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Do you live in Santa Monica and find yourself in the middle of a lawsuit, struggling to cover bills, medical fees, and other costs? Then, pre settlement loans, also known as California Legal Funding, can provide the financial support you need. However, it’s critical to understand what settlement funding is to determine whether it’s the right choice for you.
What is Lawsuit Loan?
A lawsuit loan is a cash advance provided by legal funding firms. The borrower then pays it back when the case is settled. A pre settlement loan isn’t just borrowing, but paying it via a payment structure.
To apply for free, call (877) 735-0016
Pros and Cons of Settlement Loans
Lawsuit loans are solutions for those who are financially struggling due to mounting bills. However, there are pros and cons to getting presettlement funding.
Pros: Lawsuit loans ease financial stress.
The extra money gives you the breathing space to cover living expenses, bills, mortgages, insurance, car loan payments, and more. You can use the money for whatever purpose you want.
Pros: Lawsuit loans in Santa Monica give you more time to get a better deal.
Insurance companies usually drag the process and lengthen it to pressure plaintiffs to settle for their lowball offer. This is especially trying if you are in a financial bind. You are easily tempted to take any amount to pay your bills and expenses.
However, you have enough money to manage the finances with lawsuit funding. There’s no pressure to settle; instead, you’re free to wait for a fair settlement offer.
Cons: Lawsuit loans are expensive.
A lawsuit loan isn’t always the best choice. If you still have other alternatives, consider them first. The interest rates make a settlement loan very expensive.
You don’t only pay the original pre-settlement funding. You also pay the funding fee, and the interest rate may triple. However, you will not pay more than the amount you settled for.
Cons: Not all cases qualify for pre-settlement funding.
Lawsuit funding companies take the most risk in lending cash advances. This is a non-recourse loan. Legal funding firms cannot force you to repay the loan if you don’t win the case. If your case settles lower than expected, you don’t pay the entire amount borrowed.
Therefore, legal funding companies only take cases with the most substantial chance of winning. They are picky; hence, plaintiffs may need to apply to more than one settlement loan provider before he gets approved.
Santa Monica Pre-Settlement Funding Lawyer Near Me (877) 735-0016
Alternatives to Settlement Loans
Consider other options, and don’t sign a lawsuit loan contract immediately. Here are some available alternatives for you.
Get home credits.
Often, plaintiffs use their settlement loans to pay for daily living expenses. But if you have home credit, you can pay your daily costs via your credit fund. However, credit funds can be expensive, especially if you don’t pay the late default payments. Thus, pay them off if you don’t want to drown in the advance fee and the interest.
Bank loan.
Another alternative to settlement loans is getting a personal loan. This is an excellent solution if you have good credit. Banks may lower interest rates and allow you a suitable payment plan. You may extend your payment structure up to five years.
Borrow from a friend/family.
Borrow from a family or a friend. They may let you pay the principal amount without any interest. The downside is that you may not have the money to pay them back if you don’t win the case. This may put a dent in your relationship.
While pre settlement funding is always available for plaintiffs such as yourself, it’s still important to consider all the other options. If you have exhausted all of them, that’s when you have this funding as a fallback.
If you have any more questions about pre settlement funding, the rates, how long the process is, and other things, call High Rise Financial. We have an excellent team of customer service specialists who are always ready to answer your queries.
Applying for a lawsuit loan can help you get immediate funds before your case settles. Call us today at (866) 407-6404 to get settlement funding in Santa Monica, California.
Call or text (877) 735-0016 or fill out our form to apply today for free.