You have been through an accident or a medical mishap, in either case or any other, your lawyer advised you to file a lawsuit and claim compensation. The accident has caused you serious financial instability, not to mention emotional trauma or has health implications as well, but financial condition is critical. You have bills to pay. Bottom-line is that, you are cash-strapped and financial pressures are compelling you to look for options. You may want to consider a lawsuit loan. Your first action would be to reach out to an attorney. There are several companies out there that provide you competitive attorneys. You can look them up on their websites to find one that works for you. A sample website would be Rocketlawyer.com
Now lawsuit loans are pretty expensive. So ascertain the amount you want as loan. Ensure that it covers all your critical payments and maintenance/ living expenses, or mortgage bills, car loans etc for the period that your case is in court. Health or emotional conditions as a result of facing injury or mishap could be preventing you from getting back on the saddle and resume work. Expenses will mount with time. Your loan amount should cover you.
There are lawsuit funding and settlement funding firms. Once you get yourself an attorney, check if you are eligible for the loan. A regular loan would require that your financial health, credit reports are free from blemishes. But a legal loan only considers the strength of lawsuit. The lawsuit funding company will approve a loan upon examining your case, and ascertaining that the case will be settled in your favor and you are due to receive a huge compensation.
The decision to provide you with the loan hinges on only one factor, that you have maximum chances of winning the case against your opponent. So bear in mind that the lawsuit funding firm is take a big risk. The only way it finds out if you are likely to win it is by them going through your case in detail. If, for any reason, despite their calculation, you lose the case in court, your loan amount and fees are waived off, provided you’ve chosen a reputed funding firm.
After you zeroed in on the lawsuit funding company in consultation with your attorney, a representative from the lending company will approach your attorney to collate all details required to analyze your case and arrive at a logical conclusion. The entire process can take either a couple of days or a few weeks, depending on the complexity of the case involved. Ensure that you have provided as many details as possible for them to arrive at a decision.
Do not go blindly to look for a good lawsuit funding company. Go strictly be recommendation and evaluation. Beware of steep or very cheap fees. Consult multiple firms and get a feel of the rate of interest, process, professionalism, and structure of payment. Sometimes the rate of interest is levied based on a case to case basis. So it may not be informed to you upfront.
That’s perfectly fine. Also check for the option of paying a flat rate as against compound interest. Most importantly, look at finer details.
Then you want to check the cost of the application, the method how the interest is compounded, etc. You should ensure whether you never pay large money than what you get from your case after settlement.