However, it’s not that easy to just file a claim. It requires time and money. Often, people don’t have the latter. Hence, the existence of lawsuit loans.
Defining Lawsuit Loan
Lawsuit loans come in many names including legal funding, or settlement loans. It is a new option offered by legal funding firms allowing plaintiffs to get advancements from their future settlement.
A lawsuit loan is different from the other kinds of loans since the amount is based on the strength of your case and the possible fee you are to receive when you win. Work history and credit score don’t matter in the pre-settlement funding process.
To apply for free, call (877) 735-0016
Choosing a Pre Settlement Loan Lender
There are several lawsuit loan firms in Vancouver that offer similar terms. However, not all of them can meet your needs. Here are things to consider when choosing a legal funding firm.
Seek Legal Advice
Narrow down your choices of settlement funding firms and seek the help of your attorney. They may have similar experiences with their previous clients and may be able to give you the best advice on the pitfalls you need to avoid. Your lawyer can also help you get the best deals on the table.
Don’t apply to the first firm you found. First, do your research and shop for a reputable settlement loans company. Then, ask for quotes and compare them. Include the interest rates, the fees, and the total cost of the loan.
Vancouver Pre-Settlement Funding Lawyer Near Me (877) 735-0016
What Could Impact Your Lawsuit Loan Cost?
While specific time is impossible to know when your lawsuit will be settled, getting a reasonable gauge estimate is still essential to help you determine how much your settlement loan will cost. A few things impact your total loan cost, including interest rates, upfront costs, and processing fees.
The longer the case goes, the more you’ll need to pay since the interest accumulates in time. Check if the firm offers simple interest, a flat interest rate.
Upfront Costs and Processing Fees
Other factors that affect lawsuit loans cost are upfront costs and processing fees. Some pre settlement funding firms include processing fees in their contracts, such as application fees, underwriting fees, and review fees. That is to say. Reading the fine print and adding up all the seemingly small costs is critical.
Qualify for Settlement Loans
Without a credit check, how can one qualify for lawsuit funding? The key is the lawsuit claim itself. Pre settlement funding firms check the validity and strength of your case. They will approve your settlement loan application if they deem it a strong case.
Other things that pre settlement funding firms look for are as follows:
Evidence of negligence. The pre-settlement funding firm looks for evidence to prove the negligence of the wrong party. This negligence caused your injuries and other damages.
Proof of damages. You must provide evidence that you suffered injuries and damages. Helpful evidence is medical records with diagnosis and prognosis from your physicians. Employment records showing lost earnings are equally beneficial.
Insurance coverage. It’s also necessary that the party you’re suing has the financial ability to pay for the settlement, typically insurance coverage.
Before approving your settlement loan application, lawsuit loans companies look for these three things.
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Apply Pre Settlement Loans for Free at High Rise Legal
Victims of personal injury cases such as yourself, may have concerns about settlement loans and are hesitant to consider getting one. Don’t worry. We have a team of lawsuit funding specialists ready to help you.