Apply Now
At High Rise Financial, we take the guesswork out of the settlement funding process. If you have a pending lawsuit, we are happy to help you get legal funding that you can use until your case is settled. For more information, please reach out to us.
A Personal Installment Loan vs. Pre-Settlement Funding: What You Need to Know
If you have a pending lawsuit, you may be tempted to apply for a personal installment loan. Doing so gives you money that you can utilize for the duration of your lawsuit. However, it may be an inferior option in comparison to legal funding.
To get a personal installment loan, you must apply through a bank or credit union, which will review your credit and income histories and other financial information. The bank or credit union may approve your loan request, albeit with a high interest rate. You are required to pay back your loan, even if your lawsuit is unsuccessful.
On the other hand, the lawsuit loan application process is fast and simple. You only have to provide details about your lawsuit, and your funding will come with an interest rate that is likely to be lower than the one you would get with a personal loan. Along with this, your loan is contingent on the result of your case — if your lawsuit is unsuccessful, you keep the full amount of your loan without incurring any penalties.
To apply for free, call (877) 735-0016
Pre-Settlement Funding Is a Type of Non-Recourse Debt
A personal installment loan is considered a form of recourse debt. You take out the loan on the condition that you will pay it back in accordance with your lender’s terms and conditions. If you do not pay your loan back, your lender can penalize you.
Comparatively, lawsuit funding is non-recourse. It is given to you based on your projected case settlement amount. You are not guaranteed to receive this amount, but a lender gives you a loan based on it and expects you to repay the total from your settlement.
When you get a lawsuit loan, your lender takes full responsibility for it. Only if you win or settle your lawsuit and get money are you required to pay back your loan. In the worst-case scenario where you are not awarded any damages in your lawsuit, you still get to keep all of the money that your lender gave to you.
Many Lawsuit Loan Options Are Available
Legal funding is offered to plaintiffs involved in personal injury lawsuits across the United States. You can submit a request for lawsuit funding at any time during your litigation. This type of funding is available in a variety of cases, including:
Car Accident
If a negligent motorist causes an accident that leaves you with an injury, do not let them off the hook. You can file an auto crash lawsuit against this motorist. Plus, you can request a car accident loan that you can use to cover your bills for as long as it takes to resolve your lawsuit.
Bicycle Accident
You can ride your bicycle and expect nothing bad to happen. Yet, a motorist can crash their vehicle into you, which results in an injury. You can submit a claim against this motorist and pursue a bicycle accident loan.
Product Liability
When you purchase a product, you expect it to deliver outstanding results. There can be instances when a faulty product is sold to a consumer and causes an injury. If you get hurt due to a defective product, you can file a personal injury lawsuit and get a product liability loan.
Workplace Injury
You work hard, but your employer may take shortcuts that put you and your coworkers in danger. If you suffer an on-the-job injury due to your employer’s negligence, you can sue. You can also ask for a workplace injury loan that offers short-term financial protection.
Dog Bite
A dog can bite and injure you, and you can sue the pet’s owner. It can take months or years to resolve your premises liability case. In the meantime, you can get a dog bite lawsuit loan.
High Rise Financial can explain the ins and outs of personal injury lawsuit loans. We can explain how legal funding works and help you decide if now is the best time to get it. To learn more, please get in touch with us.
There Are Minimal Requirements to Get a Lawsuit Loan
If you want a lawsuit loan, it is easy to get one. You must be at least 18 years old to request lawsuit funding, but a parent may be able to get this type of funding on behalf of their child involved in a lawsuit. In addition, you must have a lawyer to represent you, as your attorney will communicate with your funding provider and share updates about your litigation.
You can submit a request for lawsuit funding over the phone or online. The application process usually requires just minutes to complete. As soon as your application is submitted, you will hear back within 24 hours about how much money you can receive.
If you decide to move forward with a lawsuit funding quote, you should expect your money to arrive in as little as 24 hours after you accept your quote. Once you receive your pre-settlement loan, you have the flexibility to use your money however you would like. Your pre-settlement funding will only have to be paid back if you get a settlement at the conclusion of your case.
Complete a Free Application form now
Request a Lawsuit Loan from High Rise Financial
High Rise Financial is here to help you get a lawsuit loan. Our team can discuss our legal funding options with you. To get started, please contact us today.
Call or text (877) 735-0016 or fill out our form to apply today for free.