Settlement loans offer loans to the people who have both settled lawsuits and pending lawsuits for the case claimed. This process is much common in the New Jersey State, United States of America. It has more benefits for the recipients or plaintiffs who file a case against a lawsuit. The main advantage of this loan is its time consuming nature. The plaintiffs can get the loan quickly within hours from the time of approval. They can use these loans for any type of settlements it can also be personal expenses. The process is generally very quick as it does not require any collaterals, credit history or financial status of the plaintiff.
Another advantage with these loans is that the plaintiff can choose his own lender according to the interest rate he offers. The lender cannot ask for repayment of money if the plaintiff’s case does not win. The Attorney is the first person to be paid if the case of the plaintiff wins. Then the lender is paid after the Attorney. These loans do not check for the employment status of the plaintiff. There is no upfront fee paid to the Attorney before the settlement of the case. These loans help the plaintiff to solve his own personal daily needs, medical bill, legal expenses and other Attorney charges.
The plaintiff must settle the amount with the interest rate if the case wins. The interest rate would be very low compared to the interest rate of traditional loan. The rates of interest also depend upon the risks involved in the case. It is inversely proportional to the risks involved in the case. For more risks, the interest rate would be high else low interest rate. If your case is approved, the Agreement which we give clearly shows you the type of the case and the risks involved with the interest rates.
The time period to obtain the settlement loan depends on your Attorney. The lender will send a request of documents to the Attorney for discussing the case in brief. If the lender talks to your Attorney in one day, then you may have the chance of receiving the settlement loan on the same day. So the Attorney must be kept updated about the facts of the case and details of the case so that it would be easy for the lender to discuss the case with him. There are no upfront fees paid to the Attorney before the settlement of the case. He is the first person to be paid after the case settles.
The Attorney has to be selected for your case in the first step. As he has experience in law, he can make the case to win. After discussing the case details with the plaintiff and the Attorney, if all the documents provided are true, then an Agreement is sent to the Attorney. Both the plaintiff and the Attorney should sign in that and it will be taken as sign of acceptance. A plaintiff should not apply for more than one company at a time. Else, he would be denied by all.