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What is a lawsuit loan? Lawsuit loans are extended to persons who have a pending lawsuit settlement, whether it’s a personal injury, product liability, medical malpractice suit. The type of case doesn’t really matter that much, as long as there is a significant chance you will win the case in the following months. What does matter is that in the meantime you are in need of some cash to “fill in the gaps,” like they speak “maybe it is for beginning a new business, school tuition, or even just daily living expenses. What you spend your lawsuit loan is really irrelevant to the loan provider, because when you get an advance using your lawsuit settlement, the cash is yours to decide what to do with.
Although most lawsuit loan companies are for between 10 and 20 percent of the expected final settlement amount, it’s really up to the lender how much they are willing to front you. Once you apply for lawsuit settlement funding, the process is mostly automatic: the lending agency will contact your lawyer to get the details of your case. Often this is the longest part of the process, as it can take a day or two to receive the relevant paperwork from your attorney. Once that is received, however, you should expect to hear back whether you have been extended a lawsuit loan within 24 hours. Should you be awarded the loan, the loan company will then place a lien against your future settlement amount for the amount of the loan?
Lawsuit loans are typically “non-recourse,” a fancy phrase which means that if you don’t succeed the suit, you don’t need to pay for the cash back. These types of loans are therefore only offered to those with a high likelihood of winning their case. However, more people win their civil cases than you might think. In the state of USA, for example, the plaintiff won 74% of all civil cases brought in 2005. That’s why a Pre Settlement Funding company can proceed with a fair amount of certainly that their money will get paid back. The reason is that lawsuit Loan Company recognizes that you are in a tough spot right now, they offer the cash advance at no risk to you. You can then spend the cash on whatever you need: food, rent, or even starting a new business.
Many large conglomerate health and medical companies, for example, will utilize exactly this strategy when litigating personal injury or medical insurance lawsuits. By forcing the other party to keep waiting for his or her cash to get, the corporation slowly strangles another party to death because they have so much deeper pockets than most individuals. In today’s economy, there are few people who can afford to go 24 or 36 months without a paycheck because they are waiting out a lawsuit. By applying for and receiving a lawsuit loan, the “little guy” is likely to hang on adjacent to these massive companies and receive the proper settlement amount that is due him or her.
