Personal injury doesn’t only impact your physical state but also your emotional state. Accidents happen every time and often occur in moments you least expect. You may not be able to work due to your injury. In worse cases, you may be let go from your job if your injury requires long-term treatment.
All these devastating scenarios affect you and your family. Thus, the importance of lawsuit loans.
What is a Lawsuit Loan?
While it’s better not to have debts, some people find themselves in unavoidable situations. Settlement funding is just one of the many kinds of loans available today. The common kinds are house loans, car loans, and education loans.
Like legal defense funds, lawsuit funding firms offer settlement loans to victims lacking financial resources. Furthermore, the plaintiffs are free to use the pre-settlement money for the case or other expenses such as medical fees, daily living expenses, rent/mortgage, and insurance.
To apply for free, call (877) 735-0016
What are Non-recourse Bellevue Lawsuit Loans?
A lawsuit loan is unlike other kinds of loans. It is a non-recourse cash advance where the borrowers are not liable to pay with their collateral or by using their money. The settlement loan firms offer a cash advance for a percentage or portion of your future settlement.
In short, you won’t need to pay for the legal funding if you don’t receive compensation when the case is settled. Other benefits to settlement loans are the following.
Alleviate stress from financial burden
Lawsuit loans are quick cash options that can tide you over. The legal funding serves as your breathing space to pay for your daily expenses, gas, car loans, etc.
Negotiate a better deal
Most insurance companies prolong the legal battle. As a result, some plaintiffs would just settle for compensation that’s less than they deserve. Presettlement funding helps you get a fair result. Since you’re not tied to financial obligations, you are not pressured, and your lawyer has the time to negotiate a better deal.
However, lawsuit loans also have cons. Consider the following disadvantages to getting legal funding.
Not all can qualify
Pre-settlement funding firms take on the risks. They make sure they are making a sound investment in approving your lawsuit loan. Settlement loan firms are picky about cases. You may need to apply to six different pre-settlement funding firms before finding one interested in your case.
However, if your case is strong and the evidence of negligence is valid, it’s very likely for you to get a pre settlement funding easily.
Lawsuit loans are unregulated
Settlement loans are relatively new. Pre settlement funding firms say that a lawsuit loan isn’t entirely a loan but a purchase from the portion of future proceeds. In other words, there are still no regulations in place to protect people with a pre settlement loan.
There are risks, but the pros outweigh the cons for plaintiffs strapped for cash.
Bellevue Pre-Settlement Funding Lawyer Near Me (877) 735-0016
Apply for Pre settlement Loans Today
Settlement loan firms put in place a simple process for plaintiffs. Here at High Rise Financial, we offer same-day pre-settlement funding for personal injury lawsuits.