Unfortunately, people are involved in injuries each and every day and such injuries have become a common occurrence in the United States. Lawsuits are usually filed for a variety of reasons, including those arising out of personal injury, wrongful death, neglect, sexual harassment, civil rights, class action, Workers' Compensation, etc. A large number of these lawsuits often appear frivolous-and often they are. However, one must be careful not to hastily conclude that the case lacks merit just because there are some questions involved in analyzing the case. Fortunately, many individuals who sustain these injuries are able to obtain financial assistance by obtaining lawsuit loans and settlement loans to assist during very troublesome times.
What is the concept of a lawsuit presettlement loan? Quite simply, a lending company, customarily comprised of a group of investors, buy by interest in an outstanding claim (i.e., a pending lawsuit). When this happens, the plaintiff is often able to obtain the cash-advance on that case that will assist them in continuing the litigation. Although it seems fairly simple and straightforward, there are several nuances to this process with which individuals seeking this form of assistance should be familiar. Hence, the need for a lawsuit loan broker to assist you in walking through the process.
In light of the risk that lawsuit loans and settlement loans pose to those who advance the lawsuit funding, it is necessary for fees to be charged for allowing plaintiffs to access that cash prior to settlement. Unfortunately, many individuals mistakenly refer to this as interest rates. However, there are no actual interest rates in settlement funding. The rates that are charged for providing the funding are referred to as risk-fees. These fees will be based on the amount of risk involved in prevailing in that underlying claim.
The reason that no interest fees are charged is because these are non-recourse funding instruments. This simply means that if you do not win the lawsuit, you don't have to repay the lawsuit loan advanced to you. This gives individuals a great deal of comfort in times of financial-distress. As many individuals who sustain these injuries will quickly find, expenses quickly mount and the ability to continue to earn an income during the process of recovery may be substantially diminished.
It is interesting to note that for individuals to qualify for litigation funding, their credit history is of no importance to the funding companies. They are more interested in the underlying lawsuit. It is the actual case - not the applicant - that will be the focus of the lender's attention.
It is vital to realize that individuals are unable to obtain lawsuit loans and settlement loans without a licensed attorney representing them. It will be absolutely essential that individuals seeking lawsuit funding retain a competent attorney who will work closely with the funding companies to assist in expediting the processing of your claim. Any delays in getting documents will substantially delay your funding. Additionally, such delays may totally prevent the applicant from being able to achieve the much needed litigation funding altogether.
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