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Did you know you can Borrow Money against a Lawsuit?

Did you know you can Borrow Money against a Lawsuit?
Most plaintiffs don’t know they can borrow money against their pending lawsuit.  When you are involved in a personal injury case there are companies that are willing to provide you with a cash advance before or after your case settles.
 
How many Plaintiffs use Lawsuit Funding Companies?
The personal injury litigation industry is enormous.  Each year there are billions of dollars paid out to injured accident victims.  Many of these plaintiffs do not take advantage of their ability to borrow against their case.  We estimate that less than 1% of people involved in a personal injury lawsuit take an advance, simply because they just don’t know about them!
 

How Long Does it Take to Get a Lawsuit Loan?

How Long Does it Take to Get a Lawsuit Loan?
 
Technically not a “Loan”
Getting a lawsuit loan is a much faster process than getting a home mortgage loan or a car loan.  Since a lawsuit loan is not actually a loan, the process is much quicker.  When looking for money on their case, most people search “lawsuit loans” or “settlement loans,” but the proper terms are pre-settlement funding or settlement funding.
 
Applying
Pre-settlement funding is a non-recourse type of cash advance.  Simply put, if you don’t win your case then you don’t have to pay back the loan.  Because of this, the application process doesn’t require a credit check.  The advance amount is determined upon the estimated value of your case and your personal cash requirements.  Once you apply for funding the company will review your case documents from your law firm and conduct a brief phone interview with you.  If approved, you can typically get your money within 24-48 hours. 
 

5 Tips Before Applying for a Lawsuit Loan

5 Tips Before Applying for a Lawsuit Loan
If you have a pending lawsuit or a settled case and are waiting to be paid you may consider taking out a “lawsuit loan.”  Lawsuit loans are not actually loans, but considered pre-settlement funding or post-settlement funding.  There are few important tips you should know before blindly applying. 
 
Money and Gavel.jpg
 
 
Tip 1 – Lawsuit Settlement Funding Should be Your Last Resort
If you have any means of borrowing money other than taking funding, do it.  Use all of your cash in your savings account, borrow money from friends and family, or borrow from your credit card.  Lawsuit funding can be expensive because it’s not actually a loan. 
 
Funding a lawsuit is risky because the case isn’t guaranteed to be successful and a settlement may not cover all the expenses. 
 
Since lawsuit lending isn’t cheap, expend all other options of cheap cash.  If you use money in your bank account it’s obviously free because it’s your money. 
 
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