What is an asset based loan? An asset-based business line…
car accident loans head on collisions
If you have been involved in a car accident that resulted in a head-on collision, you likely suffered serious injuries that have resulted in financial hardship for you and your family. Along with the never-ending stream of medical bills arriving in the mail, you are also losing income from not being able to work. Unfortunately, facing these difficulties does not make your lawsuit go through the legal process any faster. In fact, most of these lawsuits take months or longer to settle, which can mean you will have little idea as to when you can expect to receive compensation for your injuries. Rather than wait through months of uncertainty, more and more people are turning to lawsuit loans as a viable alternative.
Is This an Actual Loan?
While the word “loan” is used, lawsuit loans are not loans in the typical sense. Instead, they are cash advances made to a client based on the amount of money they anticipate to receive from their settlement. Because of this, you won’t have to worry about having monthly loan payments to make for years and years. Instead, you simply get the money you need in advance, and only pay back the amount of the cash advance once you receive your settlement.
What if I Lose My Case?
For many people considering a lawsuit loan, this is the first question on their mind. Mistakenly, many people believe if they use a lawsuit loan service and later on lose their case, they will be required to pay back a substantial loan. However, this is not the case. Instead, if you do lose your case, you will not be required to pay back anything you have received. Because of this, these legal financing alternatives are gaining in popularity, especially with those who are facing financial difficulties as they await a settlement.
Do I Need Good Credit?
When seeking a traditional loan through a bank or other resource, credit scores are one of the determining factors used in making the decision. However, when pursuing a lawsuit loan, credit scores make no difference whatsoever. In fact, whether a person has bad credit, no credit, or has other financial issues, none of this matters when seeking these loans. Instead, the decision to grant a cash advance is made solely on the basis of the strength of your case.
Are My Attorneys Involved in the Process?
When applying for lawsuit funding, your attorney will be contacted by the financing company so that the details and validity of your case can be verified. In these instances, it is important to remember the funding company has no input or control over your case. Thus, how your case is managed and any decisions made regarding your case are strictly between you and your attorney.
How Much Money Can I Receive?
As to how much of a cash advance you can receive, this will depend on the anticipated amount of your settlement. With most companies, financing amounts can vary from as little as $1,000 to as much as $1 million or perhaps even more. Of course, the eventual amount of money you receive will be based on the value of your case, along with other related factors.
Will I Get My Money Quickly?
Since credit scores and other financial issues are not part of the loan process when seeking legal funding, this means you can receive your cash advance much faster than with other options. For most people, once they have made an inquiry to a lawsuit loan company and have had their information verified by their attorney, a cash payment can be on its way to them within 24 hours.
While going through the various aspects of a lawsuit can be difficult enough, worrying about how you will pay your bills and support your family along the way can create even more stress. Rather than put you and your loved ones through this unnecessary stress and worry, it may be wise to consider lawsuit funding. By doing so, it may be possible to get the money you need for medical bills, living expenses, and other financial obligations much faster and easier than anticipated, bringing tremendous peace of mind to you and your family.