Rhode Island Lawsuit Loans
Rhode Island is a small state, but it also has many traffic accidents yearly, along with the other kinds of personal injury cases. Often, victims file for a lawsuit, but it’s difficult without financial support. Hence the existence of lawsuit loans or presettlement funding.
If you are a resident of Newport with a pending personal injury case, you are eligible for a settlement loan. Applying for a lawsuit loan can help you get immediate funds before your case is won. Call us today to get settlement funding in Newport, Rhode Island.
Unlike other states with two year statute of limitations, Rhode Island has a three-year statute of limitation for personal injury cases and ten years for property damage claims. Therefore, you will have a chance of winning your case if you file earlier rather than later.
Why Apply for a Pre Settlement Loan?
There are many reasons why applying for legal funding is the better choice. It’s not only about the breathing space that the settlement loan money brings. Getting lawsuit funding also helps you give a good fight and settle for the compensation you deserve.
Lawsuit loan as a financial buffer
Most victims are left without jobs due to the injuries they sustained. Without money coming in, it may be challenging to cover living expenses, medical costs, mortgage/rent, insurance, car payments, and legal fees.
The settlement funding can save you from this burden. You can use the settlement loan to pay for the bills and expenses. In addition, it allows you to still support your family while recovering from your injuries.
Lawsuit loan to get a better settlement
Defendants may hire their legal team to extend the trial. Insurance companies also look for loopholes and may give you a small settlement. Without lawsuit funding, you may be pressured to give in and receive the compensation, no matter how little.
Why Others Doubt Settlement Loans
Like any other loan, presettlement funding also has its downfalls. Here are some cons of lawsuit loans to consider.
Pre settlement funding can be costly
You need to pay for the lawsuit loan when the case is settled. This includes the principal borrowed and the interest payment incurred. Therefore, it’s critical to pick a legal funding firm that offers non-compounding and low-interest rates.
Personal injury cases can extend to months, even years, before settling or taking to trial. As a result, you may pay more than the initial lawsuit loan amount you borrowed due to interest. Check the contract properly, read the documents before signing, and ask if the pre settlement funding firm is their interest is capped.
Settlement loans are beneficial, but it’s best to consider other options. For example, instead of getting a pre settlement funding, you can check for insurance proceeds or disability payments. There are also credit unions that offer installation loans.
Not all cases qualify for a pre settlement loan
Lawsuit loans companies take on the risk. The legal funding is their investment, so they naturally want to ensure that your case is strong. Therefore, they have pre settlement funding specialists to evaluate all the applications for settlement loans coming in. Pre settlement funding firms are picky with the cases they accept.
Some people apply for several pre settlement loans in various companies before they find one who’d accept their settlement loan application.
Looking for a lawsuit loan?
High Rise Financial is a trusted and reliable lawsuit loans provider in the city. Apply for a pre settlement loan for free today.