The Lawsuit Loan for Personal Injury Cases
The Lawsuit Loan for Personal Injury Cases
When you experience a life altering injury due to another person or party's negligence, often the personal injury lawsuit that follows can take months or years to reach a settlement of compensation funds. In the meantime, as the victim you might experience medical bills and other costs due to the injury that may be a challenge to pay. This challenge is especially true if you are injured to the point of missing work and therefore income. What can a person do if the court case is moving slowly but the funds to make ends meet are needed immediately?
One of the solutions for getting some much needed cash in short order is obtaining a lawsuit loan. This is not actually a loan but more of a cash advance on the anticipated court case settlement. Many personal injury lawyers have resources that will allow for these lawsuit loans, or more appropriately, pre-settlement lawsuit funding arrangements. Loans are different from these cash advance arrangements in one majorly significant way:
Loans must be paid back in full at an agreed upon date with agreed upon terms. These pre-settlement lawsuit funding arrangements are only paid back, plus fees, once your settlement is finished and compensation is awarded. This is called no recourse lawsuit funding.
These cash advance arrangements are made through companies that specialize in such. Your personal injury lawyer will likely have resources to put you in touch with companies that provide such a service if you decide to pursue it. The process is a simple one:
You will contact the company and provide details of your personal injury lawsuit that is ongoing or pending as well as the contact information of your attorney.
The company will contact your personal injury lawyer's office and ask for their information on your court case.
The company will take this information and the information gleaned from talking with you and your attorney and make a decision as to whether or not to offer the cash advance. They will also decide how much of a cash advance is suitable.
You will obtain the cash advance with the arrangements for pay back to happen when your settlement is complete and compensation is awarded.
The biggest drawback to a solution such as these pre-settlement lawsuit funding arrangements are the typically exorbitant fees that will significantly impact the settlement amount you actually gain. Personal Injury Law Firm Services Why You Need a Personal Injury Law Firm Hire a Personal Injuries Lawyer Hiring the Right Personal Injury Lawyer Who needs a personal trainer? The Pathway to Personal Growth Benefits of A Personal Injury Attorney Things to Remember If You Suffer a Personal Injury Personal Pampering How to Find the Right Personal Injury Lawyer in St. Louis How to Win a Personal Injury Case in St. Louis Non-Owner insurance Non-Owner's Insurance