Settlement Loans: Financial Relief for Plaintiffs Involved in Personal Injury Lawsuits

Settlement loans aren’t actually loans, but more of a cash advance against a pending lawsuit claim.  Basically, if approved those who have been injured and are involved in a lawsuit can get a portion of their expected settlement right away, usually about 10%, to pay medical bills, household expenses and more.  Litigation financing companies offer this money to individuals with strong lawsuits that they feel will be successfully won.

It is a well-known fact that personal injury claims often take months to settle.  What happens in the meantime?  Plaintiffs often face tough financial issues caused by huge medical costs, the costs involved in a lawsuit, and missing work due to attending the court proceedings.  If the injuries are such that the plaintiff cannot work, the financial burden becomes even heavier.  Settlement loans help ease the financial stress, helping plaintiffs live normally and pay the bills while awaiting a settlement.

Settlement loans are non-recourse, which simply means that if you do not win your lawsuit, you never repay the litigation financing company for the monies advanced.  You only repay the advance, along with small fees and interest, at the time your lawsuit is won and you have your money in hand.  Basically, you are never putting yourself in further financial jeopardy, because you only repay the money if your attorney is successful in winning your lawsuit.  No out-of-pocket expenses or upfront fees are involved.

Is it easy to qualify?  It is if you have a strong case.  With settlement loans, you simply fill out an application that pertains to the details of your lawsuit.  In other words, your attorney will provide information regarding the accident, your injuries, how much your case is worth, etc.  Litigation financing companies will not ask you about any details that are not related to your claim, such as credit standing or employment history.  This information is of no concern, as it does not apply to your lawsuit.  Once the application is submitted, it will be reviewed quickly – and if approved, you could have the money you need in as little as 24 hours or less.

Unlike other bank and conventional loans, no collateral is required with settlement loans.  Litigation financing companies feel certain clients will win before advancing a loan, so your pending settlement is the “collateral” of sorts in cases like these.  Essentially, you are taking no risk financially with this process, since you repay nothing unless you win your lawsuit.  Fill out an application today, or learn more of the details online.  Ask your attorney if settlement loans may be right for your situation.

Posted in Financial, Legal