When plaintiffs struggle financially, one option open to them is a lawsuit loan–an advance on their settlement that helps with finances while the case is in progress. There are many reasons to utilize this funding, especially if the following situations apply:
Are you unable to work?
This is a common issue for plaintiffs since many are pursuing legal action because of an injury or a workplace incident, such as discrimination or wrongful termination. With discrimination and wrongful termination cases, plaintiffs are often physically able to work but find that they are suffering from too much emotional distress to find a new job, must work less hours to make time for their case, or might be having trouble finding a new job in the same industry as their previous company. If lost wages are causing a plaintiff to see red, then they should look into a lawsuit loan to help make ends meet until they can get their work situation settled.
Are you feeling pressure to settle too early?
There are lots of reasons why plaintiffs settle instead of fighting longer for what they believe is fair. The plaintiff may become frustrated with the legal process and want to move on, but the main source of pressure is financial–if the plaintiff has pressing bills, then they may think they have no choice but to settle in order to pay off expenses that just can’t wait. When plaintiffs seek financial retribution for an injury or another expensive incident, they will typically be responsible for covering expenses, such as the medical bills, themselves until a judgement is made. This only makes obtaining fair reimbursement more difficult. This pressure is especially felt if the defendant is a company or organization with a big legal budget, which can be overwhelming for the individual plaintiff. If a plaintiff is feeling the heat but wants to keep fighting, lawsuit loans can offer another option. Using the money from their settlement to fight longer can be seen as an investment in the way that it gives them time to work towards what they deserve.
How soon do you need lawsuit funding?
Once plaintiffs realize that they need some financial help, the first type of funding that comes to mind is usually a traditional loan. The problem with this is the lengthy, complicated approval process: traditional loan lenders don’t streamline approval just because the plaintiff needs funding right away. Common plaintiff situations such as lost wages and medical bills call for funding fast, and so they need a type of funding designed for the plaintiff. With lawsuit loans, plaintiffs fill out an easy application and will receive funding promptly.
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.
