Get a Lawsuit Settlement Loan in Three Easy Steps
- Apply for a lawsuit loan with us via the on-line application form submission; OR, call us at 888-327-7102.
- We review your case documents that we obtain from your law office.
- Our underwriters determine the amount of your lawsuit cash advance. You receive funds once we receive your fully signed agreement.
What is a lawsuit settlement loan?
A lawsuit settlement loan provides cash in advance for pending settlement award or lawsuit judgment. The borrower can pay back the loan once the funds from the settlement are disbursed. Interest will accrue while the loan is outstanding, sometimes at high rates.
When do you have to pay back a settlement loan?
The borrower can pay back the loan once the funds from the settlement are disbursed. Interest will accrue while the loan is outstanding, sometimes at high rates. A lawsuit settlement loan is not the only arrangement for obtaining funds in anticipation of winning a settlement or lawsuit award.
How much interest do you pay on a lawsuit loan?
That means that if you take out a lawsuit loan for $30,000, you could pay up to $18,000 in interest each year. In the end, you could wind up owing more loan interest than your actual settlement amount.
What is the difference between a settlement loan and advance funding?
Legally, a lawsuit settlement loan is a borrowing; advance funding is more akin to a purchase of a portion of the ultimate award. Settlement loans and advance funding arrangements provide cash advances with respect to awards expected from legal settlements and lawsuit judgments.
How can I get a loan while waiting for a settlement?
How do pre-settlement loans work?Hire a Lawyer and File a Lawsuit. To secure a pre-settlement advance, you must first file a lawsuit. ... Apply for a Lawsuit Loan from a Reputable Funding Company. ... Review the Proposed Funding Agreement with Your Attorney. ... Decide Whether a Pre-Settlement Advance is Right for You.
Can I get a loan if I have a settlement?
In many situations, the answer is “no,” because funding companies only take on the strongest cases. With approval, however, you can use that money to pay medical bills and almost any other expenses that have come up as a result of the injury.
Can I get a loan if I have a lawsuit pending?
1. Can I borrow money for my lawsuit? The answer is yes; you can borrow money from your lawsuit if your case is strong enough to win. Borrowing against a lawsuit can best be described as taking out a non-recourse cash advance against pending settlement proceeds or jury judgment.
How does a settlement loan work?
A lawsuit settlement loan provides cash in advance for pending settlement award or lawsuit judgment. The borrower can pay back the loan once the funds from the settlement are disbursed. Interest will accrue while the loan is outstanding, sometimes at high rates.
Are lawsuit loans worth it?
Lawsuit Loans are Expensive But you won't have to pay more than your settlement or award. It is not unusual for personal injury cases to take months or even years to settle or come to trial. The interest rates on a typical lawsuit loan can run between 27% and 60% a year, comparable to some payday loans.
Can my lawyer deny me from getting a pre-settlement loan?
What If the Lawyer Denies the Pre-Settlement Funding Options? You cannot qualify for any legal funding without an attorney signature. The legal funding company will use the application process to get the attorney's signature before issuing any immediate cash to the borrower.
Can I get a cash advance on a pending lawsuit?
Lawsuit cash advances allow you to take an advance based on the probable monetary outcome of your case. This money can run into the thousands of dollars and can help you pay your bills and continue financing your lawsuit.
What is the interest rate on a settlement loan?
The interest rates on lawsuit loans run between 27% and 60% a year—rates that are comparable to payday loans. On a $25,000 loan, the interest can cost you $12,500 or more in just one year.
What happens if you win a lawsuit and they can't pay?
The sheriff or constable will bring you a copy of the execution and take your car or put a lien on your house. If the creditor wants you to pay them money, they can take you back to court on a Supplemental Process to “garnish your wages.” They can take money out of your paycheck before you get paid.
Is it better to settle or pay in full?
Generally speaking, having a debt listed as paid in full on your credit reports sends a more positive signal to lenders than having one or more debts listed as settled. Payment history accounts for 35% of your FICO credit score, so the fewer negative marks you have—such as late payments or settled debts—the better.
What is loan settlement amount?
Loan settlement is the process of negotiating with your lender to pay off your loan for a lesser amount than what you originally borrowed. This can be done for various reasons, such as financial hardship or wanting to get out of debt quicker.
