whistleblower case, and APPEALS case. These are just a few of the many cases that the lawsuit loan services cover.
Cases for which you can get lawsuit loan cash advance from ECO 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 that can qualify for a lawsuit loan. It is best to consult our lawsuit loan representative via phone at 800-961-8924 to understand whether your case qualifies 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 Do Lawsuit Loans Differ From Bank Loans?
Many people use the terms lawsuit funding and loans interchangeably. Although these people refer to legal cash advances as loans or pre-settlement funding, it is important to distinguish between bank loans and lawsuit funding because these are non-recourse-based finances, which is 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 right kind of funding for you, you also have to understand what it really is.
Important Distinctions Between Bank Loan And Lawsuit Loans Are:
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, will still require you to pay some amount to the lending company.
A lawsuit loan is actually considered 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, the cash advance is yours to keep, and you do not need to pay anything to the creditor.
As previously stated, pre-lawsuit cash advances are only repaid in certain circumstances, as lending firms that offer this type of financing take on a much higher risk than traditional lenders. If borrowers default on their loans, the latter has recourse in the form of legal claims, repossession companies, and collection agencies to recover the cost of the debts. 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 remember is how 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. The strength of the pending case in court serves as the basis of the agreement with lawsuit loans and cash advances, and no employment verification, credit checks, or collateral are required for this type of transaction
What Is The Requirement & How To Apply?
To apply for settlement financing, you need to be symbolized by 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 needs are the court date and all necessary documents related to your case. There also needs to be a signal of a suitable claim, which can be a signed or verified presence in court for such a 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 you’ve posted all of your requirements, the lender will look at them and decide if you’re eligible for lawsuit funding. A lawsuit loan is often used by plaintiffs who need money but don’t want to risk losing their early settlement.
If you need money right now for your pending trial, apply with us. We can provide you with lawsuit loans at the lowest possible interest rate. 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.