Financial Help During Personal Injury Cases

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When you are injured due to someone else’s negligence, you may be able to win a lawsuit against the other party. This may give you the chance to receive reimbursement for your related suffering and expenses. What if you don’t settle right away? What if you have a lot of medical bills? How can you pay for your living expenses if your injuries are keeping you away from work? In many cases, the plaintiff may have a very good legal case, but they might not have the financial resources to maintain their legal fees in addition to the rest of their expenses. When this is the case, a lawsuit loan advance may be an appropriate solution.

Types of Cases

These loans can be provided for a number of different types of cases, but there are some cases that are most commonly associated with the loans. These include workers’ compensation claims, medical malpractice suits and personal injury lawsuits. As you visit with a lender, you’ll learn more about the possibilities involving your circumstances.

No Background or Credit Checks

If you are anticipating a substantial monetary award from your case and you have ever wondered, “Can I get a loan on my lawsuit?”, this loan may be the answer you want. The companies that provide these loans will take a look at your case or may check with your lawyer to determine whether or not you qualify. The deciding factors involve the determination of liability, the amount of damages that you experienced and whether or not you sustained any injuries. The companies that provide these loans are taking a risk; in general, if you don’t win your case, you won’t owe the money back. Because of this, the lenders are very particular about whether or not to lend you money.

Convenient Timeline

Sometimes borrowers are hesitant to apply for a lawsuit loan advance, particularly if they don’t have a healthy credit rating. The good news is that your credit is not part of the qualification criteria for this loan. You won’t have to produce any credit scores or background checks. Even if you have a troubled financial history, you may still qualify for this loan. That can be very good news for those plaintiffs who are struggling financially and aren’t sure that they can wait for the compensation they need.

High Interest Rates

It’s a good idea to get as much information as possible before seeking one of these loans. They tend to have a pretty high interest rate that could quickly add to the amount that you owe. If your case carries on for several months or a year, you may find that you owe more in interest than you do for the original loan.

Seek Your Attorney’s Advice

Some borrowers may be happy to learn that they can apply for this loan at any point during the lawsuit. It’s most common for borrowers to seek the loan before they’ve reached their settlement. One of the best things you can do to ensure a satisfactory resolution is to talk to your attorney before proceeding. Your legal guide can help you to understand whether or not you would benefit from a lawsuit loan advance.

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