A lawsuit cash advance can give you access to the money you expect to win from your settlement now when you need it most. You could wait months or years to receive money from your case. But if you’re like most people, you have bills that need to be paid now.
Legal funding carries many advantages over other types of financing, such as credit cards, a traditional personal loan, or even a second mortgage. However, it has some clear advantages that help to reduce your overall risk and allow you to take home more of your settlement.
Definition of a Lawsuit Cash Advance
Lawsuit loans are special cash advances that are provided to individuals waiting for a case to make its way through the legal system. In many cases, lawsuits can take months or years, making it a financial challenge to get through the typical repair and medical bills associated with a personal injury accident.
These loans vary somewhat by type and can be secured at various times throughout the legal process. For example, some are available between a court filing and jury verdict while others are paid out between the settlement and receipt of the actual check. In some cases, lawsuit loans can be secured without a court filing at all or during the appeal process.
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Advantages of Lawsuit Cash Advance
Taking out a lawsuit cash advance holds many advantages for the borrower.
First, a credit card or bank cash advance must be repaid regardless of your financial situation. Lawsuit cash advances are considered a non-recourse debt and are only paid back if you win the court settlement. If you lose your case, you owe nothing, since the case is the collateral for the legal funding you’ll receive.
Second, cash advances from a bank or credit card can carry extremely large interest rates, which will be an added expense for you in the long run. Legal loans, on the other hand, typically have very low-interest rates. Many, in fact, run between 1 percent and 3 percent, depending on the strength of your case.
Requirements for Securing Legal Cash Advance
In general, it is relatively easy to secure a settlement cash advance. The application is short and fast, designed so that you can get your money quickly. However, there are a few requirements that may vary by state or loan company:
- You must have an ongoing lawsuit
- You may be required to work with a contingency-fee-based attorney who can review and sign off on your loan paperwork
- Your lawsuit may also be reviewed to make sure the defendant has the funds to pay the eventual settlement.
Additionally, in many cases, a personal injury must have taken place. Some legal funding companies only work with certain types of cases or in some states and not others. It’s important to carefully explore your options before signing any contract with a funding company for this reason.
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How Much Does a Lawsuit Cash Advance Cost?
The exact amount you can expect to pay for a lawsuit cash advance varies from case to case. The specific circumstances of your lawsuit will determine your interest rate and what you can expect to repay from your settlement. The length of time of your case also determines your repayment, as a longer case will incur more interest than a shorter one.
Some lenders charge higher interest rates than others, while some cases can draw on far longer than anticipated. In other instances, the settlement comes in less than the anticipated amount. However, in all these cases, the amount you repay won’t exceed the size of your settlement, regardless of how much you owe on paper.
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Get a Lawsuit Cash Advance Today
Tribeca Lawsuit Loans can provide you with a lawsuit cash advance for your ending settlement. We’ve awarded over $45 million in legal funding to over 1,600 clients and can provide you with the financing you need to win your case. Our application process takes just a few minutes to complete and could deliver up to $1 million to your bank account within 24 hours.
Choosing the right legal funding partner can be difficult, especially if you’re new to the industry. That’s why we offer clear terms and low, simple interest rates for all our clients. Contact us today to get the legal cash advance you need to win the justice you deserve.