Even the age of information, miscommunications are still common between businesses and their clients. So when plaintiffs apply for a lawsuit loan, there are some key facts that they need to make sure are clear, especially since straightforwardness is a trademark of a reliable lender. Some key points that should be clarified before anything is signed include:
1. Fees. Getting clear information regarding the fees or interest that they will be responsible for concerning their loan is often a complaint of applicants. Less-than-reliable lenders will try to blur the exact amounts and timing of these fees, and as a result, plaintiffs find them as a surprise later on. Loan applicants will be expected to pay fees or interest for the service and it is essential to understand exactly how much they will be and exactly when they must be paid. The great thing about lawsuit loans is that since they are designed to be convenient for plaintiffs, there are no monthly payments. In fact, there are no payments until the case settles. During their case, the last thing a plaintiff should have to worry about is surprise payments on their loan. The whole convenience of a lawsuit loan is that it helps support the plaintiff during their lawsuit so that they can focus all their time and effort on winning their case.
2. The complexity of the application process. Once applicants find a lender that they want to work with, they often jump into the application process without asking any questions first. Plaintiffs should know exactly what information will be required of them and what exactly the lender will be doing with that information. Is the process confidential? Will they be calling up references? What about a credit check? These are all questions that applicants need to ask before giving out any information, especially regarding the lender’s privacy policy. In addition, plaintiffs must keep in mind that they will be going through the legal process at the same time that they are applying for the loan, which most likely already involves a hefty amount of paperwork. Will the applicant be able to handle both? Simple, online applications can not only be easy but just as private as paper applications, and they can make the whole process run much smoother.
3. How long it takes to get approved. Plaintiffs apply for loans because they have pressing expenses like medical bills and other everyday expenses. So, they don’t have a whole lot of time to wait around and find out if their loan application was approved. When applying for a settlement loan, see if the lender makes a policy of letting applicants know whether they have been approved before too long.
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.
