Lawsuits put quite a strain on plaintiffs, and many find that they struggle financially during their lawsuit because of medical bills, lost wages, and everyday expenses. On the road to finding funding, there are many issues that could stall the application process. But plaintiffs who are seeking funding are doing so because they need the money now—it’s often the last option after insurance, out-of-pocket, and other funding solutions don’t work out. Let’s take a look at some common stalling points, and how lawsuit loans can help plaintiffs glide right through them.
Problem: An employment history check
When applying for a traditional loan, plaintiffs often expect the lender to preform credit check, but they may be caught by surprise by problems with an employment history check. Plaintiffs are often in their legal situation because of an injury or another issue that leaves them unable to work. If insurance is not enough, then the plaintiff can look to borrow in order to cover expenses, but the lender may have an issue with their employment situation, even if the plaintiff is expecting a settlement in the future. However, if a plaintiff chooses to use a lawsuit loan instead, then there won’t even need to be a credit check—the application process is mainly concerned with the details of the lawsuit, so plaintiffs don’t have to worry about their employment status keeping them from getting the funding they need until they can get back on their feet.
Problem: The loan is taking too long to get approved
As we stated earlier, the application process for a traditional loan involves a credit and employment history check, and it will also most likely include a lengthy application that must go through an approval process. However, many plaintiffs find that they can’t afford to even wait a week. With SMP Advance Funding, you will find a quick online application, fast approval, and then a prompt payment.
Problem: The application is more like an autobiography
A long, involved application can be a problem for several reasons. First of all, it takes time to get the information together, and we already know that plaintiffs don’t always have much time to wait. Second of all, the task of finding lawsuit funding is of course taking a back seat of sorts to the lawsuit itself. Lawsuits require a lot of time and effort from the plaintiffs, and so they shouldn’t have to worry about their loan application taking their focus away from the lawsuit. Another issue is privacy. So, look for a confidential, simple application that makes getting their lawsuit funding that much easier.
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.
