To choose the right lawsuit loan company, you should start by evaluating your reasons for seeking funding. Some of the reasons may include the following:
- Paying your bills
- Easing the burden on your family resulting from your injury
- Strengthening your claim by investing in expert witnesses
- Speeding up the settlement process by investing in your case
Identifying how you intend to use the money will help you decide which lawsuit loan company is best for you. For example, if you are trying to avoid eviction and keep the power on, it will be essential to receive the money as quickly as possible. However, there are many factors that you need to consider to ensure you choose the right lawsuit loan company to suit your needs.
In This Article
The Approval Process
To choose the right lawsuit loan company, it is important to consider the approval process they go through to authorize your loan. When a company checks your credit score, this results in a hard inquiry, which can decrease your credit score because it is listed as an attempt to increase your credit limit. Many lawsuit loan companies request your financial documents, proof of income, and employment status verification and run a credit check.
However, High Rise Financial will not run your credit or ask for financial documents to approve your lawsuit loan. None of that information is necessary because repayment depends on your settlement, not your income. Therefore, to approve your lawsuit loan, High Rise Financial will speak with your lawyer to evaluate the likelihood of your claim being settled, which will not affect your credit score.
To apply for free, call (877) 735-0016
The Time It Takes to Receive Your Funds
When you want to choose the right lawsuit loan company, it is important to consider how long it will take to receive your funds. Lawsuit loan companies that run a background check may need five to seven business days to approve your loan. If you need funding quickly, High Rise Financial can provide funding within 24 to 48 hours.
Loan Repayment Terms
Because lawsuit loans are a non-recourse cash advance based on a future settlement, they will have no risk to the borrower. Rather, with this type of debt, the borrower is not held personally liable, and the lender cannot pursue or demand payment after taking collateral. As a result, when you get a pre-settlement loan from High Rise Financial, you will owe us nothing if you lose your case.
Instead, the repayment will come directly from the money you receive from your future settlement or verdict. In comparison, a recourse loan is one where the lender can continue to ask for payment even after taking the collateral associated with the loan if the collateral does not satisfy the total loan value. Plus, you may be required to make payments immediately and meet a minimum monthly installment.
However, before you apply for a pre-settlement loan, you need to note that not every state allows for this type of funding. Rather, they have laws that prevent plaintiffs from obtaining these loans. That is why it is important to verify whether you live in a state where High Rise Financial can provide you with the advance you need.
How Interest Is Calculated
A traditional loan will generally specify the interest rate that will be incurred and when it will be applied to your loan amount. At High Rise Financial, the amount of interest you will pay on your loan will be determined based on how likely your case is to reach a settlement. A higher interest rate is applied to cases that have a lower chance of success.
The interest on a traditional loan will compound over time as you slowly repay your loan, which may result in you repaying a significantly larger amount than you initially borrowed. At High Rise Financial, the amount of interest that will be applied to your loan amount for repayment is set when you receive your loan and will not increase over time, i.e., the interest rate does not change, vary, or compound while you are waiting for your case to be settled.
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How Loan Repayments Are Made
In a traditional loan agreement, repayment will likely begin almost immediately. These loans often have a set payment schedule and generally require payment on a recurring basis, usually monthly or weekly payments. When you are trying to choose the right lawsuit loan company, you need to consider whether you are able to start making payments on your loan immediately.
While you are waiting for your settlement, you may not have enough money to service loan payments. Therefore, High Rise Financial will only accept repayment after you receive your settlement amount, at which time you will pay the full amount of the loan plus the interest in one lump sum. Your lawyer will repay the loan on your behalf before paying the remainder of the settlement to you.
Company-Specific Factors to Consider
Some factors that you should consider when choosing the right lawsuit loan company are specific to the company rather than your individual needs. These factors can have a significant impact on the service you receive from a company, so remember to include them in your decision-making process.
To choose the right lawsuit loan company, it is important to consider the service they offer to their customer. When you contact some lawsuit loan companies, the customer representatives will make you feel like just another face in the crowd and try to pass you off to other people, so they don’t have to deal with you. This can make you feel like they do not care about you or your business.
At High Rise Financial, you will never feel like a number. You won’t have to ask who you should speak with because your customer representatives will continuously check up on you to find out how we can meet your needs. We offer you personalized service and individual care.
To choose the right lawsuit loan company, it is vital to consider the reputation of the business when you are looking at various options. It is not always easy to get information on a business’s reputation, and you must always consider the source of the information. For example, some businesses can get a bad reputation when malicious competitors spread misinformation about their business practices.
However, if reliable sources suggest that a company has a reputation as a predatory lender, you should probably steer clear of that company. Those types of companies take advantage of clients by adding excessive interest rates or charges that their clients never agreed to pay. This can result in you owing them money that you cannot afford to pay.
Fortunately, according to the Better Business Bureau, High Rise Financial not only has an A+ rating, but it also has received no complaints in the last year and has solid customer reviews.
Transparent Business Practices
It is important to know exactly how a lawsuit loan works and what it is going to cost you. To choose the right lawsuit loan company, you should look for one with transparent business practices. These companies will ensure that you know their terms, fees, conditions, and anything else that you would like to know about how they conduct business upfront.
If you are considering a lawsuit loan, choosing the right lawsuit loan company to do business with should be a process that involves careful consideration and should never be done on a whim. High Rise Financial is a lawsuit loan company that states right up front what they can offer you and what their expectations are in return, with no hidden fees or secret contract clauses.
Contact High Rise Financial for All Your Lawsuit Loan Needs
If you want to choose the right lawsuit loan company that can get you funding quickly with no hidden fees or sneaky tactics and can assist you with a lawsuit loan for your personal injury lawsuit, police brutality lawsuit, dog bite lawsuit, construction accident lawsuit, and many more, High Rise Financial is the lawsuit loan company for you. Contact us today and leave your lawyer’s contact information so that we can start the application process with you immediately.