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Expecting for the court to decide on a case can be a long time process – it can take months, even years. And through all these years, you need to keep your life going while waiting for a settlement. But life during a case process can scrub down your health and wealth at the same time. This is why lawsuit loan was introduced.
Companies that fund a ‘settlement loan’ will assist plaintiffs like you to cover your personal loans, lawyer’s fees, living expenses and other personal finances – sometimes, even child support.
This funding industry has been a huge help for plaintiffs in surviving their journey to a settlement after filing a case due. When the industry emerged, numerous third party financing companies also appeared. These companies offer lawsuit funding for litigants with high potential for a case settlement.
If you are one of those high-valued litigants because you sued a huge company for malpractice or any related injury, loan agents might come knocking at your door, offering pre settlement funding loans. But think first. Do not jump to their handsome offers right away. Consider the “amount of legal funding” they offer, how long will the case be in court, and how much percentage will be slashed from the total amount of your anticipated settlement.
There is no one who can help you at this moment but your legal advisor. Consult your attorney about the legal financing companies process and how it can help you. Anyway, he is the one who will determine how strong your stand to win the case in the first place is. More often than not, lawyers have third party financier contacts that can help their clients to cover for expenses while waiting for a settlement or court decision.
Everything that lawsuit entails is business and everyone wants to have some part of the pie. Consider comparing the loan charge against the proceeds that you will get from the lawsuit. Fees range from 2% to 4% monthly – quiet costly in a year, though. To help you analyze pre-settlement funding, contact Loan Query now!
Lawsuit is a long and expensive process – starting from case filing, to scouting for an affordable lawyer who will handle your complain, up to the process of waiting for the court decision – these all will take a long time and money from the plaintiff or litigant.
This is the part where lawsuit loans comes in. In a case where all your financial resources were scoured, but you and your lawyer are confident that you will win the case, you can seek his help to assist you in seeking for a pre settlement lawsuit funding or litigation financing.
Also known as pre-settlement funding, this type of loan is from third party financing process wherein the plaintiff or litigant can seek financial assistance while waiting for judgment or settlement of a case.
You and your lawyer will determine how strong you stand for a settlement, a trial, or a loss. Your lawyer, above anyone else, will determine how strong your case is. He or she will also be the one to identify if there is a possible third financing party for you. Once determined, your lawyer will then seek for a third party financing company (usually a firm partner) for funding. The third party funding company will then provide the amount that you need while waiting for the judgment or settlement of the case.
The amount of a pre-settlement loan varies depending on the amount of the anticipated settlement, percentage of the financing company, and asking value price. Your expenses may include but not limited to living expenses, mortgage payments, other loans, and medical bills. In return, the financing company gets a percentage share of the settlement amount.
Under pre-settlement agreement, if the case was brought to trial and you lost, the company that lend fund also loses its money and you do not need to repay the legal funding provided. This is the reason why lending companies ensure that the case has strong basis to win. Do not jump to funding immediately. Look for the lowest percentage cost since settlement may take years before you get your money. For more information about lawsuit loan, contact Loan Query now!.