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Do I Have To Repay My Lawsuit Loan If I Lose My Case?

After you’ve been injured or involved in an accident, you’re probably dreading the thought of taking on a lawsuit. And with good reason – lawsuits can be very time consuming and expensive! Fortunately, there are ways to alleviate the financial burden of a lawsuit without having to settle for an outcome that’s not what you wanted or quit the lawsuit altogether. Legal funding loans and legal settlement loans, which are distributed by a third party, are available to cover the cost of a lawsuit, which can easily start at $500 and increase to thousands more! The best part is that if you don’t win the case, you owe nothing back.

Who Pays For The Lawsuit?

When you choose legal settlement loans, the good news is that you won’t have to repay the money that you borrowed unless you win your case. If you don’t win the case, you do not have to repay the advancement. Instead, you keep it! If you decide to get a settlement loan, most companies will have a minimum pre-settlement advancement, and many also have a maximum amount of cash that you can receive. When you take out legal funding loans, you’ll sign an agreement with the lender to determine how much money you’ll have to repay if your case is victorious. Certain criteria applies to get a settlement loan, including that your case must fall under the realm of “personal injury.” To see if your case qualifies, check out the NOLO website, which has a wealth of information about the different areas of law: https://www.nolo.com/.

How Does A Lender Determine How Much Money I Get?

When a company reviews your case, they take several factors into consideration when determining how much money you’ll get through legal settlement loans. One of the first things a loan company will do is speak with your attorney to find out what the expected settlement total will be. The attorney can also provide valuable information about the case expenses, including your medical care and hospital bills. Additionally, other factors the lender might consider are your injuries, the strength of the defendant’s liability, the total amount of your medical expenses, lost wages from missing work, your insurance coverage, existing liens against your case, and what state or jurisdiction your accident happened in.

What Do I Need To Do?

Fortunately, as a litigant in this situation, all you will have to do is provide contact information for your attorney. The loan settlement company will handle communications with your attorney to gather information and evidence about what happened. All that you need to provide the company with is the name and contact number of the attorney and the legal assistant who is handling your case! The attorney’s office will handle mailing of all documents, as those must be delivered straight from his or her office.

Facing a lawsuit is stressful enough, and tacking on a financial burden makes it almost unbearable. Luckily, a lawsuit doesn’t have to be a life circumstance that drains your bank account. With the help of legal settlement loans to cover the cost of living and lawsuit expenses, you can go about your normal life and pay for legal coverage without breaking the bank!

By |2018-10-18T11:37:18-07:00October 18th, 2018|
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