Filing a lawsuit can be expensive, time-consuming and mentally exhausting. It’s not uncommon for cases to last for years before a verdict is reached and a settlement is awarded. For this reason a plaintiff can enjoy the benefits of a settlement loan or lawsuit loan. A lawsuit cash advance can replace lost income, help pay medical bills and even cover your living expenses until your case has settled.
There are many reasons why a plaintiff could need an advance on their settlement money, especially in personal injury cases. Personal injuries often affect the plaintiff’s ability to work, leaving them stranded to live on their savings or credit cards. If an injury is serious enough to miss work there are most likely medical bills to worry about as well. In other cases, the plaintiff will need to miss work to appear in court, which could cause a financial strain.
The benefit of using a settlement loan is that, unlike credit cards, you won’t face a large interest penalty. A settlement loan isn’t a typical “loan” and the amount of funding is contingent on your specific case. The rate charged will depend on the amount of money you are suing for and the success rate of similar cases. You can contact lawsuit loan companies who often have consultations to explain the fees and/or loan amount you will be receiving.
Another benefit is that your credit will not be a factor in your approval, which makes an advance available to anyone who will likely win their case. This is particularly beneficial in lawsuits involving identity theft or divorce, where your credit has been negatively affected by someone other than yourself. Don’t let having bad credit deter you from obtaining a lawsuit loan.
Naturally, you will want to speak with your lawyer about obtaining a cash advance and ask for their opinion. Most attorneys are sympathetic to the financial troubles associated with a lawsuit and will advise you to pursue the loan.
Most importantly, you will want to do your own research to fully understand the settlement loan and the terms. One mistake to avoid is taking out multiple advances from different loan providers. This can cause problems when paying back your loan and can lead to further legal repercussions.
Contacting a lawsuit loan company will allow you and your attorney time to work on your case so that you can receive the maximum benefits from your case, especially with personal injury cases. Oftentimes, people will settle a case early due to financial strains, but this does not have to happen when you apply for a loan on a lawsuit. The advantages of a lawsuit loan will not only help with your pending case, but it will also take away from of the personal financial stress associated with paying bills, medical expenses, car payments, or even rent.
About the Author: Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit: https://www.smpadvance.com.