Many plaintiffs undergoing a lawsuit are not familiar with what pre-settlement loans are and how they can impact them. Simply put, pre-settlement loans are a funding source for plaintiffs who need the financial assistance prior to settlement. These “loans” are actually cash advances on the expected proceeds of a lawsuit. The following circumstances lend themselves to someone needing a pre-settlement loan:
- Uncertainty of time frame until settlement
- Financial burden of medical and cost of living expenses.
- Future Medical bills and office visits to the hospital not covered by insurance.
- Personal daily expenses due to paying for bills related to settlement
Pre-settlement loans can help alleviate these obstacles by providing funds upfront. With the upfront cash, plaintiffs can use the money to satisfy demands for current financial needs and pay for any or all of their medical fees, and day-to-day expenses. Because of the uncertainty associated with lawsuit settlements, the monetary range of an advance is also variable. Lawsuit settlements are even affected by the state and governing set of laws in which the claim has originated. When factoring in all these elements, one can see the challenges that will arise in settling many of these lawsuits.
Although most practitioners in the industry use the terms pre-settlement loan and lawsuit advance referring to the same financial product, they are actually different. The more accurate term is lawsuit funding or lawsuit cash advance. A loan can be from a bank, for example, or other pay day sources. The disadvantages of using these financial vehicles are:
- They require credit checks
- There are often fees to start the loan process
- They have very high interest rates
- They take a long time to process
- They require plaintiffs to pay back even if their case does not win
The majority of plaintiffs choose the pre-settlement funding or lawsuit funding route because it provides:
- There is never a fee to start the process.
- Streamlined process in place that is simple and easy. In three simple steps, you can get approval for your funding.
- There is a large network of underwriters and funders
- The Industry has competitive rates.
- Professional staff who provides the excellent customer service
- 24/7 application availability
- Hands on experience. Once you apply, the remaining work is done for you. All the paperwork is obtained from your attorney’s office and also all communications and correspondences from your law office are managed by the staff
- Services to make sure your case is handled specific to your needs
- A Cash advance funding that is considered non-recourse. This means that if you lose your case, the money is yours to keep with no strings attached. We only collect your lawsuit funding if you win your case or obtain a settlement
Many plaintiffs suffer from the uncertain timeframe of their settlement due to the various complex factors affecting their claim. To mitigate such burden, financial or emotional, pre-settlement funding or pre-settlement “loans” provide you with the financial vehicle you need to satisfy mounting bills during the period before settlement. If you have a pending lawsuit and need a fast and easy way to obtain financial support for your settlement, apply for what many call pre-settlement loans today.
When applying for this pre-settlement “loan” or cash advnace, it is good to prepare the basic information. When applying, you will need to provide your full name and contact information, your attorney’s full name and contact information, the state where the claim is filed, the type of lawsuit, and how much funding you are requesting. As soon as your application is complete, your law office will be contacted for paperwork on your case. Your case is then submitted for review by a team of underwriting attorneys. If your case is approved, you receive your funds quickly after the contract is signed by all parties. Most importantly, you and your attorney are provided with a contract to review together before you claim your funds so that you will understand all terms and conditions before your receive your lawsuit loan or pre-settlement funding. In essence, all you have to do is apply. All the necessary work is done for you to get you your pre-settlement funding fast. We you with the many options and proper advance amount for your situation.
If waiting for your lawsuit to settle is not an option, you will need some external money to help support you and your loved ones until your case settles. Many plaintiffs who need cash to cover current expenses use what are often called pre-settlement loans. Just remember in actuality, these loans are pre-settlement funding cash advances on the proceeds of your settlement.
If this is your first time involved in the settlement process, you may not be aware of the timeframe of the litigation process involved. It may take months, if not years, for you to receive compensation for your loss. So why not start with pre-settlement loans to help with financial needs during these trying times?
Don’t waste any more time. Act now to apply for your funds fast and easy. Call us now at 888-327-7102 or simply submit an on-line application form and someone on our team will contact you as soon as possible.