Philadelphia Lawsuit Loans
There are many ways to get through financially after you have been injured in an auto accident or some other type of traumatic event, but most of them end up costing you money. Sadly, many victims of such cases cannot make it financially after such an event. Yes, a financial settlement is coming, but it can take too long in many situations. In the meantime, you have bills to pay and are faced with the possibility of being out of work for quite some time. This can all be too much too handle. That is why you will want to know about the availability of lawsuit loans in Philadelphia.
The Basics of Pre-Settlement Funding
A lawsuit loan is unlike any form of borrowing money you have likely been introduced to in the past. This is money that is technically already yours, but you do not have access to yet because your case has not been resolved yet. By getting this loan, you gain access to a certain percentage of your future settlement. The lender can do this because they know the value of your case and the money you will be getting at some point in the future. You will not make monthly payments right after you get the money. In fact, you will not pay anything until your claim is settled. At that point, the attorney will give the lender the money from your initial loan plus the interest as stipulated in the agreement. That is all there is to it.
You might be wondering what will happen if your claim is actually denied in the end. This is a lawsuit loan that comes without risk. That means that you are not on the hook for the value of the loan if your settlement never comes through. In such an unlikely case, you will not even need to repay the money. The lender agrees to fund your loan with this stipulation in place, so you have nothing to worry about.
What Happens Next?
Now that you understand how a lawsuit loan in Philadelphia can benefit you, it is time to learn the steps that you need to take to get the funding that you need. The first step is to contact the lender, Delancey Street. They will talk to you about what is required. You will need to already have a lawyer who is working on your claim on a contingency basis. This means that your lawyer will not be paid until the settlement is reached in your favor as well. As long as that is the case, the lender will talk to the attorney and learn more about your case.
As long as the lender does not see any red flags, approval should be made quickly after that initial conversation. You may even receive your money in as little as a few hours. They will even wire the funds to you, or put them directly into your bank account. The choice is up to you. An agreement is drafted up for you and your attorney to sign. Your lawyer will actually be the one that pays the lender back after your claim comes through, so you don’t even need to worry about that. You are able to request a loan up to 15 percent of the anticipated value of your claim. This is enough money to really help you and your family while you are waiting for the case to be resolved.
Types of Cases
There are many types of legal cases that can qualify you for this type of lawsuit loan in Philadelphia. Most types of auto accidents cases involving another insured party qualify, as do issues involving premises liability. Some other cases that are common include FELA lawsuits, incidences of medical malpractice, assault and battery, and a host of other personal injury cases. If you are in doubt about your own particular case, just contact the lender or ask your lawyer.
If you are struggling financially because of a pending legal case, it is time to do something about it. You do not have to keep paying bills out of your own pocket when you know a claim is coming. Contact Delancey Street today.