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Alaska Lawsuit Loans
Filing a lawsuit can be very expensive and time- consuming. If you sustained an injury that causes you to incur unforeseen expenses like medical bills, you may need a loan to help relieve financial pressures while waiting for your case to settle.
If you find yourself in this tough situation, a lawsuit loan may be a great option for you. With a lawsuit funding or loan, a cash advance provider purchases your right to all or a percentage of your settlement or lawsuit award in exchange for funding that you receive while your lawyer is still handling your case.
Advantages of Alaska Lawsuit Loans
Alaska Lawsuit loans can provide plaintiffs with much-needed financial relief if they are unable to take care of living expenses, medical bills, car loan payments, and mortgage payments during their lawsuit.
If you are relying on the lawsuit award or settlement to provide income or take care of needs like medical bills, obtaining a lawsuit loan may enable you to take more time to go through a settlement negotiation.
As a plaintiff in a civil lawsuit, you’ll not want to prolong the litigation process. Instead, your goal should be to obtain a fair settlement. People who are cash-strapped consider a lawsuit loan as more of an investment than a loan.
If a lawsuit loan or cash advance helps to minimize or relieve financial burden, you may find that your lawyer will not need to settle in a hurry. If the settlement offer is not what you expect, obtaining a lawsuit loan may be a great idea for your situation.
Which Claims Are Eligible?
You are eligible to apply for a lawsuit loan if you have a pending personal injury lawsuit and hired a lawyer to represent you in an injury claim.
Companies can choose to provide a cash advance or funding for a number of different lawsuits, but the type of personal injury claims that are commonly accepted include:
. Personal Injury
. Medical Malpractice
. Premises Liability
. Product Liability
. Wrongful Death
How Lawsuit Loans Work
As stated earlier, lawsuit loans provide plaintiffs with a cash advance on a future legal settlement. Personal injury or civil lawsuits can take a very long time to resolve, depending on how complex the case is.
Most lawsuit funding follows five general steps:
The plaintiff in a personal injury case or civil lawsuit and their attorney contact a lawsuit loan company. During the meeting, the attorney and the funding company come up with an estimate of how much the plaintiff will be awarded. If a win or favorable outcome doesn’t sound likely, the funding company will not provide the loan.
The lawyer and the lawsuit funding provider negotiate the amount, fees, interest and term for the cash advance.
The amount the plaintiff gets often reflects the expected settlement minus associated legal fees. If everything goes smoothly, the plaintiff reviews and signs the contract and receives the cash advance.
Simple Application Process
Because the lawsuit funding provider only cares about the quality of your lawsuit, getting approved for this type of funding is a lot easier than obtaining a loan from most traditional lenders.
The application process for a lawsuit loan can be completed in under a minute. Background check or credit check is not necessary. Lawsuit loans only require a few details from your attorney to process the application.
The funding company will simply contact your lawyer to verify the validity of your case. The company will complete all of the paperwork and handle your request appropriately, allowing you and your lawyer to stay focused on your case.
Lawsuit loan can help you stay afloat during the tedious and lengthy process of a civil case or personal injury lawsuit. However, it’s not always the right option for every person in every situation.
Prior to applying for any lawsuit funding or cash advance, it’s crucial to discuss your situation with your lawyer. If you are thinking about getting a lawsuit loan, mention it to your lawyer. Once you apply for a cash advance, the funding company will contact your attorney to obtain information about your case. The funding company will require that your attorney fill out a form detailing the case.