Get the Best Loan
If you’ve decided that legal funding is the best option for you, you’ve probably begun shopping around for lawsuit loans. Once you narrow down your options to several funders, there are certain steps that you can take to match you with the best company for lending. Keep in mind that there are a lot of companies out there, so if you have a strong case that will result in a hefty payment, many companies may be vying for your business. Here are some things to keep in mind when comparing lawsuit loans to make sure you get the best outcome for yourself.
First and foremost, the interest rate on the loan determines how much the loan is going to cost you. The interest rate is what you will pay back, on top of the loan amount, as a way for the lending company to benefit from the loan. It may be difficult to get a company to provide you with a specific amount, but it’s important to record this information when comparing settlement loans to make sure you get the best deal. Also, ask about compounded interest. Many companies compound monthly, others more often. This means you’re paying interest on interest. So, the more often interest is compounded, the more you’ll pay at the end of the case.
Choose a company that has a good reputation and is personable. With all the stress related to your lawsuit, the last thing you want to deal with is frustration from the lending company. Mayfield Settlement Funding is staffed with knowledgable employees 24/7 who make your life easier. Even better? They are known for turning around your application as quickly as the same day you apply, which helps save you additional time spend on the loan process.
Check to see if the company charges a fee just to evaluate your case. Remember, you need to have a very strong case in order to be eligible for a lawsuit loan.
It’s very important that the lender only requires you to pay back the loan if you win your case. If the lender requires repayment regardless of the outcome, find another lender.
If the lender just seems to be a bad fit or gives you a bad feeling, move on! Mayfield Settlement Funding is here to help you 24/7 with questions about the loan process should you need further assistance.