Settlement loans provide litigants with a quick and simple way to get financial assistance without the crippling interest rates that banks charge. Legal disputes, particularly those involving personal injuries, can take several months to resolve, and this can have an adverse effect on your finances especially if you cannot work. With a loan, it won’t be a problem anymore.
Advantages and Benefits
These loans, also known as legal funding, provide you with cash to pay for expenses as your case is being settled. Because so much is at stake in the case, the litigant inevitably ends up spending most of his money on the case at the expense of other financial obligations and needs. With the help of legal funding you’ll no longer have to worry about balancing legal and daily expenses.
The biggest advantage that this loan provides is instant access to much needed money. When your application is approved the loan is yours to spend any way you want. In addition, you only need to pay when the settlement is made, and only then. If the ruling is not in your favor then there’s no need for you to pay back the settlement loans . In other words, it’s the funder who takes the risk, not you. After you apply for the loan the funder takes care of the rest and you just need to wait for confirmation, which will be sent by email or phone.
The difference between this loan and those offered by other financial institutions is in the requirements, as it is very low. Whereas banks will scrutinize your financial records, that isn’t required in legal fund loans as you just need to fill up the application form. Your credit standing and employment status or record is of no consequence, and within 24 to 48 hours your loan will be available. Everything is done with your full cooperation or your attorney so you know what’s going on every step of the way.