How many loans can you get from settlement?
A pre-settlement loan, or more than one, can help reduce your financial stress and allow your lawyer the time they need to negotiate a strong settlement. There is no set limit on the number of pre-settlement loans you can receive.
What is a pre-settlement loan?
Pre-settlement funding is a cash advance for individuals that have a pending personal injury lawsuit (automobile accident, workers comp case or slip and fall, etc.) that are in need of money now.
What is post settlement funding?
Post-settlement funding is a financial product available to both plaintiffs and attorneys after litigation reaches a resolution, and it is entirely risk-free. Post-settlement funding is often referred to as a lawsuit loan or a settled case lawsuit loan, but post-settlement loans are not loans at all.
What is the interest rate on a settlement loan?
The interest rates on lawsuit loans run between 27% and 60% a year—rates that are comparable to payday loans. On a $25,000 loan, the interest can cost you $12,500 or more in just one year.
What is settlement funding?
You'll get money for living expenses: Settlement funding is a financing mechanism that allows people injured in accidents through no fault of their own to access cash they need for day-to-day expenses and medical costs while their personal injury cases are pending.
How much does a lawsuit loan cost?
Companies will typically charge no more than 3.5% per month.
Why do you need a loan to settle a case?
Because a loan gives you financial peace of mind, you will avoid the rush to settle, giving your attorney more time to work on obtaining a fair settlement.
What is an injury wallet?
Injury Wallet knows the difficulties and stresses a lawsuit can bring, and we’re here to help alleviate some of the stress and burden.
How to get a lawsuit approved faster?
To help move the process along more quickly, let your attorney know that a pending lawsuit lender will contact them. Notifying your attorney will often get you approved faster.
Why do people get cash advances for lawsuits?
Many individuals turn to pending lawsuit cash advances to ease some of the stresses and get financial assistance.
What is the average value of a pending settlement loan?
The average value of a pending settlement loan is typically 10-20% of the value of your case. Your case is assigned a monetary value, which usually depends on the severity of your injuries and the length of time your case may take.
Is a cash advance on a lawsuit right for everyone?
A cash advance on a pending lawsuit is not right for everyone.
How to get started and apply for a settlement loan?
If you have all of the above information available you can use the online application to submit your settlement loans request. We’ll review your information and provide it to experts present at our company and find you the best deal. All the above-given information is going to count some importance while filling for lawsuit loans, hence always place the correct details, any error to the documentation can get your application for legal funding rejected.
What should you provide in a lawsuit?
You’ll need to provide a clear, detailed summary of what losses, damages, or injuries the plaintiff received during the incident . You should provide everything that is mentioned in your legal case documents, do not include stuff that is not being sought after in your current lawsuit.
How many phone numbers do you need to file a lawsuit?
A current telephone, mobile, or working number of the plaintiff on the lawsuit case documents, you must provide at least one phone number. We suggest a home or mobile number so you do not have to discuss your settlement loan at work.
Do you have to use the plaintiff's address on a lawsuit?
Plaintiff’s Address. The current legal address of the plaintiff on the lawsuit case documents needs to be your current address; you do not have to use the address on your case documents since you may have relocated since the start of your lawsuit.
How can I get a loan against a lawsuit settlement?
You can receive a loan from your lawsuit by formally applying for the advance, and ensuring your lawyer sympathizes with your situation and speaks to the funding company. Let’s say your attorney is willing to help you, it will take the best lawsuit loan companies approximately 1 business day to fund your case after receiving your complete case documentation and speaking to your lawyer. You might even get an answer within 24 hours from when you apply. Below you can see how the process works:
What is the interest rate on a pre-settlement lawsuit loan?
Interest rates on lawsuit loans can range widely from lender to lender, so you’ll want to shop around to explore your pre-settlement options. Before we get into the costs and fees, pre-settlement loans are convenient to borrowers because they are only required to pay back the funds if the case settles favorably.
Are the settlement loans overall a good idea?
But if you are taking out a pre-settlement loan from a car accident, then the funds can be used for emergency expenses. Some people get the impression a pre-settlement loan isn’t a good idea, but that isn’t always the case. A pre-settlement cash advance from the best lawsuit loan companies could change your living situation and even the outcome of your settlement for the better.
