by Admin | Sep 19, 2023 | Uncategorised
Though quite popular in countries like United States, payday loans are easy mode of availing a loan in time of need. However, given the high rate of interest which is calculated through APR (Annual Percentage Rate) in case of payday loans, settlement loans have definitely emerged as better choice. However, this lawsuit funding advance can only be availed if you are under the jurisdiction of the court and your case is progressing towards a final verdict. In other situations, you will either have to go for payday loans or bank loans.
However, like everything else, the settlement loan too has a darker side and comes bundled with several inbuilt risks. Some of them could be total loss of liens or real estate property, a house or an agricultural land. Though every legal finance company is not the same and abides by their own set of rules which might be different right from legal funding firm’s working to individual case of plaintiff. Yet as a common thumb rule, the lawsuit settlement funding is offered to those respondents whose case has either reached a final verdict in lower court/ higher court or very close to verdict.
These lawsuit loans or broadly speaking, lawsuit settlement loans are given against a percentage share which has been decided upon by the common consensus between a plaintiff, a lawyer and the commercial litigation funding agency. Though most of the companies do not charge hefty interest charges but yes you never know what is being charged in the name of application processing? So, it’s always better to read the application form carefully and discuss with the funding agency’s officials prior to hiring them for your cash requirements. This will save you from unpleasant surprises when you win the case and are entitled to repay your debt amount.
by Admin | Sep 19, 2023 | Uncategorised
With plethora of legal funding companies operating online and ready to offer lawsuit loans under different categories, the people are now bombarded with many choices of legal finance options. This makes them highly confused on how to take a decision that which lawsuit funding firm would be better for them both in terms of interest rates and repayment options.
However, before you proceed further to check the attributes of lawsuit settlement loans’ company or firm, you as a plaintiff need to check your eligibility for the same. Despite the fact that lawsuit settlement funding is offered for various types of commercial and accident cases, they have their own set of restrictions. There is long list of cases which are covered under these types of loans, yet we’ll just have a broad overview of them. While going through, you will get to know whether you are eligible for a pre-settlement loan or not.
List of few eligibility cases
- Personal injury cases
- Pharmaceutical cases
- Breach of contract cases
- Commercial litigation cases
- Sexual harassment cases
- Stock arbitration cases
- Dog or cat bite cases
- Construction accident cases
- Funding of surgery cases
- Structured settlements
- Tractor or truck accidents
- Civil Rights cases
- Life Insurance cases
- Police brutality cases
- Wrongful imprisonment cases
- Negligence cases of all sorts
- Medical or doctor cases
- Legal malpractices cases
- Labor law cases
While this is only a broad list and includes maximum types of cases that make plaintiffs eligible for settlement loans, this is no way an exhaustive one. So, if you do not find your case listed here you need to check with your loan provider company. One last thing, don’t forget to discuss on interest rates and talk about any extra charges if there are any.
by Admin | Sep 19, 2023 | Uncategorised
Legal funds nowadays exist only to make a fair and complete settlement of the amount of money which are deserved by any normal human being. The process is fast and reliable and the people need not have to wait for a longer period of time for the fund. Legal finance, pre settlement funding is provided to the patients who suffered from an accident who are waiting for pending personal injury insurance settlements. Especially in gaining lawsuit loans some of the companies have the resources and the experience to give us the full assistance whenever we are in need of urgent loans.
Features of legal funding
Some of the advantages and features why the legal funds are useful are as follows:
• There is no risk involved and no monthly costs is required. But once the case is won than the client can repay the amount. This process even requires very less time and in emergencies the patients can go for such funds.
• The maximum amount which can be claimed in this kind of funding is $500,000, which is really a huge amount and the patients from any personal injury can pay all the expenses.
• Some of the funding happens within 24 hours when the customers have the approval signed.
• The application is totally free and no cash out of pocket fee is required as these kind of funding never charges before the settlement is done.
• There are different options available in these kind of funding. These companies have the provision of the monthly installment or lump sum.
• These funding companies are lenient and do not follow much of the rules and regulations. The employment history check is not done and no credit approvals are required. This funding is very popular in most parts of the US.
The primary service
Legal finance is one of the services of these funding companies where the customers are prevented from financial disasters from an awaiting lawsuit. This kind of finance is really helpful for a child or to spend on someone’s education. With this idea of pre settlement funding, the customers can win the case legally and fairly. In this service until and unless the case is settled till that period of time the customers will get an amount of money from the companies. Hence, these funding companies are very popular in the US and nowadays in most parts of the UK as well.
by Admin | Sep 19, 2023 | Uncategorised
Lawsuit loans are perhaps the easiest forms of legal funding that appear as a primary source of lawsuit funding in times of distress where the plaintiff is rejected cash advance from other lending agencies like bank. The person who is disappointed from nearly all the lending agencies and is desperately in need of money goes by all means to acquire the lawsuit settlement loan. Some of the people are in such a forlorn situation that they do not give a thought that condition reading too is necessary. They are not even concerned with the huge interest rates and simply give their nod for such loans. However, some plaintiffs act little sensibly and leave it to their legal advisor to decide whether to go for a pre settlement loan or not. If their attorney says yes, then the work of choosing a better lawsuit settlement funding agency too lies on their shoulders.
I guess the best thing which allures a legal petitioner towards this type of settlement loans is the indecisive nature and the freedom from repayment in case the verdict has gone against the borrower. However, as every coin has two sides, this beautiful aspect of legal finance does not bypass the darker side of the lending lawsuit loan industry.
The saddest part of this industry is that it depends on the money which is awaited from a lawsuit settlement that is so indecisive in nature that the lending agency can never be fully sure when will they receive their cash amount back. Moreover, if misfortune prevails then it might happen that a verdict comes against the borrower and therefore the pre settlement funding firm is not permitted to ask for the loan repayment amount. The whole lending amount is gone in vain! What a test of the forbearance of a funding company?
by Admin | Sep 19, 2023 | Uncategorised
Lawsuit loans are miraculous mode of financing the legal responsibilities as well as other urgent requirements of a plaintiff. Therefore, lawsuit settlement funding mode acts as a strong backing support or means of financing that can be of enormous help for a person who is in some way compelled to go for a compromise with the other party by settling down on a nominal amount.
Hence, lawsuit loan is a form of remedial help that can offer financial support to a person whose legal case is awaiting a trial. This prevents him or her from coming on negotiation terms with the opposite party if they are trying to offer very nominal cash amount in lieu of the damages being done by them. Consequently these cash advances offer strength to a claimant by fulfilling his most critical requirements of paying the medical & hospital bills, credit card bills and tuition fee of their kids’ school. So, the plaintiff despite knowing the fact that his opponent is a strong party and he is financially very weak is not forced to bow down in front of them, and remains standing erected enriched with the power of settlement loans. T
Next I would like to talk about the available modes of legal funding payment. Basically there are three methods commonly prevalent which are used by many commercial litigation funding agencies to make payments to their clients.
- Direct cash deposit or transfer to the account- However, the plaintiff must be an account holder which is the prime face requirement for this method
- Western Union Money Transfer-The lawsuit funding agency can transfer the loan amount to borrower’s nearest Western Union location
- In the form of Company’s Check-The legal finance company can transfer the check in the name of borrower using FedEx mode
