A lawsuit cash advance refers to the money that a legal funding company provides a client (a litigant) to help pay for various expenses brought about by their case. Unlike bank loans, these advances can be given as soon as your application is approved by the lender, which can be done in as fast as 24 hours. In addition, these companies provide benefits that bank loans cannot match.
How Legal Cash Advances Work
The money is given out by the legal funding company in exchange for a percentage of the possible legal settlement you’ll get. The rate is very reasonable and there’s no credit check required. The last point is worth stressing since a good credit standing is required to get a personal loan from a bank. If you have poor credit then it is next to impossible to obtain a loan from them.
That’s not the case with the cash advance provided by legal funding companies because as long as you have a lawyer and your case has merit, you’ll be qualified. The requirements are not only minimal, but the application process is easy and you can even apply online.
Features of Legal Funding Financial Advance
Aside from not requiring a credit check, a lawsuit cash advance can be approved in less than two days, and usually there’s no income verification needed. More than anything else, it is your case that will determine if you are eligible for the advance or not. Provided that your case has value and weight, there’s no reason you won’t be qualified for it.
Another thing you must bear in mind is that legal funding companies won’t demand repayment if you lose the case. As noted earlier, the process is straightforward and you don’t have to worry about unpaid bills coming up every month. It has to be emphasized that a lawsuit cash advance is much more effective than a loan because your interests are protected.
With a loan you have to pay for the interest rates no matter what happens, but with a legal cash advance, repayment hinges on the success of your case. If you win, you pay the percentage agreed upon with the funder, but if you lose no fee is required. In other words, you don’t owe the funder anything if you lose the case. If you took an ordinary loan from a bank you’ll be forced to pay the interest regardless if you win or lose which is of course more expensive. Furthermore, these money advances don’t have complicated terms so you can get your hands on your money right away.
There are many lawsuit cash advance companies available and they’re more than willing to help you. However, the amount they’re willing to offer varies so it’s best to look around first. Second, make sure that the lender has a good reputation among its clients, because if it does you’re assured of reasonable rates and an honest transaction.