Louisiana Lawsuit Loans
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Louisiana lawsuit loan is a type of advance payment on the expected outcome of a pending court case.
Here are some basics on lawsuit loans, how they work, and what’s legal or not.
A lawsuit loan is an agreement between a plaintiff (in most cases) and a lender to provide money in exchange for receiving repayment after the outcome of the case.
The borrower is responsible for repaying the lender for any money awarded as part of the verdict, as well as court costs and interest. Typically, plaintiffs need to have an attorney submit a formal application detailing their intention to file suit. The expected outcomes of the case and other legal factors will be used to determine repayment rates and conditions.
This protects the borrower and the lender from taking on a case that isn’t likely to result in either repaying or earning enough to cover interest and repayment costs.
What is the purpose of Lawsuit Loans?
Most people who borrow money for this purpose do so when they need the money to pay medical bills, make up for lost wages, or deal with other financial issues that arise due to the unexpected loss of a lawsuit. It can be much easier than taking out another type of loan – especially if you have bad credit or no collateral to speak of.
Are lawsuit loans legal in Louisiana?
The Louisiana Supreme Court has ruled that lawsuit loans are legal under current laws. Of course, this might change if the court hears another case related to suit lending practices.
If you’re considering taking out a lawsuit loan yourself, be sure to carefully weigh your options and apply for lawsuit cash loans only after you’ve found a qualified attorney and verified that the lawsuit has merit.
Benefits of taking pre-settlement funding for ongoing personal injury trial in Louisiana
Lawsuit loans are cash advance options for people who are part of a pending lawsuit. They can get approved quickly and they offer an immediate solution for everyday costs such as rent, groceries, and childcare. Given the benefits of lawsuit loans, here are five reasons why more people should consider them:
Easier to Qualify
These days, it’s challenging to get a loan due to the competitive lending market in Louisiana. Lenders have tightened their requirements and potential borrowers have a higher standard of creditworthiness. However, lawsuit loans are exempt from the Federal Equal Credit Opportunity Act. This means that people in lawsuits can get approved much more easily because they don’t have to meet stringent bank guidelines or requirements.
Immediate Access to Cash
People who need money fast due to a pending lawsuit in Louisiana (LA) don’t have time to wait for their settlement. With one of these loans, they can get access to cash within 24 hours and repay it as soon as they get their settlement. They can pay off high-interest credit cards, avoid getting evicted from an apartment or have enough money to buy groceries.
No Collateral Required
Because loans are secured by the value of the plaintiffs’ claims, filing for a lawsuit loan doesn’t require collateral. This means that people who are likely to win their case can get approved for a loan even if they don’t own any assets.
No Monthly Payments Required
People who are in lawsuits often have trouble making ends meet because of the costs involved with their cases. Lawsuit loans don’t require monthly payments like other types of loans do. If plaintiffs lose their cases, they don’t have to make any repayments. If plaintiffs win their cases, they only pay interest. The principal balance receives a waiver because the lender gets repayment from the plaintiff’s award.
Flexible Repayment Terms
Lawsuit loans offer both short-term and long-term repayment options. They can be paid off over 9, 18, or 24 months. This gives plaintiffs ample time to repay their loans from the money they receive as a result of their cases.
Don’t let financial burdens stop you from pursuing your dreams. Lawsuit loan companies offer great options for people who need immediate cash and no repayment if the plaintiff loses their case. For more information on lawsuit loans, connect with us.
What are the cases eligible for quick cash advances
At ECO pre-settlement funding we offer lawsuit loans on almost every type of personal injury claim. Some of the common claims are given below
Slip and Fall Claims
Car Accident Lawsuit
Medical Malpractices Claims
The list goes on and on, to see the complete list check the CASES WE FUND.
In recent times, we have offered the below cases with the lowest interest rate lawsuit loans.
Swimming Pool Accidents
As per the law, swimming pools must have lifeguards on duty at all times. They are also required to follow specific standards in the construction of the pool such as non-slip floors and signs that indicate the depth of the pool area. The lack of any of these may lead to fatal injuries. These kinds of accidents can be purely due to negligence, which makes it more easily eligible for pre-settlement funding in Louisiana.
Mass tort lawsuit is a term used when multiple cases are filed against a single party. It is the act of suing another person for causing them the injury. A basic example can be someone suing another person for breaking his or her jaw in a fistfight. Most commonly used in medical malpractices, a mass tort is considered a strong case for funding.
Ten percent of daily road accidents result in tractor-trailer accidents. Three parties can face charges for these accidents: the truck driver, the trucking company, or the insurance company. Either way, these kinds of accidents can easily get approval for pre-settlement loans.
There are trucking laws that one needs to strictly follow. The major reason behind truck accidents is the violation of road safety laws. The obvious state of who is at fault makes it a very strong case for those applying for legal funding. Truck drivers are limited to driving for 14 consecutive hours a day only, which should be followed by 10 hours off duty. If accidents occur because of fatigue, then the driver is liable to pay compensation for the damages.
Applying for legal funding in Louisiana should be fairly smooth when filing under a worker’s compensation case. There are laws that employers should be following, regardless of whether they are at fault for your injury or not.
Apply for lawsuit funding in Louisiana
If you don’t think that a lawsuit loan is the right choice for you, there are other options available to help you stay afloat while waiting on the verdict of your case, such as borrowing money from friends or family members or taking out a second mortgage.
Cash advance loans are an attractive option due to their immediacy. Further, their non-recourse feature makes them a risk-free option of getting funds. None other financial institution can offer lawsuit funds, as we do. We provide the lowest rate lawsuit loans to make your financial condition strong. Use the funds as you need, because we don’t put any obligation on the usage of pre-settlement funding.
For more information about Louisiana lawsuit loans, you can call the toll-free number +1 800-961-8924 or directly apply by submitting the below application form.
Get A Pre-settlement Funding Quote
If you are already in a lawsuit, then we can offer you lawsuit funding without any hassle.