When it comes to legal funding, one of the most popular ones is the commercial lawsuit funding. However, it may not be for everyone in case you think so. If you don’t have a strong case to win, then you may not be for it. Most likely, it will be determined from the very start, so you should not worry about being approved or not. Then, if it is your first time to apply for such a funding option, then you may want to know of certain facts you should learn about before filing for one.
1. What Is This Loan Called?
It comes in various names such pre settlement loan, litigation financing, lawsuit cash advance and legal funding, to name a few. No matter how it is called, there is one thing that binds them all—to help plaintiffs get over their financial trouble and assist them in funding their case such as a wrongful death or Jones Act, among others.
2. Who May Apply For Commercial Lawsuit Funding?
Aside from those cases mentioned above, you can apply for this loan if you are a victim of premise liability, employment discrimination, medical malpractice, product liability, negligence, workers compensation and commercial litigation, to name a few.
3. Can You Benefit From Lawsuit Funding?
Many plaintiffs can take advantage of this type of loan because it can help them meet their urgent financial need while pursuing the case in court. You can help ease the financial problems of paying your utilities, credits and lawyers’ fees, among others. As you may know, the court may take months or sometimes, even years before settling a case.
Aside from that, you may also find it hard to have any loan application in the bank approved due to your current condition and maybe bad credit score for that matter. Commercial lawsuit funding can be beneficial for plaintiffs in terms of meeting their financial needs while waiting for the court decision to come out.
4. Is A Good Credit Score Needed To Apply For A Commercial Lawsuit Funding?
No, it is not at all needed to have a good credit score. In fact, the loan company will not even bother to check it. What they will need to review and to assess is the substance and strength of your case. If they do find yours to have a high chance to win in the case, then you can have the confidence that your loan may be approved in no time.
5. Is It Better Than A Bank Loan?
As said, this type of loan is not for everyone, so a definite answer to this question may not be possible. To give you a clearer perspective, traditional finance institutions such as banks and credit companies do not honor lawsuit financing, as they find it risky to engage with it.
Only Professional Lawsuit Lending Companies Can Give You Peace Of Mind
If you’re looking for the best company to deal with, go to www.LawsuitLoansFundings.com. They offer some of the lowest interest rates and some of the most organized systems in processing your loans. Do not hesitate to get in touch with them through their toll free number or email them. Apply for commercial lawsuit funding today!