No one expects to be the victim of an auto accident, defective product, slip and fall accident, or medical malpractice. When it happens, the results can be devastating physically, emotionally, and financially, as well. Filing a lawsuit is often the only means to seeking compensation for damages – medical expenses, lost wages, funeral and burial expenses, pain and suffering, and more. The problem is that the litigation process takes time, often years. In the meantime, serious injuries or the loss of a sole breadwinner could mean the inability to stay financial afloat.
When it comes to needing financial assistance during a pending lawsuit, many plaintiffs will turn to lawsuit funding. For some, this emergency cash can make the difference between keeping or losing their home, keeping the lights on, and putting food on the table. It can also provide financial leverage needed to achieve a much higher settlement. But, how do plaintiffs choose the right funding company among the growing number? Searching the Internet is definitely a start, but can be overwhelming. Radio and newspaper ads and TV commercials can be just as daunting. A referral from a family member, friend, or attorney is a good idea, but every case and financial situation is different.
It is important for plaintiffs to weigh all the options before selecting the best funding company for their needs. The right company can help plaintiffs understand lawsuit cash advances and help determine the best funding solution. To help, Lawsuit Financial has put together these helpful suggestions if you find yourself in this situation.
1. Be an informed plaintiff. When choosing a lawsuit funding company, be sure you understand all your options and ask questions throughout the process.
2. Look for a company that has been in business for some time; one that has weathered even tough economic conditions.
3. The costs of lawsuit funding vary. It is important to compare not only the rates, but terms and conditions. It is crucial to fully understand the repayment terms; reputable companies do not hide additional fees or term s in the fine print. Do not do business with a funding company that can’t tell you their rates or how much you will owe, or if the company can’t explain how their fee structure works so that you clearly understand.
4. The lowest rate may not always be the best deal. Does the funding company charge a fee even if the case does not successfully settle? A reputable company provides funding on a non-recourse basis meaning that if you lose the case, repayment is waived.
5. 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.
6. Despite what some funding companies may tell you, a lawsuit cash advance is expensive. Only borrow the amount that is absolutely necessary. A lawsuit cash advance should be for necessary expenses – paying the mortgage, utility bills, medical expenses, etc.
Once you have chosen the right lawsuit funding company for you, complete a one-page online application. Upon receipt, the funding company will contact your attorney for case documentation to determine the merits of your case. If your application is approved, funds can be wired into your bank account within 24 – 48 hours.
Lawsuit Financial hopes we have provided you some valuable information to assist you in making the best lawsuit funding decision possible. If you need financial help during your pending claim, call our office toll-free at 1-877-377-7848 or complete our online application; see if we are the right choice for you.