Civil and criminal lawsuits can involve more than 20 different steps to conclude. However, the majority of civil cases get settled before they go to trial. Despite that, it can still take months or even a year or two to settle a pre-trial case.
Meanwhile, your bills will continue to arrive. If you’ve been in an accident, you need to keep paying for medications and treatment. All those costs can pile up if you find yourself out of work due to severe injuries caused by your accident.
Lawsuit loans can help tide you over in such predicaments. We’ll share some of the top benefits of such financial programs, so be sure to read on.
Quick Access to Funds
According to Lawsuitssettlementfunding.com, lawsuit loans often get approved in 24 hours. In some cases, it can take even less than a day for an application to get approved.
Upon approval, the funding firm will ask your lawyer for your case documents. The lawsuit loan provider will use this to evaluate how much to lend you. This step usually takes about 48 hours.
After evaluating your case, the pre-settlement funding will get in touch with you. At this point, they will let you know how much money you can advance or “borrow” from your pending settlement. If you agree to the contract’s terms, you can get the funds on the same day you and your lawyer sign the paperwork.
Summing it up, the entire lawsuit loan application can take less than a week. That’s far shorter than waiting for weeks, months, or even years to receive your settlement.
Pay Back the Loan Only if You Win Your Case
Most pre-settlement loans classify as non-recourse loans. This means they only require repayment from plaintiffs who win their cases. If your lawsuit ends up losing, the financing company won’t and can’t pursue you for repayment.
If you win your case, then that’s the only time you pay the financing company back. You only have to pay them once, which is after you receive your settlement check. So, you don’t have to make monthly loan repayments, unlike with traditional loans.
Low Credit Scores Aren’t a Big Deal
A previous survey revealed that lenders denied 76% of personal loan applications. Low credit scores were among the chief reasons for such rejections. The lower a consumer’s credit score, the greater their odds of getting a no from a lender.
The thing is, almost a third of US consumers have credit scores considered subprime. These are the bad or poor scores that go below 670. If your score belongs in this group, your credit applications are more than likely to get denied.
Settlement funding companies don’t prioritize credit scores as traditional lenders do. Instead, they focus on how meritorious a case is and how likely that lawsuit will win. The greater your chances of winning your case, the higher your chances of securing a lawsuit loan.
That’s also why having a lawyer is one of the primary lawsuit loan qualifications. After all, professional legal representation raises your chances of winning your case.
Tap Your Anticipated Settlement Now With Lawsuit Loans
As you can see, lawsuit loans can be your financial saving grace as you wait for your case to settle. They’re quick and easy to apply for; plus, you don’t have to worry too much about rejections due to a low credit score. So long as you have a lawyer and a meritorious case, you’re likely to get approved for settlement funding.
Interested in more finance-related or even lifestyle guides? Then please check out our other news and blog posts for more useful tips and tricks!