If you are considering getting a settlement loan, this advice might be important. For example, reputable and responsible lending companies encourage plaintiffs to look at other forms of legal finance, along with lawsuit loans.
These legal finance loans allow complainants to receive cash advances using the basis of the outcome of their pending case. In these situations, instead of waiting for a verdict or settlement, the lawsuit fund can be used to pay for everyday necessities such as groceries, house mortgages and car payments.
The Process in question
- In any case involving compensation recovery, a legal claim must be launched and lawyers’ services are required. Because pre-settlement funding companies will generally contact your attorney to verify details and present the terms and conditions of the agreement, it is very important to work with a lawyer about your case.
- Apply for a legal funding advance. Look for a reliable and reputable litigation financing form, and one that can offer you reasonable rates. Contact the provider, fill out an application form and explain your questions so the company can go over your case with a solicitor.
- The company’s underspends will scrutinize the litigation case. You will need to obtain documents from your solicitor to analyze the merits and strength of your case. Experienced and qualified companies usually digitize your files and store them on servers so that privacy is maintained.
- If the underwriters review your case, the company will usually make a decision. If you didn’t apply for presettlement, you can also try applying to other companies to secure your cash advance. However, if your application is approved, your attorney will be given a contract that sets out the terms of the legal financing process.
- If you already have an offer, be sure to review it first before making a decision about getting a settlement loan. As the documents will be sent directly to your solicitor, ask them to explain the terms that confuse you, the cost of the money and the general advantages and disadvantages of taking the step forward.
If you have agreed to the terms and signed the contract, you will be sent money. Financing companies usually issue checks straight away because they realize the immediate needs of their clients. Use the cash advance in whatever way you want, though it would be a good idea to use it to update your bills and pay for the necessities only. If you want some help managing the money, your solicitor can also refer you to a funding expert.