What is an asset based loan? An asset-based business line…
Can Scarring Disfigurement Lawsuit Loans Help Cover Your Case?
An accident that results in scarring disfigurement is a traumatic event for anyone. You have mounting medical bills, physical therapy, psychological counseling and now huge legal fees to face. Fortunately, one way to deal with these money issues is to consider the use of scarring disfigurement lawsuit loans.
Why a Lawsuit Loan is a Good Idea
When you’re dealing with a stressful lawsuit and have bills that increase more each day, is it wise to get a lawsuit loan? The answer depends on your situation. This type of loan is recommended for people with steady incomes who can handle the extra bill. Whether their credit is good or bad is less of an issue if they can make payments every month.
A lawsuit loan is recommended to anyone who is likely to win a case in his or her favor. It’s not recommended to someone who wants to win a case but is not certain. Otherwise, you could lose money in three different ways – you have legal fees to pay, you have to pay the judgement if you lose and you have a loan that didn’t help win the case.
As long as the probability of winning is high, and you have sufficient income to repay the fees, it’s a good idea to borrow a lawsuit loan. Otherwise, consider hiring a free or inexpensive attorney who charges contingency fees when you win the case.
How to Find A Lawsuit Loan
Finding a lawsuit loan is hardly any different than finding any other type of loan. First, consider the different types of lenders and their reputations. Most lenders are available online for the most convenience and ease of use. Among these online lenders, many of them are fair and honest, while many others are unethical and designed mainly to make profit for themselves.
Before taking the next step with a lender, read the company’s customer reviews and consumer ratings. Consider the most popular companies that have many satisfied customers along with several years of experience. Small companies are more likely to be fraudulent and shut down when they receive too many complaints.
Next, compare the rates with each lender. Know the standard rates and fees that most lenders are charging. The lowest interest rates are awarded to borrowers with good to excellent credit. Avoid rates that are high, as much as 30% to 60%, and similar to those of payday loans. You could pay half of the loan amount in interest alone. There are also late fees, application fees, origination fees and other charges to consider.
Lending money is always a gamble for every lender. That is why they charge so many fees and have numerous restrictions on who receives the money. Lawsuit lenders are reluctant to lend money on cases that will not win. The lender and the borrower are both in bad positions when the case is lost. Even if you win, the court may award you less money than you expected. The defendant may relocate to another state or country and make it difficult for you to collect the judgement. It could take months or years to collect a judgement, if you do at all.
As you search for a lawsuit funding company, know that your case may not be accepted for funding. Apply for five or more companies to increase the chances of approval.
To cover your bills, one solution is to borrow a lawsuit loan and hope that you win and will pay it back. It’s risky, but it has worked many people who’ve won their cases and recovered their damages. Know what to look for in scarring disfigurement lawsuit loans and find the right company to help you.