Settlement loans allow you access to the money you are getting in the future as part of your settlement fee when you win your personal injury case. If you want to win it, ensure it’s within the state’s two-year statute of limitation.
Personal injury cases often take months to years to settle. As a result, plaintiffs find themselves in a financial crisis. Insurance companies also take it to another level. They prolong the case, cut the victim’s financial flow, and pressed them to accept a low compensation. This is where lawsuit loans are most important.
It is a non-recourse loan and, thus, is not subjected to the rules and regulations of traditional bank loans. If you are in the middle of a personal injury case and need funding, consider getting settlement loans.
Understanding the Pros and Cons of Lowell Lawsuit Loans
While legal funding is beneficial to a reasonable extent, it also has downsides. Therefore, knowing the pros and cons of lawsuit loans is critical before deciding. In addition, if you have other options besides settlement loans, you might consider them.
The Good Sides
Non-recourse loan. If the plaintiff wins the lawsuit, they must repay the lawsuit loansplus interest and fees. However, if the case is lost, there is no need to repay the loan. In addition, the pre-settlement funding firm can’t assume ownership of personal assets.
The funding is your breathing space. You can now pay the bills, rent/mortgage, insurance, etc.
The Bad Side
High-interest rate. Settlement funding providers take most of the risks in giving pre settlement loans. Thus, they ensure that they, too, have safety nets. Pre settlement funding interest rates vary, but on average, they can range somewhere between 25% to 60% annually. The longer the case goes, the more the pre settlement funding amount doubles or triples.
It’s essential to check on the interest rates of every company you are considering applying for pre settlement loan from. Then, go for a firm with the lowest interest rate.
To apply for free, call (877) 735-0016
Who Needs a Settlement Loan?
Settlement funding is available for the following:
- Personal injury cases
- Civil rights discrimination lawsuits
- Heirs waiting for their loved one’s estate
If you identify with any of the cases mentioned and experiencing financial challenges, then you may need pre settlement funding. With the money from the lawsuit funding, you no longer have to wait for the case to settle to get a portion of your court award. You have the cash to pay the bills and tide yourself over during your legal battle.
A settlement loan or lawsuit funding offers easy cash and seems like a great solution to deal with your problems quickly. However, it’s still important to consider all the other options.
Lowell Pre-Settlement Funding Lawyer Near Me (877) 735-0016
What Can I Expect from Legal Funding?
The amount of lawsuit loan you receive depends on the provider you’re getting it from. It also depends on the strength of your case. The stronger your claim is, the higher your chances of getting a bigger lawsuit loan.
Unlike traditional loans, there is no need for collateral or credit history checks when getting pre-settlement funding. The decision for lawsuit loans approval is solely based on your case and nothing more. However, the firm may ask for documentation and will talk to your lawyer to know more about the case.
Apply for a Massachusetts Lawsuit Loan Today!
High Rise Financial offers low-interest, non-compounded lawsuit loans for residents of Lowell, Massachusetts. Our firm has helped thousands of plaintiffs get the settlement loan they need to fund their cases. Apply for a settlement loan today!