Lawsuit Loans: Are They Right For You?
Remember, a non-recourse loan is a cash advance that doesn’t have to be repaid if you lose your case. Individuals who sustain losses, such as personal injury or wrongful termination, and who agree to repay if the case is settled in their favor, are eligible to request such an advance. Inherent risks for lenders exist with such loans. Such requests are, therefore, diligently reviewed, in most instances, once the lender receives the application. Numerous issues must be taken into consideration prior to acquiring such an advance. How Do They Work? If you’ve sustained a loss/injury, contact either a lender or broker who provides such loans. It is the close contact between your lawyer and the lender that brings the loan either to fruition or a screeching halt! The lender will determine what, if any, loan will be made, relying on the information gathered, by estimating the costs of settlement, and will then offer that amount to the plaintiff (i..e, the one filing the complaint). If the case goes to court, the defendant (i.e., the one against whom the complaint is made), must pay fees related to court costs and, in many cases, attorney’s fees. Non-recourse loans need not be repaid if you lose your case. When assessing costs related to making such an advance, both the nature of the case and the lender, as well as many other factors, must be taken into consideration. It is not uncommon for these advances to range from $500 - $200,000. When is a Lawsuit Loan Appropriate? Although it may take years to settle your case, costs related to expenses (e.g., witness fees, etc.) run unabated. What if you are unable to work while the case lingers in the litigation-process? Who will pay your bills, maintain your credit-worthiness, etc.? Lawsuit loans often give you the ability to pay your bills and maintain your credit-worthiness in such circumstances. Prior to considering lawsuit loans, review the issue carefully. Other funding-sources may be an appropriate solution to your dilemma! This funding obviously comes with costs. When opting for lawsuit loans, choose wisely! Learn more about Lawsuit Loans. Stop by Dr. Rhudy’s site where you can find out all about Settlement Loans and what they can do for you. |