When you borrow money, it’s important to understand what’s at stake. What happens if you fail to repay the loan? If it’s a recourse loan, the lender (bank) can come after you if you default, even after they’ve taken collateral. The lender can also bring legal action against you, garnish your wages, levy bank accounts, and use other methods to collect the amount you owe. That is difficult for any borrower, but devastating for people in a personal injury lawsuit.
Many people wait months, even years before reaching a fair settlement offer in their personal injury case, yet they need money to wait out the litigation process. They can often accomplish this by applying for a non-recourse cash advance, known as pre-settlement lawsuit funding.
The main advantage of a non-recourse cash advance is that it helps personal injury victims make ends meet until their case is settled and it cost nothing if the plaintiff does not win the case; the funding company takes all the risk. Unlike a loan, there no monthly payments or need for a credit check or employment verification. The money can be used to pay medical expenses, mortgage payments, auto payments, daily living expenses, or any other expenses. Once approved, the applicant will receive money in hand usually within 24 hours. Two key qualifying requirements are to have a pending personal injury case and be represented by an attorney, on a contingency basis.
If you have filed a personal injury claim that is pending in the court system, but you need money now, you do not want to hurt your financial situation more by taking out a bank loan or running up credit cards. You also don’t want a recourse loan since you do not know if you will you’re your case.
Lawsuit Financial can help ease your financial burden while your case is in litigation. With our quick turnaround time, securing lawsuit funding now means you can have money in your hands as soon as tomorrow. However, legal funding isn’t for everyone. Once you have a reasonable expectation what your case is worth and how long your attorney estimates it will take to reach a settlement, you can decide if lawsuit funding is right for you!