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At High Rise Financial, we want to teach you everything you need to know about pre-settlement funding. For more information about pre-settlement funding, get in touch with us. In the meantime, take a look at the five questions below that you need to ask when you search for a lawsuit loan.
1. How do Your Lawsuit Loans Work?
A lawsuit loan differs from a loan you would request from a bank or credit union. While a traditional loan is based on your income, credit score, and other factors, a lawsuit loan is not. Rather, you can secure pre-settlement funding based solely on the money you expect to receive in a lawsuit.
There are many types of cases in which you may be eligible for pre-settlement funding. These include:
- Personal injury
- Car Accident
- Defective medical device
- Labor law
- Workplace injury
The High Rise Financial team can get you up to speed on all that pre-settlement funding entails. To get started, reach out to us. Next, we can review your pre-settlement funding request and let you know what we can offer.
To apply for free, call (877) 735-0016
2. Which Is Better: A Lawsuit Loan or a Loan from a Bank or Credit Union?
A lawsuit loan is often viewed as a superior option to one offered by a bank or credit union. With a standard loan from a bank or credit union, you are required to repay it, no matter what happens. Comparatively, with pre-settlement funding, your loan is tied exclusively to your legal case.
settlement loans are considered non-recourse funding. Thus, you are not required to repay your lawsuit loan if you lose your case. In this scenario, you keep the money that was given to you without any penalties.
Meanwhile, if you win or settle your lawsuit loan, only then do you have to pay it back. At this point, the amount you owe is taken out of your settlement funding amount. Once your pre-settlement funding provider gets your payment, you receive the remainder of your settlement and can use it however you choose.
3. How Much Money Can I Get from a Lawsuit Loan?
The amount you can receive through pre-settlement funding depends on the following factors:
- The strength of your case
- How much money you can expect to receive as part of a case settlement
- When you can expect your case to be resolved
A pre-settlement funding company can provide you with a personalized quote. If you have questions or concerns about the quote, the company’s pre-settlement funding specialists can answer them. Then, you can make an informed decision about whether to move forward with pre-settlement funding.
4. What Are the Requirements to Get a Lawsuit Loan?
The requirements to obtain a lawsuit loan are less than those required for a standard loan. With a lawsuit loan, you must hire an attorney. Also, you must be involved in a lawsuit in which you may ultimately receive a settlement.
When you move through the lawsuit loan process, your attorney handles everything. Your lawyer serves as a liaison between you and your pre-settlement funding company. Plus, your attorney keeps your lawsuit loan company up to date regarding your case.
Furthermore, your attorney can walk you through the lawsuit loan application process and make sure you complete it properly. Your lawyer can answer any questions you have regarding various legal terms relating to lawsuit loans. On top of that, your attorney will make sure you get your lawsuit loan as quickly as possible.
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5. Why Should I Get a Lawsuit Loan?
There are many reasons why people apply for lawsuit loans, such as:
You Can Get Money Right Away
The lawsuit loan application process can be completed online in just minutes. During this process, you only need to provide information about yourself and your case. Once a lawsuit loan company receives your application, they may be able to provide hundreds or thousands of dollars in pre-settlement funding within days.
You do Not Have to Worry About a High-Interest Rate
Expect the interest rate of a lawsuit loan to be lower than that of a standard loan. A lawsuit loan company strives to keep its interest rates as low as it can. The company can explain its interest rates in detail before you finalize your lawsuit loan request so you know exactly how much you will need to repay if you win or settle your case.
Multiple Pre-Settlement Funding Options Are Available
A lawsuit loan company offers flexible pre-settlement funding options. The company can review your pre-settlement funding request and give you options that meet your expectations. In addition, the company has friendly, knowledgeable pre-settlement funding specialists on staff to answer any questions you have.
You Have No Monthly Loan Payments
A traditional loan requires you to pay at regular intervals until you are paid in full. On the other hand, a lawsuit loan is 100% contingent on the result of your case. This means you are under no obligation to make monthly payments with your lawsuit loan and do not have to pay anything back unless your case is successful.
There Is No Risk with a Lawsuit Loan
You must repay a standard loan from a bank or credit union, even if you are in financial peril down the line. With a lawsuit loan, you pay back nothing until the end of your case. For those who lose their case but previously received a lawsuit loan, their loan provider takes full responsibility for the funding, and you do not need to pay anything back.
There is a lot to like about lawsuit loans. When you partner with an experienced pre-settlement funding company, you are in good hands. This company does everything it can to educate people about lawsuit loans so they can decide if pre-settlement funding is right for them.
Get Started with Pre-Settlement Funding
High Rise Financial makes it easy to get pre-settlement funding. For more information about pre-settlement funding, please contact us today.
Call or text (877) 735-0016 or fill out our form to apply today for free.
