What is an asset based loan? An asset-based business line…
Florida Lawsuit Funding
Florida Lawsuit Funding
Waiting for a case to come to trial or for a settlement to be offered can take a long time. Not everyone has the resources to keep going while they wait. One solution is to find a lender who is willing to extend a lawsuit loan and get the money you need now. Here are some things you should know about this type of loan and what you can do with the money.
What Exactly is a Lawsuit Loan?
A lawsuit loan is a lending arrangement that allows the plaintiff in a pending lawsuit to receive funds now instead of waiting until the case is resolved in a court of law or by way of a settlement. Lenders review the circumstances surrounding the case and approve loans based on the perception that the plaintiff has a good chance of winning. The loan amount is usually set at a specified percentage of the anticipated award or settlement amount. In the event that the plaintiff does not win the case, most lawsuit loans are structured so that the debtor does not have to repay the borrowed amount.
You Need Money for Basic Living Expenses
One of the great things about a lawsuit loan is that you may use the funds for any purpose desired. It’s not unusual for plaintiffs to utilize the money to cover basic living expenses like food, clothing, shelter, and utilities. This is especially common when the individual is unable to work because of an injury related to the lawsuit. In this instance, the proceeds from the loan make it possible to maintain an equitable standard of living until it’s possible to return to work.
You Can Keep Paying For Your Health Insurance
Not every health insurance plan has provisions for maintaining coverage while a covered party is unable to work. If that happens to be the case with your provider, a portion of the funds you receive from the lawsuit loan can go to pay the monthly premiums. Doing so ensures your coverage continues and that you don’t have to worry about how to pay for your health care.
You Have Medical Bills to Pay
Even if you have excellent health insurance, there are likely co-pays and deductibles related to some of the medication and medical procedures you must undergo. How will you pay those costs? The money from a lawsuit loan can pay for those expenses, allowing you to concentrate on getting better rather than worrying about how to pay those remaining medical costs.
You Need Funds to Pay Caregivers
Perhaps your injury is severe enough that you need a caregiver around the clock or at least part of the day. Your insurance plan provides limited benefits for this type of care, but they are quickly being exhausted. What happens when your insurance plan will not cover any additional caregiver support?
That’s where the money from the lawsuit loan comes in handy. Once you reach the limit with your insurance provider, the money from the loan can be used to ensure you continue to have a caregiver on hand until your recovery is complete.
You Can Replace Assets Lost Due to the Defendant’s Negligence
Perhaps you’ve lost some type of asset due to the negligence of the defendant. Maybe it was the vehicle you once used to get to and from work. Assuming the defendant did not have coverage to replace your vehicle, how will you find the money to do so?
You can use a portion of the proceeds from the lawsuit loan to find a suitable vehicle. In the best-case scenario, you can find something reliable and pay for it in cash. That’s one less worry about how to get around once your doctor releases you to return to work.
Remember that how you use the money from a lawsuit loan is entirely up to you. With some planning, that money can alleviate financial worries while your suit progresses and make it easier to focus on healing from the injury and getting your life back to normal. Call today and find out if you qualify for this type of loan. If so, the money could be in your account in a matter of days.