Low-Interest Settlement Loan in Rhode Island
Rhode Island is a quaint place. It may be little, but accidents still happen here. People get injured, lose their jobs, and need financial assistance to support their legal battles. Thus, the pre settlement loan. In simplest terms, pre-settlement loans help you pay the bills, keep the family, and avoid accepting lower offers than you deserve.
Applying for a lawsuit loan can help you get immediate funds. Call us today at (866) 407-6404 to get legal funding in Rhode Island.
Settlement Loans Explained
A settlement loan is a cash advance from a future lawsuit award. It’s a quick and easy financial solution. Furthermore, borrowers don’t need to pay it monthly or schedule. It’s a nonrecourse loan, so you pay the resettlement funding when your case settles.
Pros and Cons of Settlement Funding in Rhode Island
There are good and bad sides to lawsuit loans. Let’s go over the upsides first.
Give your lawyer time to maximize your future compensation.
The pre settlement funding keeps you afloat. Therefore, you won’t have to settle for the amount the insurance company offers if it’s too small. Your attorney can use the time to build a defense for your case.
A settlement loan is a fast solution.
Banks need to know whether you’re financially able to pay them back. Hence, the lengthy background check process. Lawsuit loan firms don’t do checks since the settlement loan is based on the strength of your case and nothing else.
Settlement loans tide you over.
You are under dire emotional stress, and a lawsuit also renders you financially drained. The presettlement funding helps you navigate the expenses and bills.
The downsides of settlement loans are as follows:
Settlement loans are expensive.
Lawsuit loans are pricey, often because of the astronomical interest rates. Thus, you must check the interest of your pre settlement funding before signing the papers. Don’t hesitate to ask questions.
Typically, the interest rates for settlement funding go between 27% to 60% a year. Look for a lawsuit funding firm that offers the lowest rates and one without hidden fees. However, if you have other resources, you might want to consider them before taking out a settlement loan.
Not All Cases are Eligible for Lawsuit Loans
Settlement loans are nonrecourse loans. The lawsuit funding company cannot push you to pay the loan out of pocket. If you don’t win the case, you can walk away without spending a dime. Therefore, the settlement funding firms ensure they only accept patients with the highest chance of winning.
You may need to apply for multiple settlement loans from different pre settlement funding providers to get approved.
High Rise Financial Settlement Loan
Here at High Rise Financial, we offer pre settlement funding to all. If you have a case and a lawyer, call us and let us help you. Call us today!