What is referred to as a lawsuit loan is actually legal lawsuit
funding. It is a process where plaintiffs in a liability, personal injury,
workers compensation, or medical malpractice case can get a cash advance on
their lawsuit settlement.
Court settlements in these cases can take a very long time,
sometimes even years. During this time plaintiffs and their families can be much
stressed financially and often times contact a funding company to provide the
necessary money to pay living expenses and medical bills without being forced
to settle the case too soon.
Lawsuit loans are not really loans as we typically know them, but really a legal lawsuit funding method that only need to be paid back when the case is settled successfully. This successful settlement repayment means if the plaintiff's case does not win none of the funds need to be repaid.
Lawsuit loans are not really loans as we typically know them, but really a legal lawsuit funding method that only need to be paid back when the case is settled successfully. This successful settlement repayment means if the plaintiff's case does not win none of the funds need to be repaid.
To qualify, all you need is a strong case. Lawsuit loans do not
require good credit or work history. The loan application is merely based on
the merits of the case alone. If the case is strong there is an excellent
chance a lawsuit loan will be approved and funding will be provided quickly - many times
within a few days.
Before lawsuit loans are approved the case is reviewed by the funding company with the help of documentation provided by the attorney. Once the lawsuit loan is approved there is no monthly fee or even interest due until the case settles. Only when the case wins is there any money due for lawsuit loans.
