Ask These 5 Questions to Find the Best Lawsuit Loan or Pre settlement Funding Company
A lawsuit loan is a solution when you’re in a financial bind while your personal injury case is ongoing. It provides you with the cash to pay the bills, medical and legal expenses, mortgage or rent, car insurance, student tuition and much more.
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Should You Get Pre-Settlement Funding?
Legal funding has its pros and cons. However, the pros outweigh the cons, especially if you are financially incapable of supporting your lawsuit case. Consider these benefits to lawsuit loans.
Easing financial pressure
Lawsuit funding allows you to manage your legal and medical fees, along with any other piling expenses. It can take months or years for a case to settle, and that time may leave you in great financial distress. Use the cash advance to pay for your mortgage or rent, credit card bills, utilities, insurance, or even home improvements.
Get a more significant future settlement
Insurance companies often pressure plaintiffs to accept lowball offers. If you’re financially strained, you may be tempted to take it. You can avoid that temptation with settlement funding. You can hold out to a more considerable compensation to pay for the loan fees incurred during the trial.
Source of income
You may have injuries from traffic, work-related accidents, or medical malpractice. The damage may have life-threatening or long-term effects. It may even impact your quality of life or render you unable to continue working for the time being. This may result in a loss of income. Getting a settlement loan helps you support your family and survive until your health returns. It also gives you a leeway until you receive your future settlement.
These are just a few of the benefits of getting pre-settlement funding. There are a few seemingly good pre-settlement funding companies with seemingly non-risky offers. Some only offer funding for their one interest. With increasing interest rates, you may pay more than you borrowed. Finding the best lawsuit loan firm to help is not easy. Therefore, it’s critical to do your research before deciding on the right firm. Here are some qualifying questions to help you decide.
Question 1: Are your Pre-Settlement Loans Non-Recourse?
Many people ask the same question, how to find the best lawsuit loans. One of the crucial questions to ask is whether they offer a non-recourse pre-settlement loan.
Recourse vs. Non-recourse loan
Both are loan agreements agreed upon between the lender and the borrower. However, you want to have a non-recourse loan, not the former.
A recourse loan may be tempting because of its lower interest. The biggest downside is that failure to pay the obligations on the due date means the lender can get the collateral specified for the loan. If the collateral’s value isn’t enough, the lender can also go after your other assets.
A non-recourse loan is more beneficial for you since lenders cannot pursue additional assets from you more than the value of your original loan if you fail to pay your balance. Not all firms offer non-recourse loans due to the risks, including not being able to get their money back. It leaves them vulnerable to losses if the collateral isn’t enough to cover the debt.
Question 2: What are your Terms and Conditions?
There are several kinds of loans. There are car loans, mortgages, tuition loans, and pre-settlement loans. Each of these has binding contracts between two parties to legalize the process. They also come with different kinds of terms and conditions.
Every lending firm has different terms and conditions for the loans they offer. The terms usually include interest rates, the duration for repayment, the value of collateral, guarantee and more. Knowing all the terms and conditions stipulated in the contract is essential to not get blindsided later.
The terms and conditions must precisely define the responsibilities of each party involved. It should also comply with state and federal regulations to protect you and the lending firm. Make sure to get the help of your legal representative to explain the legal jargon to you.
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Question 3: Will You Work with My Lawyer?
A reputable lawsuit loan firm shouldn’t take your lawyer out of the picture. Instead, the firm will ask for your representative’s contact details and speak to them concerning the case. It’s a big red flag if the loan provider doesn’t want to work with your lawyer.
You can focus on getting the best deal if the firm and your attorney work hand in hand and iron out every detail of your case.
Question 4: What Are Your Interest Rates, and Do You Charge Them Prior?
Ask about the interest rate and only apply to a firm with the lowest interest rate and non-compounding. Look for a firm with interest rates somewhere between 1-5%. Some personal injury cases may last for years. Therefore, looking for a lawsuit loan provider that offers capped interests is wise. This means they stop adding interest to the principal for up to a specific period.
It’s also wise to check if they charge processing fees and hidden costs. Know that the interest rate depends on several factors. It includes the strength of your case, where you filed it, and the number or severity of damages claimed.
Question 5: How Quickly Will My Money Be Available?
Legal funding providers boast efficient application and approval processes. Typically, the firm reviews the case, talks to your legal representative, and approves the application within 24 to 48 hours. Once you’re notified, you can get your cash advance within hours.
You can ask the funding firm how they can send you the money. The cost and speed vary depending on the method of sending. Make sure to select the option that’s most beneficial to you.
It may be via wire transfer directly to your bank. It’s a secured method and only takes a few seconds to minutes for the fund to appear in your account.
Another option is via overnight check. The check is sent to your address and delivered the next day—cash in the check at a local checking store.
Regular mail is another option, but it’s the slowest among all the available options. It depends on where you are located. Typically, it takes anywhere between 1 to 5 days.
High Rise Financial | Your Trusted Lawsuit Loan Firm
There are many ways to find the best pre settlement funding. However, it all comes down to researching and ensuring that their offer is specific to your needs.
High Rise Financial is your trusted lawsuit funding firm if you are a victim of an accident and need financial support while awaiting your future settlement. Get your funding in four easy steps: reach out, provide details and necessary information, sign the agreement, and receive your money.
Focusing on recovery is difficult when you have to think of the bills you’ll need to pay and the lengthy legal battle ahead. Hence, the lawsuit funding. You may be without income for the time being, but with a lawsuit loan, you can financially support your family and focus your strength on building your case. Call us today and talk to our specialists to know your options!