Hassle-Free Presettlement Funding in Midland City, AL
Car wrecks happen in every state every day. The Alabama Department of Transportation reported over 160,000 vehicular accidents in 2018, and that number just continued to increase in the years that followed. While others live unscratched, some suffer far more threatening injuries rendering them unable to work and make a living.
This is where lawsuit loans come into play. Applying for a lawsuit loan can help you get immediate funds before your case settles. Call us today to get settlement funding in Midland, AL. But what is legal funding, and how can you qualify?
Defining Settlement Loans
A settlement loan is cash in advance for a pending compensation award for personal injury cases. The borrower pays when the settlement is received. While synonymous with each other and used interchangeably, lawsuit loans differ from advanced financing.
With a lawsuit loan or settlement loan, the lender typically evaluates the borrower’s creditworthiness and the chances of getting a settlement. But with advanced funding, the legal funding firms don’t need to assess one’s ability to pay or do a credit check. Instead, they evaluate the strength of the case to ensure a win and a settlement.
If your credit rating is low, you will have better chances of getting presettlement funding.
Cost for Lawsuit Loan
This depends on interest rates and other factors. Typically, the ‘funding fee’ is between 2% to 4% every month which amounts to about 27% to 60% interest rate annually. The longer the case is resolved, the more costly it becomes. You may pay triple the principal amount.
How Do Pre Settlement Loans Work?
You are eligible for a pre settlement loan if you have a pending or ongoing personal injury case. There are many lawsuit loans companies in Midland, AL that offer settlement loan to choose from.
The firm will reach out to your attorney once you’ve submitted your application for legal funding. It’s a no-risk loan since you don’t have to pay for it if you don’t win. It’s only standard for the pre settlement funding firm to evaluate your case carefully and extensively, ensuring that they’re investing in a sure-win case.
Once the settlement loans are approved, borrowers usually get their lawsuit funding within a day or two.
Question to Ask the Settlement Funding Firm
Before deciding where to apply for a settlement loan, ask the firm these questions.
Where can I spend my lawsuit loan on?
You can use the lawsuit funding on anything you see fit. For example, it can be used to pay for daily living expenses, medical bills, car insurance, mortgage/rent, and others.
What if I lose my case?
If you get pre settlement funding, you will likely win your case and get a settlement fee. The firm evaluated your case and believes that you’ll win. However, if you don’t win the case, you are not obligated to pay the lawsuit loan back.
It is a non-recourse loan which means you’re not liable to pay back if you don’t get a settlement fee.
When can I get my pre settlement funding?
Lawsuit loans approval only takes about 24 to 48 hours. Once you’re notified, you’ll be able to receive funding in a few hours. It’s a relatively quick process.
Can I apply for multiple lawsuit loans?
Yes, you can. However, if you have already applied and received the maximum funding for your case, your next application will no longer be approved.
Are you in the middle of a personal injury case? Call us to learn more about settlement loans and why you should get one.