Need Immediate Cash? Apply for Lawsuit Loan Today
You need to understand your rights before filing your personal injury case and setting yourself up with a lawsuit funding firm. The state has an imposed three-year limit for mostpersonal injury cases.
The New York court system won’t likely accept your case when the time has run out. As a result, you will lose your right to claim compensation for your injuries and other damages.
Some victims hesitate to file a lawsuit because of the financial implications of legal battles. They are complex and often take time to settle. This may leave them financially dry and struggling. Thus, the lawsuit loan. It is a settlement funding to help victims pay for daily living expenses, mortgage/rent, insurance, tuition, debts, etc.
What is a Settlement Loan?
Settlement loans arenon-recourse loans where borrowers are not obligated to pay for the borrowed amount if they don’t win the case. Furthermore, the loan amount is based on the future court award and not on collateral or personal assets.
Lawsuit loans vs. personal loans
Both options aim toaddress financial worries. However, these two have more differences than similarities.
Personal loans involve collateral. A secured bank loan means the lender assumes ownership of the collateral if the loan isn’t paid. On the other hand, an unsecured bank loan means that the lender can pursue legal action if the borrower cannot pay the balance.
Lawsuit loans don’t need collateral. The settlement loan providers take the risk and thus, only accept applications with the highest chances of winning their claim. Plaintiffs won’t have to pay for the lawsuit funding if the case isn’t won. However, not all legal funding firms have the same contingency, so reading the fine print before signing the lawsuit loan agreement is essential.
How much Pre Settlement Loan Am I Qualified for?
Plaintiffs use the pre settlement loans to cover expenses, bills, and initial costs of their lawsuits. Legal funding firms boast quick and easy processes for settlement loans.
Typically, pre settlement funding providers can offer up to 10% of the total amount of the expected compensation. You can apply for multiple lawsuit loans if you still haven’t borrowed the maximum amount.
Therefore, the amount depends on the strength of your case and the payout when the case is won. You can receive legal funding of somewhere between $500 to $500,000 within 24-hours of application.
Pros and Cons of Lawsuit Loans
There are benefits and drawbacks to settlement loans. It’s essential to consider these things before applying.
Pros: When you’re in a financial bind
Insurance companies often drag the process and push victims to settle for lowball offers. You’re no longer forced to accept compensation you don’t deserve.
Pros: Zero risk
The presettlement funding providers assume most of the risk, not the borrowers. You don’t put your asset as collateral, so you won’t lose anything if you don’t win the case.
Cons: High-interest rates
Let your attorney check the settlement loan agreement before signing. Spot any hidden charges. Ask for the interest rate, whether compounding or non-compounding. Presettlement funding providers typically have an annual 27% to 60% interest rate.
Look around and shop for a reputable lawsuit loan firm. Compare quotes and interest rates, and don’t hesitate to mention that you’re looking out for other options. Be straightforward and ask for transparency.
Apply for a Pre settlement Funding Today
High Rise Financial is a firm that values integrity and honesty. Every case that comes in our doors is assessed and treated as an investment and an opportunity to help. Qualify for a settlement loan with us today.