If you have filed a personal injury, medical malpractice or automobile accident lawsuit and are in requirement of cash, you may be considering a lawsuit cash advance loan. Pre-settlement lawsuit cash advance loans are good options to obtain money whilst your case is pending for settlement in the court. But, this does not mean that you will jump at the first company you encounter offering lawsuit funding. Lawsuit cash advance loans are quite expensive so it is important that before opting for it you understand the costs it involves, and decide if you really need one. Then choose any specific lawsuit funding company for seeking cash advance loans.
Understanding Cash Advance Lawsuit Loans
Having a pre-settlement cash advance lawsuit loan means you are borrowing money from a lawsuit funding company against the judgment or settlement you expect to get from a lawsuit. These sorts of cash advance loans are popular among personal injury, automobile accident, medical malpractice, etc., plaintiffs who loses income or incur large medical bills because of their injuries. With the help of the cash obtained from this sort of loans, the plaintiffs cover their living expenses, mortgage payments, car loans, or medical bills. These cash advances are really helpful to manage the financial pressure that the plaintiffs are having whilst their case is pending for settlement in the court.
Can You Qualify for a Lawsuit Cash Advance Loan?
Borrowing money from a lending company involves a substantial risk. These companies only lend if they are confident that you will win or settle your case for a good amount of money.
On the other hand, when you apply for a lawsuit pre-settlement cash advance loan, the funding company will contact your attorney to gather as much information as possible to evaluate the genuineness of your case and calculate the winning chances. This process may take some time (maybe around a week) and will also require the cooperation of your settlement lawsuit lawyer. It is likely that you will need to follow up with the funding companies and your lawsuit settlement lawyer to ensure that the lawsuit funder receives the documentation required to make a decision.
But, in most cases, the lawsuit funding application gets accepted. In Florida, numerous lawsuit funding applications get accepted by the companies providing pre-settlement cash advance loans. The best thing about these companies is that if you lose in any manner, you owe them nothing to repay. The lawsuit funding companies in Florida are known for offering risk-free pre-settlement cash advance loans.
Finding the Right Lawsuit Funding Company in Florida
While you look for a lawsuit funding company in Florida, your first resource is your lawsuit settlement attorney. They are working in the field for a long time and are having knowledge about the most legitimate or the best lawsuit funding company. So, you should first talk to them and obtain knowledge, whether they have anybody reputed and reliable known to them. If they have anybody known to them verify the credentials of the company and go with them for lawsuit funding.
But, there are other ways as well that you can keep in mind while hiring a lawsuit funding company.
Comparing the Interest Rates of the Lawsuit Funding Companies
Ask whether they charge additional fees for making the application for funding (Some companies charge such fees just to consider your case but many will evaluate it for free)
Ask how often the interest is compounded
Confirm that you will not be needed to repay the funder more than the agreed settlement amount, and that you will pay nothing if you lose your case
Remember that applying for the lawsuit pre-settlement cash advance loan or asking for information not obligate you to sign any paperwork or make any commitments to the funding company. If the lawsuit funding company drags its feet, seems reluctant to answer your questions or disclose the terms of the loan, it’s time to find another funder.
Keep the above advices in mind, while you choose a lawsuit funding company in Florida, It will help you choose a reliable litigation funder.