Same-Day Lawsuit Loans in Athens, Georgia
Personal injury cases in Georgia are nothing new. However, several accidents fall under this category. For example, the most common types of personal injury cases in the state are dog bites, motorcycle accidents, bicycles accidents, and more.
If you have been involved in similar accidents, you have the right to file a personal injury lawsuit. You are also eligible for lawsuit loans. 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 Athens, Georgia.
Understanding Lawsuit Loans
A lawsuit loan is an option available for personal injury victims. While it’s termed a loan, pre settlement loans have a different legal structure. Legal funding companies provide the advance funding in exchange for a portion of a future compensation when the case is settled.
Traditional Loans vs. Settlement Loans
Settlement loans are also referred to as settlement funding. While both loans have an interest rate, only settlement loans are non-recourse. You don’t owe the lawsuit funding provider any penny if you don’t win the case.
Furthermore, there is no need for credit checks and income verification with lawsuit loans. Approval for pre-settlement funding depends not on your collateral and good credit score. Instead, it depends on the strength of your claim and the estimated amount you’ll receive.
On the other hand, traditional loans require you to pay back the borrowed money plus the interest incurred. Payment arrangements can be monthly, quarterly, or annually. The process is also more complex since there are documents to submit and credit evaluations.
Qualify for a Lawsuit Loan
Not all are qualified to apply for a pre settlement loan, even if they are in the middle of their personal injury lawsuits. Lawsuit loans providers will likely approve your legal funding if you experience any of the following:
- You are financially strapped and need help paying for medical and legal fees, utility bills, rent/mortgage, insurance, debts
- You have a legal representation
- Unable to work due to sustained injuries from someone else’s negligence
Advantages of Pre-settlement Funding
There are many benefits of a settlement loan. It helps tide you over while waiting for your compensation. With pre settlement funding, you can negotiate and build a stronger case.
Disadvantages of Settlement Loan
Legal funding also has its fair share of downsides. The high-interest rates are one of the primary reasons people hesitate to apply for a settlement loan. Some lawsuit funding providers charge up to 60% annual interest rate and compounding rate.
Therefore, the longer the case takes, the more you will pay for your pre settlement funding. You may even find yourself paying double or triple the amount of your original settlement loan due to the compounding interest and other fees.
Choose High Rise Financial!
It’s necessary to choose the right legal funding firm to apply to. High Rise Financial is a trusted lawsuit funding provider in Athens, Georgia. We’ve helped people get the funding they need for their lawsuit claims. Give us a call today.