Lowest Rate Lawsuit Loans
People often seek out lawsuit loans hoping to obtain quick relief from mounting debt or medical bills. However, anyone considering one of these lawsuits’ financial advances should be aware of the lawsuit loan interest rates they’ll be charged.
What are lawsuit loan interest rates?
Legal funding companies or legal finance companies – another term for a lawsuit funding company – charge plaintiffs a fee in exchange for providing immediate cash after their case settles, wins, or loses. In order to determine how much this cost will be, defendants must inquire about the specific company’s lawsuit loan interest rates. These loans are typically paid back within three months with the money obtained through the litigation funding.
A survey conducted by our team found that 60% of people who had previously received legal funding were satisfied with their services and would recommend them to others. People should also be aware, however, of the lawsuit loan interest rates other companies charges.
Getting pre-approved for a lawsuit cash advance is easy. The application process involves submitting your basic information like your name, address, and phone number along with some financial documents like proof of income or employment (pay stubs) and that’s it. Even if you have poor credit, the law firm will use the case value to determine how much they can loan you without worrying about loaning you too much.
The only time the firm will care about your credit score is when deciding what rate to give you. The better your credit, the lower your interest rate will be on your lawsuit cash advance. Keep in mind that everybody’s situation is different and results may vary between individuals or firms.
What Influences Your Lawsuit Loan Rate?
As a person who’s been injured in an accident and is fighting the responsible party for damages, you’re probably wondering about lawsuit loans and how to get one. Well, here we go! There are many factors that affect your rate, so let’s get into them:
Location of Loan Application:
The location where you apply affects your lawsuit loan interest rate.
If there is more damage, the rate for lawsuit financing will be higher.
If you are unable to work after your accident, then it takes longer for you to get compensated and the rate will be higher.
Whether or not you’re released from Treatment Facility:
If you’ve just had surgery on your arm, it will take time to heal properly. If you’re still being treated when the lawsuit is ready for settlement, then your lawsuit loan rate will be higher.
Loan amount requested:
This one’s obvious! The more money, the higher the rate for pre-settlement funding.
The Lawyer referral doesn’t affect your personal lawsuit loan rate, but it affects the bank’s rate. If your lawyer is not reputable, then the banks will charge higher rate for you for that reason alone.
Continued negotiations with the responsible party to settle:
If there are still negotiations going on during the settlement of your case, then your settlement loan rate will go up because it takes longer for settlement.
Amount of time you’ve been in negotiations:
Similarly, if it’s taking longer for settlement due to more negotiation and back and forth with the other party, then your rate will go up because of the delay.
Personal Credit Score:
This one is obvious too. If you have a low credit score, then the banks will be hesitant to give you a loan. If your credit score is good, then you have a better chance of getting a lower rate depending on other factors mentioned above.
Apply For Lowest Rate Lawsuit Funding For Free
The best thing about lawsuit cash advances is the simplicity of how they work. There are no credit checks or complicated lending terms. You get the cash you need as soon as the attorney finalizes your case and sends a demand letter to the defendant. If you have a pending lawsuit, apply for a pre-settlement loan today!
If you need fast cash for a pending personal injury, wrongful death, or workers’ compensation case, apply online now through our 100% secure and encrypted application. You can also reach one of our customer service representatives by calling at 800-961-8924.