If you are considering getting a settlement loan, this advice may be important. For instance, respected and responsible lending firms encourage plaintiffs to look at other kinds of legal funding, together with lawsuit loans.
These legal finance loans allow complainants to receive cash advances using the outcome of their pending case as the basis. In these situations, instead of waiting for a verdict or settlement, the lawsuit fund may be utilized in order to pay for the everyday necessities like groceries, house mortgages and car payments.
The Process Involved
- In any case that involves the recovery of damages, a legal claim must be launched and the services of lawyers are needed. Because pre settlement funding companies will generally contact your attorney to verify details and present the terms and conditions of the agreement, working with a lawyer about your case is very important.
- Apply for a legal funding cash advance. Look for a litigation funding form that is trustworthy and reputable, and one who can offer you with reasonable rates. Contact the provider, fill-out an application form and clarify your questions so that the company can go over your case with a lawyer.
- Underwiters for the company will scrutinize the litigation case. Documents will need to be secured from your lawyer to analyze the merits and strength of your case. Experienced and qualified companies will normally digitize your files and store them on servers so that privacy is maintained.
- If the underwriters are done reviewing your case, a decision will normally be made by the firm. If you did not make it for a presettlement funding, you can also try and apply to other firms in order to secure your cash advance. However, if your application has been approved, your attorney will be given a contract which specifies the terms of the legal financing process.
- If you already have an offer, make sure to review it first before making a decision about getting a settlement loan. Because the documents will be directly sent to your lawyer, ask him to explain the terms that you find confusing, the cost of the funding and the overall advantages and disadvantages of taking the advance.
If you have agreed to the terms and have signed the contract, money will be sent to you. Funding companies will normally give out checks immediately because they realize the pressing needs of their clients. Make use of the cash advance in whatever way you want, although it is advisable to use it in keeping your bills updated and paying for the necessities only. If you want some help in managing the money, your lawyer can also refer you to an expert in financing.
