Lawsuit Loan - Lawsuit Funding: Plaintiffs involved in an auto accident litigation can use the potential lawsuit settlement as collateral to get a non-recourse settlement loan.
Auto Accidents can happen - may have been just a phrase in the past. Today, the equivalent phrase may well be - Auto Accidents can happen, and if they do, the affected parties may sue!
How Lawsuit Loan or Lawsuit Funding is a Safe Option:
A lawsuit loan or lawsuit funding is one good safe option for plaintiffs involved in a lawsuit to finance their daily needs. Lawsuit loan allows them to take care of medical expenses, household bills, mortgage payments, auto payments, education expenses etc.
According to the National Highway Traffic Safety Administration there are about 43,000 people killed in fatal motor vehicles accidents each year in the United States.
As you can see, auto accidents are happening at an alarming rate in this country, and because of these the lives of innocent people and their families are adversely affected. When a loved one in family is unexpectedly killed by a drunk driver, families are devastated and destroyed. They are affected not only physically and mentally but they are also financially strained.
Mostly plaintiffs involved in auto accident have missed work or lost their job and can no longer meet their household regular bills. Keeping up with their household payments can be a huge strain on them. Most of them are in need of medical treatments. They have to pay their mortgage or rent. Many of them may be one or two payments away from foreclosures. They need to pay children's education expenses.
What are the Options?
People who need funds while waiting for a lawsuit to be resolved and a fair settlement to be paid have very few options, but some carry more risk than others.
They can use their own credit cards. This is an expensive alternative and can actually put them even more at risk if the lawsuit takes longer than you anticipate to be settled. And if they lose the case they still have to pay their monthly credit card bills unlike lawsuit loan or lawsuit cash advance.
Plaintiffs involved in lawsuits can obtain a home equity loan or second mortgage. This option is extremely risky. If for some reason they do not win their claim, they could lose their home. But that is not the case with lawsuit loan or lawsuit funding.
Most of the plaintiffs involved in lawsuits do not realize they can get cash advance before their case settles. It is called as lawsuit funding and often referred as lawsuit loan, legal funding, lawsuit cash advance, litigation financing, and lawsuit pre-settlement loan.
Advantages of Lawsuit Funding or Lawsuit Loan:
There are many advantages of lawsuit funding or lawsuit loan. It carries no risk to the plaintiff. Some of the advantages are as following:
1. When you apply for a lawsuit loan there is no upfront fee. A good lawsuit funding company should not charge any upfront fee or any application fee, processing fee or any monthly fee.
2. No credit or bad credit is alright, because approval of lawsuit loan or lawsuit funding is based on the strength of your lawsuit. The approval of lawsuit loan is not based on credit history, unless there is a pending bankruptcy.
3. No employment requirement is required to apply for a lawsuit loan or lawsuit funding.
4. Lawsuit funding is not a typical kind of loan. Loans are repayable absolutely. A loan is type of financial aid which must be repaid, with interest. But lawsuit funding is actually purchasing an interest in your settlement. So, if you lose your case, you do not owe the lawsuit funding company anything.
5. When you apply for a lawsuit loan, all information is kept confidential and only parties who know about the transaction are you the plaintiff, your attorney, and lawsuit funding company.
6. Approval is always fast for lawsuit loan or lawsuit funding. Mostly in 24 to 48 hours (some times in 4-6 hours).
7. Once you get a lawsuit cash advance, you do not pay back until you win or settle the case. Unlike a typical loan, where you have to start paying back the loan right away and continue making payments until it is paid off, no matter when you receive your settlement and even if you lose your case and receive no money.
8. Lawsuit funding is actually a non-recourse lawsuit cash advance on the future value of your case. Unlike a loan, if you lose your lawsuit case you owe nothing in return.
9. Lawsuit funding or lawsuit loans are no-risk and a win-win help for plaintiffs involved in lawsuits. These are available for nearly all types of civil and commercial lawsuits.
A lot of auto accidents lawsuit plaintiffs are being forced to settle early for way less than they deserve because they simply can not afford to wait any longer. There is no reason for them to settle for less than their case is worth. Lawsuit loan or lawsuit funding allows them to sustain their personal lives and give their attorney the necessary time to achieve the full and maximum possible value of the case.