Kansas Lawsuit Loans[flexy_breadcrumb]
1. What Determines Eligibility?
Lenders have simple and straightforward qualifications for anyone seeking lawsuit loans. You must be at least over the age of 18 and legally capable of entering into a legal contract. Having an attorney is essential. The case should already be filed and pending. You also must be the plaintiff in the pending case.
If all the above applies, the lender will confirm the grounds for your case and determine if there is a reasonable chance of receiving a settlement or an award from the judge. When the answer is yes, you are likely to be offered a loan.
2. What Sort of Cases Are Considered?
Personal injury cases are eligible for loans. The lender is also likely to consider cases of medical malpractice or negligence on the part of a construction contractor. It’s not unusual for a lender to approve a loan when the case has to do with discrimination or a wrongful termination claim.
3. Why Would I Choose a Lawsuit Loan Over a Bank Loan?
While on the surface it may seem that going to a local bank and securing a personal loan would accomplish the same end, there are significant differences between lawsuit loans and traditional bank loans. One has to do with how the debt is repaid. With a traditional loan, you will begin making payments within 30 days of receiving the funds. The lawsuit lender does not expect to receive anything until your case is settled out of court or you receive an award from a judge. By choosing the latter, you avoid having to make payments while the case is pending.
Loan officers with banks and similar institutions pay close attention to credit scores and history. Those factors are not relevant to a lawsuit lender. What matters is the merits of your case. Assuming you have a strong one, you are likely to receive the loan. That makes it a good option for people who have less than perfect credit.
Lawsuit lenders typically review applications quickly. You could have an answer the same day or at least within a few days. If approved, it’s not unusual for the funds to be released in less than a single working day.
4. How Much Can I Receive?
Assuming your application is approved, the lender will offer a sum that equals a percentage of the total amount you are seeking in the lawsuit. You are free to accept that amount or you may request that the lender provide a loan that amounts to less than that percentage. The strength of your case will often determine the percentage that you are offered.
5. When Is the Loan Due?
The due date for your lawsuit loan is somewhat open-ended. There are no attempts to collect on the loan until your suit is resolved. There is usually a window of time after the judge makes a decision or you accept a settlement from the defendant to pay off the loan balance in full.
Assuming the funds are paid through the court, expect the money to go directly to your attorney. Your legal counsel will forward the payment to the lender while also retaining any balances owed for services rendered. Any remaining balance will be forwarded to you.
6. What Happens If I Lose My Suit?
Unlike other lending arrangements, repaying a lawsuit loan depends on whether or not you receive anything from the suit. Should a judge rule in the favor of the defendant, you do not owe the lender anything. If you do win the suit, you are expected to remit the payment for the loan in full within a time frame defined in the loan terms and conditions.
Lawsuit loans can make a significant difference when you need to take care of expenses before your case is resolved. Take the time to learn how the loans work and what sort of obligation you are assuming. If you like what you learn, apply today. The funds could be in your bank account a lot sooner than you expect.