Getting in a car accident can be a traumatic experience. Even if you get lucky and don’t suffer from a severe physical injury, the emotional impact can take a while to recover from. The next course of action usually involves filing for a lawsuit. However, a lawsuit can take a long time to reach settlement. So what do you do in the meantime? If the accident prevents you from working, how are you going to get by? The answer is applying for a lawsuit loan. Lawsuit loans are a type of legal funding that can help you manage your expenses until your claim is settled in a court of law. Let’s take a look at the benefits of using loans for a car accident lawsuit and how you can apply for one. (Note, these are not technically loans. Pre-Settlement funding doesn’t require repayment – so the terminology is not lawsuit loan).
You Can Rely on Merit
Most types of loans require you to have a strong credit standing or a stable job. This can be a problem for people who are currently unemployed and may not have a good credit score. Qualifying for a lawsuit loan is much simpler in comparison. These loans are provided according to the merit of your case. This makes the approval process much easier and faster. Depending on your case, you can get your application approved and get a cash advance within 24 hours.
Easy Payment Terms
One of the best things about getting loans for a car accident lawsuit is that you don’t have to worry about repayment. Unlike traditional loans, these loans do not have any upfront fees. You don’t have to make any periodic payments as well. Repayment on these loans is made only when you receive the settlement amount. Until then, you can rest easy.
Flexibility in Using the Funds
There’s plenty of flexibility regarding how you use the loan amount. For instance, you can use it to get a new car, pay for any medical bills, or even make payments on your mortgage. This is a big benefit of these loans, given how long it can take for you to get a settlement.
How Can You Apply?
Applying for loans for a car accident lawsuit is very easy. All of you have to do is submit an application to a settlement fund provider. Once your application is evaluated and approved, you and your attorney must sign an agreement. The provider will then forward you the funds, and you can use them for whatever you require. The whole process is very quick and simple and often takes less than 24 hours.
If you require further advice on a lawsuit loan, then we suggest you get in touch with our team at Mayfield Settlement Funding. We can provide you with a variety of options for legal funding that suit your financial needs. For more information, visit www.mayfieldsettlementfunding.com or call 1 (888) 800-8400. You can also drop us a text message at (602) 628-0574.