Has a personal injury left you in financial trouble?
Beyond the bodily pain, a personal injury can rob you of the ability to work and earn a living or you could spend your savings on medical expenses.
If you’ve filed a personal injury lawsuit, the prospect of receiving a settlement is a bright light at the end of the tunnel. These cases, however, can roll on for a year or more.
This is why you’re considering turning to personal injury lawsuit loans. But are they good for you? Read on to find out!
What Are Personal Injury Lawsuit Loans?
Personal injury lawsuit loans are offered by settlement funding companies.
These loans are a type of secured financing — because the forthcoming settlement serves as the loan’s collateral. In other words, most lenders will only approve your application when they have reason to believe your settlement case will be successful.
Does the type of personal injury matter?
Here is why a lawsuit settlement loan could be the right option for you.
Get Money Fast
A personal injury can leave you needing a substantial amount of money quickly. Perhaps you need money to pay for specialized treatment and don’t have any cash savings or your physical assets will take time to sell.
Here is where personal injury lawsuit loans come in handy.
As long as you can provide the details of your lawsuit to your preferred lender, it’s possible to get funded in as little as 24 hours.
No Credit Check
Are you one of the 30 percent of Americans who have bad or poor credit or among the many more who have no credit at all? If yes, you certainly know how hard it is to get a loan from a traditional bank!
The good news is lawsuit loan lenders don’t do credit checks. And that’s not all. You won’t need to prove whether you have an income.
All you need is an active injury lawsuit or insurance claim.
You Won’t Repay Until the Case Settles
When you get lawsuit funding, you won’t worry about making monthly repayments. You only repay your lender once you receive your settlement funding money.
If you lose the case, you don’t repay the lender!
Settlement funding companies assume substantial risk when they advance cash to a client, and it’s easy to see why.
Although you can prove that you have a strong settlement claim, no one really knows for sure whether you’ll win. And even if you win, there’s a chance you could be awarded less then you expected or claimed.
To cover this high risk, lenders typically charger higher interest rates or funding fees.
Another drawback is the amount of information required before your application sails through. Because companies want to lend to clients who have the biggest chance of winning settlements, they’ll want to get in touch with your lawyer to gather more information about the specifics of your case.
If your lawyer isn’t very cooperative, it might take longer to get funded.
Are Settlement Loans Good for You? The Bottom Line
When a personal injury leaves you needing cash, you have to explore your options. And if you’re looking at taking out personal injury lawsuit loans, it’s important to know whether they’re ideal for you.
Yes, there are no credit checks and you’ll get the money quickly, but a lot depends on the strength of your case. Plus, interest rates or funding fees can be high.
If the few drawbacks aren’t a problem for you, feel free to Apply here, or contact us for more information.