Get a Low-Interest Lawsuit Loan in Ann Arbor, Michigan
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 Ann Arbor, Michigan.
Michigan has seen its fair share of road accidents over the years. Reports show that in the last nine months of 2021, there were over 800 traffic fatalities. That’s a 10% increase since 2020. It’s not surprising then why personal injury cases are also increasing.
Victims of somebody’s negligence have the right to file a lawsuit to get the compensation they need. The money replaces lost wages, pays for the medical and legal fees, and builds a good life. Sadly, some people decide against it thinking that it will deplete their resources.
Instead of helping improve their finances, fighting against the negligent party may cause them financial stress. Thus, the existence of lawsuit loans.
Your Guide to Settlement Loans
A settlement loan is a quick solution created for personal injury plaintiffs. It addresses financial problems since borrowers can use the lawsuit loan without restrictions. The presettlement funding is paid once the compensation is disbursed and the case is won.
However, lawsuit loans also come with pros and cons. You need to consider all the available options before taking pre settlement loans.
Who Can Apply for Settlement Funding?
Settlement loans are for residents in Michigan with an ongoing personal injury case. It is also available for those with civil rights discrimination suits. Victims of traffic accidents often suffer significant injuries making them unable to work. As a result, they lose their primary source of income.
Lawsuit loans bridge the gap between now and the future court award. The legal funding will ease the financial burden due to the mounting bills, expenses from medical procedures, and legal fees.
How Do Lawsuit Loans Work?
The process of pre settlement loans is easy and quick. Most pre settlement funding firms have online forms you can fill out and submit. After that, their team of legal funding specialists will take it from there.
Once the application is approved, you will get your pre settlement funding within 24-hours. You will pay for the legal funding once the case is settled. However, understand that not all settlement loan applications are approved.
The Cost of Presettlement Funding
The amount you pay for the lawsuit funding depends on the interest rate. The rate ranges between 2% to 4% per month. This doesn’t seem like an alarming amount, but it becomes astronomical if you look at it annually. Lawsuits may take years to settle. As a result, you may pay double or triple the lawsuit loan amount borrowed initially.
Alternatives to Settlement Loans
Other options are available if you feel that a settlement loan is not for you. While it offers quick cash, lawsuit funding does not come without downsides. Here are some options to consider if you require financial assistance.
A bank loan is the most common go-to solution for people struggling financially. However, the process is long, and the bank will evaluate your credit score, employment history, and assets.
Borrow money from family or friends
Borrowing from your family or friends may be embarrassing, but it works. You can negotiate the terms of payment and even the interest rate.
Credit card funds
Another alternative to lawsuit loans is getting cash advances from your credit card company. Although, this option is expensive due to interest rates and monthly usage fees.
Check these alternatives and see if they are available for you. If they are not, you always have the settlement loan option to fall back to. Call us today to learn more about pre settlement funding.