Getting an attorney can definitely be considered as personal spending but why do personal loans differ from settlement loans? Why are there two different entities for these financial services? Why is there even a need for a separate lawsuit funding provider when banks are already big enough to help people with it?
You will always get a No as an answer if you go to a bank and ask for settlement loans. They do not offer it to people because of these three differences.
1. Personal Loans Are for Personal Spending
Every bank has a contract that they strictly follow. For example, when you lose workers compensation, you go to a place where they insure the unemployed. These are the reasons why they continue to earn money out of the business. This only means that each and every financial service has its own place in the market.
With personal loans, it is just common to see clauses that say that the money should only be used for personal spending. This could be for eating, shopping, or any other form of entertainment. Paying for settlement loans is not part of it. This is their own way of controlling their clients. The bank has its own way of finding out whether you are using it on something else, so it is not worth it to take the risk.
2. The Law Has Not Regulated the Market Yet
Unlike personal loans, settlement loans are not yet regulated. The interest rates are not pre-determined. Also, the government cannot meddle with any transactions that seem skewed to the loan provider. They have to pass bills in the House first and this is a long and tedious process.
It is safe to say that it is riskier to work with lawsuit loans than personal or any other loan from a bank. Some local states are already feeling the problems of these risks. They have been backing up a lot of people who have failed to pay their service providers.
3. Personal Loans Are Not As Big As You Think
Asking for loans to pay up for your Fela Case is like asking for money to pay up for your lawyers. The average hourly rate of a lawyer is just way more expensive than a typical person’s personal spending. The money will not be enough to pay for the lawyers.
Even if you manage to sneak in the money from a bank’s personal loans, you will not make it. You will even have to apply for 3-4 more of the personal loans just to keep up with the payments to your lawyer. This is going to be hard especially if you are handling a case as complicated as Zimmer knee case.
Do not tire yourself in negotiating with banks for your legal financing anymore. Lawsuit Loans Funding is here to help you. They have settlement loans that are very convenient to whoever needs one. Plus, you will know if you will get the loan in just 24 hours!
