Every plaintiff goes into a lawsuit expecting a fair settlement. However, fighting a case can be a long and complicated battle. During this time, a plaintiff’s financial responsibilities don’t stop until a time that is financially convenient.
Financial responsibilities can often lead a plaintiff to settle too soon, for too little. While there are many places that a plaintiff can turn, most will not fit his/her needs.
Credit cards. While credit cards may seem like a quick fix – just pull one out of your wallet and charge your payment – there are still monthly payments and accumulated interest. The longer it takes to pay off a credit card, the more the interest and fees add up. By the time a settlement is reached, much, if not all, will go to paying the credit card company. Furthermore, the debt must be paid even if the case is lost.
Bank loan. Plaintiffs often look to the bank for a traditional loan, but most banks will not provide a loan against a lawsuit. The application process is also time consuming, requiring a credit and employment check which creates problems for plaintiffs who are often out of work. Even if the plaintiff is approved, s/he would have yet another monthly payments. Again, despite the results, the plaintiff must repay the bank loan.
Family and Friends. Borrowing from family or friends may initially seem like a good option, but often times it results in conflict. Most lawsuits can last for years, putting a strain on the relationship.
Some plaintiffs may decide to do nothing, letting the bills pile up until the case settles. This can lead to foreclosure, eviction, car repossession, and affect a person’s credit score. Plaintiffs who fall into this trap are not considering how debt can affect them for years to come.
A better option to stay out of the red and wait for fair compensation is litigation funding. A legal finance company understands the financial situation facing plaintiffs so the application process is quick and easy, and it can be done online. Approval is based on case merit, not financial history or current status. When cases are reviewed and approved, it is with the plaintiff’s specific needs in mind. Furthermore, there are no monthly payments; repayment is made once the case settles. If the case is lost, the repayment is completely waived.
To benefit the most from litigation funding, here are a few important tips for plaintiffs:
Do the research. Look for an experienced funding company with a good reputation. The right company can help plaintiffs understand lawsuit cash advances and help determine the best funding solution.
Be an informed plaintiff. When choosing a lawsuit funding company, be sure you understand all your options and ask questions throughout the process. A quality funding company will not only thoroughly explain the funding process and provide a clear written agreement, but will encourage you to review the contract with his/her attorney before signing.
The costs of lawsuit funding vary. It is important to compare not only the rates, but terms and conditions. The lowest rate may not always be the best deal.
Use the lawsuit cash advance prudently. Despite what some funding companies may tell you, a lawsuit cash advance is expensive. Only borrow the amount that is absolutely necessary and use the money prudently – for paying necessary expenses such as the mortgage, utility bills, medical expenses, etc.
Lawsuit Financial Corporation is a leader in the litigation funding industry and recognized by attorneys nationwide as a preferred choice for legal funding services. Our CEO, Mark Bello, has thirty-seven years’ experience as a trial lawyer and over fifteen years as an underwriter and situational analyst in the lawsuit funding industry. Get the experience and expertise you deserve. Call us today at 1-877-377-7848.