Oregon’s Best Legal Funding
Are you a resident in Bend, Oregon, with a pending personal injury case and planning to get a lawsuit loan? Then, you need to cover all bases and understand what lawsuit loans are.
Applying for a lawsuit loan can help you get immediate funds before your case settles. But there are pros and cons to getting settlement loans. If you want to know more about what a settlement loan is all about and how you can apply and qualify for it, then make the call at (866) 407-6404 today. Settlement funding is not beyond your reach!
What is a lawsuit loan?
A lawsuit loan or otherwise referred to as settlement funding is an option available for plaintiffs of personal injury cases. It’s for victims waiting for a settlement payment, especially those who want to ease the stress from financial burdens.
Pre settlement loans allow plaintiffs to cash in a portion of their future compensation and use it while the case is still ongoing. The borrower then pays for the pre settlement loan upon receiving their compensation. Although termed a loan, it’s still different from traditional loans in terms of payment arrangement and structure.
Pros and Cons of Lawsuit Loans
A settlement loan can tide you over, but it’s not always the best choice. It also has its pros and cons.
The Good: Legal funding is a safety net.
Lawsuit loans can cover medical fees. You may be unable to work for a time because of your injuries, and your insurance may not be enough to pay for the treatments.
Lawsuit loans can pay for living expenses. You can also use the money to pay for your daily needs, such as food, utility bills, gas, and rent/mortgage.
The Good: The presettlement funding gives you more time to negotiate a better deal.
Insurance companies often drag the case to pressure you into accepting a low settlement amount. With the legal battle stretched and bills piling up, you may consider the offer. But if you have the settlement loan money, you will be relieved from the financial stress. Your attorney will also have time to defend you or negotiate a fairer deal.
The Bad: Lawsuit loans are expensive.
Remember that you’re paying for the presettlement funding plus the interest rate and other costs. Therefore, the longer the case goes, the more you will repay in the end. This is why it’s imperative to go for a lawsuit funding firm that offers the lowest interest rate.
Typically, the interest for lawsuit loans ranges somewhere between 20% to 60%. A $30,000 settlement loan means paying up to $18,000 in interest every year!
The Bad:You may not qualify for a pre settlement funding.
Since pre settlement funding firms take risks in releasing lawsuit loans, they only accept cases with a guaranteed win. You may need to apply to several presettlement funding firms before finding one willing to invest in your case.
The Bad: Settlement loans are unregulated.
Settlement loans are unlike personal loans and thus, can’t be regulated as such. At the moment, there are still no regulations put in place requiring legal funding firms to disclose their interest rates and terms.
To sum it up, it’s critical to consider all your other options before applying for lawsuit funding. There may be other resources you can use, such as insurance proceeds, borrowing from a credit union, or applying for disability payments. But if you’re financially strapped and are left with few choices, then legal funding may be your best shot at getting a good deal.
Apply for a Settlement Loan Today
High Rise Financial is here to help. Our pre settlement funding specialists team is ready to take and assess your case. Call us for more information about a lawsuit loan and how you can qualify for it.