Most offenses in Lafayette, Louisiana have statutes of limitations. For civil lawsuits, however, the statute of limitation is only one year from the date of injury. This includes injury to a person, injury to property, wrongful death, medical malpractice, negligence, and others. It shows how critical time is for victims.
Still, some don’t take their chance and wait until the very end. They are hesitant since they don’t have enough funds to sustain the lengthy legal battles. Hence, legal funding or 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 Lafayette, LA.
Your Guide to Lawsuit Loans
Lawsuit loans are offered to plaintiffs in Lafayette, those who have an ongoing personal injury case. It is a non-recourse loan. Therefore, legal funding firms can’t go after you or your assets if you don’t win the case. Firms don’t even check employment and credit history to approve pre settlement loan.
All that is needed is a solid lawsuit, that the defendant has insurance or is financially able to pay for the settlement, and that you have legal representation. These are the primary qualifications for a settlement loan. If you have all these things, then your lawsuit loan will likely get approved than not.
To apply for free, call (877) 735-0016
Settlement Loan vs Traditional Bank Loans
People often mistake pre settlement funding or settlement loans as similar to just any kind of loan. However, these two are different in terms of payment arrangements and policies.
Presettlement funding is relatively new, and there are still no regulations around it. Borrowers aren’t protected against scammers. Hence, you must check and do your research. Look out for a reputable settlement loan firm that offers low-interest rates.
Furthermore, unlike traditional loans, lawsuit loans don’t have a payment plan. You don’t need to pay it on a monthly or quarterly basis. You only pay the pre settlement funding when your lawyer receives the compensation fee. If you don’t win the case, the settlement loan firm cannot go after you all your assets. You’re in no obligation to pay the loan back if you don’t get any settlement.
Should You Apply for a Lawsuit Loan?
There are pros and cons to getting legal funding. However, when you’ve exhausted all your options, you always have presettlement funding firms to fall back to. Consider some of the following pros and cons.
The good: Settlement loans tide you over. The primary purpose of pre settlement funding is to alleviate the financial stress of lengthy legal procedures. You can use the money to pay for medical expenses, daily living, bills, insurance, and more.
The good: Lawsuit funding gives you more time to negotiate a settlement. Most insurance companies give you an unfair settlement. With piling up bills, many are forced to accept lowball compensations. You have a fairer ground in fighting for a reasonable settlement offer with a lawsuit loan.
The bad: Lawsuit Funding includes interest. Lawsuit loans include interest and you’re going to pay more than you would with traditional loans. If you still have other options for funding, it’s probably best to consider these alternatives.
The bad: Not all cases qualify for settlement loans. Lending companies take the time to evaluate cases since they take many risks. If you lose, you don’t pay them back any penny. You may not have to pay the full borrowed amount if you get less than expected. In the end, they’re losing investment if they accept all kinds of cases.
Apply for Funding Today
Regardless, getting a lawsuit loan proves to be an excellent solution for many plaintiffs. Are you in the middle of a lawsuit as well? Or is your family or friend looking for funding? Check out High Rise Financial today. There’s no pressure here. Our customer service representatives are willing and ready to answer any questions you have about settlement loans.