What You Need to Know About Lawsuit Loans
There are some sticky situations and costly legal processes that will sap you of all your money first before you're granted any sort of settlement. A personal injury accident for example, will render you unable to work while at the same time require you to pay for expensive medical bills to help you recover from your injuries. If you consider the costs of the legal process on top of that, you might not have enough money in your account to answer for all the fees and expenses. In cases like these, it would be best to apply for a lawsuit loan - a loan that allows you to borrow money against a settlement that you expect from a lawsuit.
Want to learn more about lawsuit loans? Read on to find out.
1. The Length of Your Case Affects the Cost of Your Loan - Lawsuit loans are commonly used for personal injury cases where the person involved has to cease their job while incurring medical expenses along the way. Because whatever settlement loans they might get will be granted at the end of the case, they will still have to find a different source of funding throughout the legal process. A lawsuit loan can pay for immediate expenses and then be paid off with the settlement earned in the case. But because lots of personal injury cases take a while to resolve, you should be ready to pay anywhere between 27% to 60% of your loan after the case is settled.
2. Application Takes Some Time - You case could go one of two ways - you either get your settlement or you don't, which is why lenders are careful to loan an amount to someone who might not win their case. that said, a lender will most probably contact your lawyer first to get the necessary information they need to determine the odds of you winning the case. if they're confident that you will, they will grant you the loan. To learn more about loans, visit http://www.ehow.com/how_2095960_find-best-payday-loan.html.
3. Your Lawyer Can Help - If you don't know where to begin your search for a reputable and reliable lawsuit loans lender, you can talk to your lawyer. Odds are, they have some idea as to who you can contact and what you will be able to borrow. Don't be afraid to discuss the matter with your lawyer and be frank with all the expenses. They will be able to give you a clear picture of what you should expect from your lawsuit loan if you give them all the information up front.