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Iowa Lawsuit Loans[flexy_breadcrumb]
As you probably know, lawsuits can be tedious and drawn-out processes. Sometimes it can take months or even years before your case reaches a legal court. Besides draining you physically and emotionally, lawsuits can also drain your finances. You will often need to dig into your pockets to cater for medical bills, legal fees, and other expenditures as you await settlement. If you have been injured and out of work, these bills can be difficult to foot.
The delayed justice due to lengthy legal processes
The legal system was initially designed to protect innocent individuals against injustice. But sometimes, the process creates a lot of unforeseen hardships. This is because the legal system consists of complicated procedures that ensure a fair trial. It can take months or even years before maneuvering through the justice system successfully.
Sometimes, justice can be delayed especially when you are battling with a rich and powerful opponent. Such individuals may delay the case to drain the plaintiff financially. They already know that when you are drained financially, you will have no other alternative but to accept their offer. That is why legal funding was set up to help plaintiffs make ends meet as they await settlement.
What is lawsuit funding?
Just like the typical loans, lawsuit loans can provide a lump sum to help in meeting your daily financial obligations. These loans carry a small risk compared to traditional bank loans. This is mainly because the principal amount, interest, and other fees are only payable when the case has been settled. If your case doesn’t succeed, you don’t need to pay anything back. Also, lawsuit loans operate under different underwriting rules, and therefore, they cannot impact negatively on your credit rating.
Who can qualify for Iowa lawsuit loans?
Lawsuit loans are mainly designed to help individuals who are struggling financially through no fault of their own. These loans can provide a perfect way for a client to buy time, and ease their financial pressures as they await substantial compensatory rewards.
Qualifying for a lawsuit loan is primarily based on the merits of the case. You don’t need any credit checks, no fees to apply, no out-of-pocket costs, and no employment requirements. What’s more! These loans carry almost zero risks since you are obligated to repay the money when the case is settled.
Unfortunately, not every case can qualify for lawsuit loans. Most of the lenders tend to have a bias towards personal injury cases. Cases that may qualify for legal funding include auto and motorcycle accidents, bus and truck accidents, medical malpractice, pedestrian accidents, wrongful termination, premises liability accidents, amongst others.
How do you apply for Iowa legal funding?
You may apply for legal funding if you have a strong case against the defendant. The application process is simple and usually consists of a one-page application. Application of legal financing can be made online, from the comfort of your home.
Once the lender receives your application, they will go through it and contact your attorney to request the relevant documents. The underwriters will review the documents to determine your eligibility and how much you qualify. You can expect a funding decision within 24-48 hours after application.
How can you use your legal funding?
The fact you might have suffered serious injuries from an accident doesn’t mean that you can press pause on your financial responsibilities. The bills will keep accumulating as long as you breathe. Fortunately, legal funding can help to cover for a number of these bills that include medical bills, mortgage or rent, rehabilitation expenses, personal loans, and regular household expenses.
Is legal funding right for you?
A lawsuit loan can help you to stay afloat during the lengthy legal process. But these loans might be right for every situation. Before you apply for any lawsuit loan make sure that you discuss your situation with your attorney. The lending company will contact your attorney to ask about the details of the case.
You also need to learn about interest rates and other fees. There are many lending companies out there, so it’s important to understand the terms of the cash advance before you sign anything. Lastly, you need to estimate the amount of money that you need. While your case may qualify for a significant amount, it’s a good idea to limit the amount of money you apply.