Are you awaiting settlement in your personal injury case, and find that you are becoming more financially burdened by the week? Settlement loans are designed to ease the financial stress by providing you with the money you need to pay medical and household bills, attorney fees and other costs. Depending upon the details of your lawsuit, it could take months or even years to get your money. Litigation funding makes it possible to get a “cash advance” against your pending settlement, so that you can pay your bills while fighting for the full compensation you are entitled to.
Insurance companies never want to pay out what you deserve; they are in business to make money, not to pay out every penny to injury victims. When you are broke due to your inability to work, time spent in court and mounting medical expenses, settlement loans help get you back on track so that you aren’t tempted to “give in” and settle for less. Litigation funding is a process in which the company reviews the details of your lawsuit, which are submitted by your attorney. If you are approved (and most are other than frivolous lawsuits), you can expect to have the money you need quickly, usually the following business day.
How will you repay the loan? Good question. There are no monthly payments to add to your financial worries. You only repay the settlement funding company at the time you win your settlement, so there are never any out-of-pocket expenses. If you receive your money through a structured settlement, those payments can be used to repay the loan, and you will still have money left over. And what if you do not win? You owe nothing at all, because the process is non-recourse.
How much of an advance can you expect? Settlement loans are based on how much your expected settlement is worth, and are usually given in amounts between $500 and $250,000 or more. Most of the time you can expect about 10% of your expected compensation to be offered, so if you expect to be awarded $250,000 it is likely that your advance will be approximately $25,000.
What can the money be used for? In most cases, settlement loans can be used to pay medical expenses, household bills, attorney fees or even for repairs to your car if it was damaged in the accident. Litigation financing is simply a way for you to live comfortably and avoid bankruptcy while waiting for the full settlement you deserve.
With no up-front costs, risks, credit checks and other hassles, settlement loans are a good way to get the money you need immediately. You put up no collateral, because your expected settlement is your guarantee that the loan will be repaid. If litigation financing sounds like a reasonable solution for you, discuss the possibility with your attorney today, or learn more online.