Mississippi Lawsuit Funding
1. What Sort of Cases are Eligible?
Many different types of lawsuits are considered acceptable by lawsuit lenders. If you have a personal injury suit against an individual, municipality, or a corporation, there’s a good chance of being approved. Malpractice suits are also often grounds for lending funds to plaintiffs. Even something like negligence on the part of a construction professional or the theft of intellectual property could qualify you for a loan. You can check with the lender to determine if cases like yours are among those considered.
2. Does My Credit Matter?
If you attempt to get a loan from a local bank, one of the first things the loan officer will do is order copies of your credit reports. If your score is below a certain level, your application is sure to be rejected.
That’s not the case with a lawsuit loan. Your credit is not likely to be considered at all. That’s because the application is approved based on the particulars of your case and the projected outcome. If the lender believes you have a strong case and that there’s a high probability of receiving an award from a judge or the defendant offering a reasonable settlement, your application is likely to be approved.
3. How About My Income?
You already know that even high-risk loans require applicants to generate a minimum amount of income per month. That’s because those loans will be repaid out of the income the debtor receives each month. Lawsuit lenders are not that concerned with how much or how little you make in any given month.
The repayment process focuses on receiving the funds due once your case is settled or the court rules in your favor. That means you don’t have to deal with making installment payments on the loan. Since the balance will be retired after you receive funds from the suit, your monthly income is not a factor.
4. When Will I Know if My Application is Approved?
Lawsuit lenders do require time to obtain information from your attorney and evaluate the circumstances surrounding your case. Even so, you can expect to get a response to your application in a matter of days. The good news is that if you are approved, the funding process begins immediately after you accept the loan offer. The money can be in your hands quickly if you opt to have it deposited directly into a bank account.
5. Are There Any Restrictions On How I Use the Funds?
Assuming your application is approved, feel free to use the funds in any way you like. Many people choose to set the funds aside to take care of basic expenses like rent or mortgage payments. Others use the funds for medical expenses not covered by their health plans. You may set the funds aside in anticipation of needing help with medical expenses once your current benefits reach their limits. In any event, the money is there to ease any financial worries you face and ensure you can enjoy a reasonable quality of life while your case is pending.
6. What Happens if I Lose the Case?
While you and the lender have every reason to believe you will win the lawsuit, nothing is definite until the final ruling by the judge. In the event the decision is not in your favor, there is no obligation to repay the loan.
Compare that to taking out a traditional loan with the expectation of having money to pay it off once the suit is resolved. If you lose the case, you still owe the bank for the balance of that loan. By working with a lender who offers lawsuit loans, you are not left with another debt to pay off if things don’t go the way you expected.
Is a lawsuit loan right for you? That’s a decision you must make for yourself. If you believe this type of financing would provide the financial security you need right now, apply today. The money could be in your account in less time than you anticipated.