We like to think we have great control of what happens in our lives but incidents happen and sometimes we are ill-prepared to address them. If such an event involves the law you would be extremely disappointed to be the recipient of a poor outcome just because you did not have the money needed to develop a strong case in which you were the victim or pursue it due to other financial obligations.
If you are currently in this situation, you may want to consider a lawsuit loan, also known as legal financing. These types of loans are issued by a lender to someone who is exploring legal action in the form of a personal injury case or lawsuit. Because the lender only recovers their contribution if the borrower is successful in their case, your case must be strong. Below are 4 benefits to pursuing a lawsuit loan and ways they can help you in your case.
1. Assists with expenses during process
Lawsuits usually do not progress quickly at all with many taking months or years to reach a resolution. This could result in inabilities to pay legal fees as well as personal expenses such as rent, mortgages, food, and bills. If the plaintiff is the victim of a serious injury he or she may not be able to work regularly and may face medical expenses as well.
Lawsuit loans can assist with these expenses and they are especially helpful because there are no rules and regulations dictating how a borrower spends the money. A lawsuit loan can be effective in tiding you over until your case settles and will take financial pressure off of you so you can focus on your case.
2. Unlike traditional loans
Often lenders are reluctant to approve loans due to such things as bad credit, lack of steady employment, and too much existing debt. The good news regarding lawsuit loans is these barriers will not prevent you from being approved. Instead of factoring in these issues, a lender looks at the merits of your case and approvals are based on these.
Traditional loans often require regular payments to be made almost immediately after the funds are accessed. With lawsuit loans, a payment is only required following the resolution of the case and if the decision is not in your favour, repayment may not be required at all.
3. No need to settle for less
When plaintiff’s end up experiencing financial distress, they will often settle quicker and for much less in an effort to seek closure, move on with their life, and access some much-needed money. This often happens when they are up against large companies and corporations with plenty of finances and legal teams at their disposals.
Lawsuit loans provide you with the financial freedom to make better decisions that will benefit you in the long run and you will not have to consider settling due to a lack of funds. These types of loans allow you to pay your personal expenses while enduring the legal process or afford legal representation that you would not have been able to otherwise.
4. Quick process
When you are facing financial stress, you want to be able to address it immediately if possible. With lawsuit loans you can definitely achieve this. Acquiring this type of loan is a quick and simple process, usually allow you to access the approved funds within 48 hours.
The application process has no fee and consists of the lender looking at the circumstances of your case to determine if it is a worth-while venture, sending you a contract for you to sign, and you sending back the contract for final approval. Nothing else is needed and before you know it you will have access to the funds you need to support yourself and at the same time successfully pursue your lawsuit.