If you filed a personal injury lawsuit and are waiting for the case to resolve and you need money, you might consider finding a lawsuit loan lender to get the cash you need. The pre-settlement loan process can help you to get through the paperwork and get you on your way to getting your lawsuit loan finalized.
The lawsuit loan lender you select affects the total you receive when your case concludes. That is why it is crucial to conduct research into lenders and think if the company is a good fit for you.
Here are the critical criteria to find a good lawsuit loan company. If the company you are considering does not follow these recommendations, please find another lender.
How the Company Sets Interest on Cash Advances
The best lawsuit loan lenders evaluate each client on a case-by-case basis. They establish their interest rates based on the strength of the case. A good company will want to talk to you and your lawyer to collect as much information as possible on the case and the likelihood that the cause will result in a sizable settlement.
We recommend only working with a lawsuit loan lender that varies interest rates based on the case.
The Interest Rate Charged on the Cash Advance
You should understand from the contract the interest rate on the pre-settlement loan. Once the company has evaluated your case, you should ask what your monthly rate will be. If the monthly rate is about 3.5%, you are probably getting overcharged. Search for a company that charges a fair rate.
There also should be no compounding interest, which means paying interest on the tip of your interest. You can quickly build a massive amount of interest that is impossible to pay back. It can eat up most of your settlement. Find a company that charges simple interest.
No Application Fees
Some lawsuit loan companies charge you a fee just to consider your case. You should not pay a fee for this service. Make sure you are not paying something before you are even a client.
Do You Understand the Terms and Conditions?
Find a lawsuit loan company that makes it easy to understand the terms and conditions of the loan. Make sure you know every financial and loan document before you sign anything. If you are uncertain, run the documents by your attorney and get their perspective.
How the Company Works with Your Attorney
Before you get a lawsuit loan, you should be represented by an attorney who has filed your case in court. Any good lawsuit loan firm will want to talk to your lawyer about your case. Find a company that works well with your attorney and one where both parties have a good line of communication.
How Quickly Will Money Be Available to You?
Filing a lawsuit is stressful, and some plaintiffs need financial relief while waiting for their case to settle. A reliable loan company will get funds into your bank account in as little as 24 hours once your paperwork is approved and you sign the loan paperwork. Before you settle on the company, be sure that you know how long it will take to get your money.
The most important thing when finding a lawsuit loan lender is locating a company with open communication with you. These matters can be complicated, and it is a big financial decision, so they should be willing to answer detailed questions about their services and interest rates. Do not deal with a company that does not want to answer your questions or explain precisely what you are paying.
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