Kentucky Lawsuit Funding
You Are Old Enough to Enter Into a Legally Binding Contract
Lenders of lawsuit loans require that all applicants be old enough to legally enter into contracts. This means you must be at least 18 years of age and may be required to be 21 in some jurisdictions. Assuming you are of legal age, you’ve just cleared the first hurtle toward applying for a lawsuit loan.
You Have Legal Representation and a Case Pending
The lender will require that you have an attorney who is representing your interests and who has filed the case on your behalf. Much of the work of evaluating your application will depend on communicating with your legal counsel. In fact, it’s not unusual for the loan contract to be sent to the attorney for evaluation before you sign anything.
You Have a Strong Case Against the Defendant
One of the factors that lenders consider closely is the nature of the case against the defendant. That’s because the lender is expecting to be paid once you receive a settlement from the defendant or the court renders a judgment in your favor. Unless the evidence against the defendant is strong, you are not likely to be approved.
In order to properly assess the case, expect the lender to communicate with your attorney. The goal is to learn if the defendant has liability coverage that may ultimately cover and damages awarded by the court, how strong the evidence is that the defendant is responsible for your current state, and the amount that your attorney is seeking to secure on your behalf. Assuming the lender agrees with your legal counsel that the suit has a good chance of being successful, the application is likely to be approved.
Pursuing the Case is Creating Financial Hardship
If you have plenty of financial resources at hand, it may be possible to ride out the months or years that it takes to resolve the case. Not everyone is fortunate enough to have the resources needed to be out of work for an extended amount of time or to cope with the medical expenses resulting from the negligence of the defendant. If you are running out of money fast and are not sure how you will pay for more medical treatments, monthly living expenses, and other essentials, seeking a lawsuit loan makes a lot of sense.
You Would Like to Pursue Treatment Options That Are Not Covered by Your Health Insurance
While you have health insurance, there are options for treatment that are only covered in part or that are not covered at all. What if you believe a treatment that your insurance provider will not cover would help you to recover faster?
Applying for and receiving a lawsuit loan would provide the resources needed to pursue those treatments. If they happen to result in you being able to return to work sooner and getting your life back on track, the loan is certainly worth considering.
Funding From Other Sources Would Be Difficult
The fact is that your credit is not the best. You don’t have the option of getting any type of traditional loan, even if you have something to provide as security. Even so, you need money to help you get by until the lawsuit is resolved.
Lenders who offer lawsuit loans are not concerned with your income level or your current credit score. The primary focus is on the merits of the case. If there is a firm belief that your suit will be successful, the lender is likely to approve the loan application.
No one can determine if a lawsuit loan is the best choice but you. Weigh all the relevant factors and ask all the questions you like about the loan terms and conditions. Once you are sure this is the funding option that will provide the most benefits, submit your application. There’s a good chance you will have the money in hand in a matter of days.