Getting a cash advance or payday loan is a common option when people need money to pay their bills and expenses. These loans offer quick turnaround but often come at significantly high-interest rates and carry burdensome financial risks if the money is not paid back to the lender as per the loan agreement.
If you are a plaintiff in a lawsuit, you may think that taking out a traditional cash advance can help you cover your financial responsibilities during your case but choosing this type of financing solution could spell trouble for you if your lawsuit is unsuccessful.
In This Article
- The Potential Consequences of Not Paying Back a Cash Advance
- Why Would a Lawsuit Plaintiff Take Out a Cash Advance?
- Are There Better Options to Access Money While You Await Resolution in Your Case?
- Lawsuit Funding with High-Rise Financial
- Is the Lawsuit Funding Application Process Difficult?
- Who Can Apply for Lawsuit Funding?
- Get Started on a Lawsuit Funding Application Today with High Rise Financial
The Potential Consequences of Not Paying Back a Cash Advance
Cash advances are short-term loans that commonly carry very high-interest rates, making payments significant on even a small loan. If you take out a cash advance and cannot meet the payment terms and schedule due to financial difficulties, you could face long-term and short-term consequences that strain your finances more and impact your credit.
The most imminent potential consequence of defaulting on a cash advance loan is that the lender will put you into collections. This will result in constant attempts at collecting the money, which can cause stress and will likely appear on your credit report, which will have a detrimental effect on your credit and financing options. If collection attempts are unsuccessful, a lender for a cash advance could choose to take legal action against you.
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Why Would a Lawsuit Plaintiff Take Out a Cash Advance?
When you suffer wrongdoing and decide to file a lawsuit against the parties responsible, the outcome of a case is not immediate. It can take months and, in some cases, years to resolve your case. Injuries, trauma, and other impacts from an accident can leave you struggling to meet your financial responsibilities during this time.
A plaintiff in a lawsuit will consider financing and credit options when they can no longer meet their daily living expenses and bills piling up during a lawsuit. This could lead them to consider taking out a traditional cash advance, personal loan, or maxing out their credit cards. However, if you are a plaintiff in an injury-related lawsuit, you have other options for funding that carry much lower risk to you than a traditional cash advance.
Are There Better Options to Access Money While You Await Resolution in Your Case?
Cash advance settlement, pre-settlement loans, or lawsuit loans are all terms used to describe lawsuit funding options. At High Rise Financial, we specialize in helping plaintiffs in certain types of lawsuits get access to funds now while they wait for the outcome of their compensation case. Unlike the perils and consequences that an individual might face with more traditional loans and advance options, lawsuit funding takes the uncertainty and risk out of the funding equation.
With a lawsuit loan, you can rest easy knowing that the money for the loan payment will come directly from the compensation reached in your case. If you do not win money in your case, you will not need to pay back the lawsuit loan with High Rise Financial.
Lawsuit Funding with High-Rise Financial
A lawsuit loan or cash advance settlement works hand in hand with your pending litigation. If the lender approves your application for funds, they will use your potential lawsuit compensation as the basis for the loan and calculate the amount of loan money you may be eligible for. When you accept the loan agreement, you agree to pay the lawsuit funding loan plus the specified interest with the proceeds of your case.
There is no need to worry about when you will make a payment or how you will come up with the money to satisfy your obligation. It is a straightforward process, and when a settlement or verdict in your case is reached, the money for your loan, including accrued interest, will be deducted from your proceeds and paid to the lender.
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Is the Lawsuit Funding Application Process Difficult?
When considering the potential compensation in a lawsuit, you may feel that acquiring legal funding will be complex and tedious. At High Rise Financial, we will work alongside you to make the loan application process as smooth and seamless as possible. A member of our team will speak with you regarding the details of your case and will take the lead on getting the information and details they may need to move the loan application forward from your attorney’s office.
The processing of most applications will occur between 24-48 hours from the submission of the application. You can expect an answer to your application soon and whether it is approved or denied. If your application is approved, you can get funds as soon as the next day in some instances.
Who Can Apply for Lawsuit Funding?
Applying for lawsuit funding is appropriate for plaintiffs in lawsuits that are fighting for compensation for their losses. At High Rise Financial, we accept plaintiff applications in various types of tort cases.
The types of cases we handle lawsuit funding applications for include:
- Car accidents
- Defective product cases
- Labor law cases
- Wrongful termination
- Work injury cases
- Police brutality cases
- Other personal injury matters
Get Started on a Lawsuit Funding Application Today with High Rise Financial
If you are a plaintiff in a lawsuit, it may take some time before you see any of the compensation you may be entitled to. A lawsuit pre-settlement advance can help you get money in your pocket now to handle your bills and expenses to relieve some of the financial stress and burdens during the process of your lawsuit.
Contact us today at High Rise Financial to begin your lawsuit funding application. We will guide you through the process and help you get the information you need to process the loan application for your pending litigation.