The internet is a fantastic tool that connects businesses and consumers, but even with all the resources that can be found online to help consumers make informed decisions, there are still sketchy and unreliable businesses that masquerade as legitimate businesses online. When shopping for lawsuit loans, which are loans that plaintiffs can take out against their future settlement, there are plenty of websites to utilize—but it is important to remember when dealing with businesses online, especially for financial reasons, to be careful and to make sure that the website and company is reliable.
Many plaintiffs find that they need to use money from their settlement before the settlement is actually reached in order to pay medical bills, car repairs, replace lost wages, and other expenses, and so it is is a huge convenience to the plaintiff when the lawsuit loan process is fast and easy. However, online shoppers must still be on their guard. Here are some tips for finding a legitimate loan company online:
Be careful what information you give out. If you are asked to fill out sensitive information right off of the bat, then you should definitely ask why the information is needed and what exactly will be done with it. The plaintiff will need to fill out some personal information on the application, but questions regarding things like social security numbers and bank account numbers are highly suspect. Lawsuit loans typically have a different application process than traditional personal loans—most companies won’t do a credit check—so if you are asked to fill out financial information, be sure to ask why.
Look for a privacy policy. Identity theft is a real concern when filling out information on the internet. Will the plaintiff’s information be shared with any third parties? Trust your information with a company that has a legitimate confidentiality policy so that you won’t have to worry about things like getting spam mail or even worse.
Talk to a real person. While most fact-finding can be done online, look for a telephone number that you can call to try and get an idea for who you are working with. Not every company will have a 24-hour help line, but if you cannot find a number or if the number listed goes unanswered every time, then that is a red flag. When finances are involved, it could be a good idea to call the company’s phone number and ask even general questions like how long the company has been around, where their headquarters are located, etc., so that you can further establish legitimacy and confidence in the company that you are trusting.
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 www.smpadvance.com.
