Legal expenses aren’t something most of us plan for. But when you’re in need of legal representation, there are lawsuit funding companies out there to help with the costs that are associated with an attorney.
There are programs in place in most communities that offer free legal assistance to people who qualify. These advocates offer advice, representation, and education. To find a program in your area, search online for “free legal services.”
If you don’t qualify for these types of services or can’t find one in your area, there are personal injury lawsuit loans. They can help while your case is pending. Don’t let the word “loan” fool you. This is actually a cash advance against your future settlement. Because the legal process often takes a lot of time, these loans may be the best course of action for you.
This loan money can be used for more than legal expenses. If you’ve been seriously injured in an accident and can’t work, the money can be used for living expenses, medical bills or other payments you owe. Because the legal process often takes a lot of time, these loans may be the best course of action for you.
Lenders are pretty easy to find. Many are listed online or in the phone book. You look for advertisements like “lawsuit cash advances”, “pre-settlement funding”, and “non-recourse financial assistance.” It’s also not a bad idea to ask friends or family members who have used these services in the past to recommend someone.
Your Philly lawyer for your slip and fall case may even be able to help you find a great lawsuit funding company. It’s important to remember the person representing you has to be in agreement with the loan process too. Be aware there may be resistance from your attorney in this process.
Most of the time these loans are approved based on knowing if the settlement will be sufficient enough to repay it. Credit scores typically aren’t a factor in the decision-making process. After doing the research and verifying information with your attorney and the insurance company involved, a loan of about 10 percent of the anticipated settlement is loaned. If you lose the case or don’t settle, you do not have to repay. That doesn’t happen often because most loan companies won’t make the deal unless they’re sure you’ll get compensated.
There are disadvantages to this process. There are no state or federal rules for personal injury lawsuit loan companies, so they can charge fees and high-interest rates. Keep in mind, don’t sign anything until your attorney has looked over the agreement and is comfortable with the terms listed.