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Portland Lawsuit Funding
Living in Portland can be expensive. The lifestyle is great and affords many opportunities, but if you have been injured in some way and can no longer work, the bills will pile up quickly. This can be frustrating, to say the least, particularly when the incident was not your fault. If you have a pending legal claim against another party, you need the money now. Unfortunately, that is not always the way it works. The legal system can take its own sweet time, particularly when there is a lot of money at stake that another party must pay. Thankfully Portland lawsuit loans have emerged as a way to help you get access to some of that money now.
How Does It Work?
Unlike most traditional loans where you must go to a bank your prove your creditworthiness, lawsuit loans are not dependent on such matters. The lender takes a look at the case that you have pending. That is the criteria by which your application is measured. That means that your credit and employment history has nothing to do with it. In fact, the loan is risk-free to you and virtually risk-free to the lender. Your collateral, if you will, is the claim that you have against an insured party. Once your loan is funded, you get the money and will never make a monthly payment on it. The lender will be paid directly by your attorney once the case is settled, and not a moment before. If for some strange reason you were to the lose the case, you still do not repay the loan. The money would be yours to keep.
Where Do I Sign Up?
The process begins with the lender talking to your attorney. By the way, you do need to have an attorney already working on your claim and doing so on a contingency basis. This means that the lawyer has agreed not to be paid until your claim is finally settled, which is how the majority of such cases are handled today. Once the lender talks to the attorney and determines that your claim is definitely valid and in the works, an agreement will be drafted up. You are typically allowed to request up to 15 percent of the claim amount that you anticipate getting from the case. Remember that you do not need to request this full amount. That is up to you. Just think about how much money you need to get by until the claim is finalized and go from there.
As mentioned, the lender will be paid directly by the attorney when the case is over. In the meantime, you owe nothing. With lawsuit loans in Portland, there are no upfront fees. What is even better is the fact that you pay nothing out of pocket to get this loan. That is a good thing, particularly since you are requesting the loan in the first place due to a financial hardship that was not of your own making. The rate for the loan will be among the lowest available. The lender will go over the terms with you prior to securing the loan, as it does depend on each specific type of case.
Does My Case Qualify?
While it is true that not every case will qualify for this type of pre-settlement funding, you will be pleased to know that many do. Let us mention medical malpractice cases as an example of how Portland lawsuit loans can work for you. Many victims of malpractice suits suffer financially due to the length of time it takes their case to be resolved by the insurance companies and the legal system. In the meantime, you must take care of your medical bills and try to support a family. Waiting for the claim to finalize can be brutal. A cash advance such as the one you will receive when being approved for pre-settlement funding can make all the difference in the world. Other types of cases that qualify include auto accident cases, incidences involving premises liability, a FELA lawsuit, cases of assault and battery, and more.
Contact Delancey Street to inquire more about the possibility of receiving a Portland lawsuit loan.