Prime Settlement Loan Provider in Albany, New York
A personal injury case is a lawsuit where harm is done to the body, mind, and emotions intentionally or by one’s negligence. The state of New York has laws that enable victims to file compensations to cover medical fees, burial costs, lost wages, and other expenses.
Legal processes take time, and it leaves plaintiffs in a financial bind. Furthermore, insurance companies aim to prolong the process to force victims to settle for less compensation. This is where lawsuit loans are most important.
Legal funding firms offer pre settlement loans to help you get the financial assistance you need. It would also keep the anxieties away from the mountain of bills and ongoing daily expenses.
The Basics of Pre-settlement Funding
Lawsuit loans are options available for those with an ongoing personal injury lawsuit case. You can apply for a pre settlement loan from a legal funding provider. The firm will then contact your legal representative to ask for the necessary information about your case.
Their settlement loan specialists will review your case, determine the lawsuit loan amount, and notify you of approval. Their settlement loan specialists will review your claim, determine the lawsuit loan amount, and notify you of approval. It’s critical to get your lawyer’s help when choosing the right settlement loan provider.
How to Qualify for a Settlement Funding
There are no regulations on lawsuit loans yet. However, the state does not let lawyers and firms lend pre-settlement funding to their clients to prevent conflict of interest. You are eligible for a settlement loan once you’ve filed your personal injury case and you have a legal representative.
Apply for Multiple Lawsuit Loans
You canapply for multiple settlement loans, but you cannot apply for more lawsuit funding from other settlement loan providers. However, if your lender doesn’t approve your next loan, you can apply to another firm.
The firm then pays your original lender and will assess your financial needs and whether your case guarantees more payout once settled. Typically, a pre-settlement funding firm offers 5% -10% of your estimated case value. If you haven’t received the maximum amount, the lending company may approve your application.
Alternatives to Settlement Loans
Like traditional bank loans, lawsuit loans also have pros and cons. Therefore, it’s essential to consider all your options before applying for pre settlement funding.
Get a bank loan
Instead of getting settlement loans, you can also try the traditional bank loan. In fact, it’s the first option people seek out when they’re in a financial bind. However, the process is tedious and requires a credit check, employment history, and collateral. If you don’t have a good credit record, your application may be denied.
Borrow from friends/family
Another alternative to a lawsuit loan is borrowing from your family or friends. The downside is that it may cause problems in your relationship later on, especially if you cannot pay on time.
Credit card funds
You can also try getting an advance from credit card companies. Although, this option is more expensive than the two previous options. It’s essential to read the fine print and ensure the due date of payments to avoid penalties.
Apply for a Pre Settlement Funding Today
Choose a reputable and integrity-driven lawsuit loan provider. High Rise Financial is the leading firm in Albany, New York, that offers affordable and risk-free settlement loans for plaintiffs in Albany.
So, what are you waiting for? Call us today to ask more about pre settlement funding and whether this is a good solution for you.