It is difficult to predict when your lawsuit will end. Some personal injury suits take years, which can be frustrating for the plaintiff. As you wait for the judgment, you still have to pay for your basic needs and all the bills arising from the injuries.
Pre-settlement loans try to solve the financial problems that are brought about by a lawsuit that takes a long time to end. You can visit a lawsuit lending company and apply for a loan; the pre-settlement loan process is very simple. For some companies, you can even apply online by filling the application form and then wait for the review.
Below is the process of getting a pre-settlement loan.
Applying for the Lawsuit Loan
The first step is to fill in the form with all your details. The information you should provide to the lawsuit lending company includes the lawsuit details, your details such as name and address, and your personal injury attorney’s contact. You should also provide the details of other lenders who have given you a loan on the same lawsuit.
Reviewing the Loan Application
A representative of the lawsuit lending company will review your application to confirm the information provided is accurate. The purpose of the review is to confirm that the lawsuit is still active, the settlement’s value, and if you have received loans from other pre-settlement loan lending companies. The lawsuit lending company representative will also get in touch with your attorney and get further details about the lawsuit. If a lawsuit lending company refuses to involve your attorney, you should avoid them.
Deciding Whether the Terms Are Good
Once the lawsuit lending company deems your application as valid, they will send you several documents outlining all the essential terms for the contract. You have to read the documents carefully and understand all your duties and responsibilities regarding the contract. Your attorney should also go through the document and explain its content to you. If you agree to the terms, you can sign the document and proceed to the last part of the transaction.
Receiving the Money
You and your attorney should sign the contract and send it to the lawsuit lending company. After signing the contract, the lawsuit lending company will advance the agreed-upon cash to you. After that, you will receive the amount borrowed within 24 hours after your loan application has been approved. You are now free to use the money to pay for all your pending bills.
Paying Your Pre-settlement Loan
When a lawsuit lending company gives you a pre-settlement loan, they are essentially buying a part of your settlement. After the lawsuit ends and you are awarded a certain amount, the lending company will deduct their agreed amount. For example, if your settlement is one million US dollars, and you owe the lawsuit lending company $250,000, you shall receive $750,000. You should remember that your attorney shall also deduct their legal service fees.
If you lose your case and fail to get any settlement, the lawsuit lending company shall not receive anything. They cannot demand you pay them or seek court orders to seize your property. This is because they should have reviewed the application to see if the lawsuit is likely to succeed; if they believed the lawsuit is not well prepared, they shouldn’t have given you the loan in the first place.
Contact a Lawsuit Lending Company
If your expenses keep growing and the end of your lawsuit seems very far, you have the option of applying for a lawsuit loan. You do not have to continue suffering; get the help you need with a pre-settlement cash advance to pay for your bills.