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 that can cause heavy financial strain. Fortunately, there are ways to alleviate that without having to settle for less or dropping your case altogether.

Lawsuit loans and pre-settlement funding, which a third party distributes, 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 Loan?

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.

Why Don’t I Have to Pay Back My Lawsuit Loan If I Lose?

Tribeca provides lawsuit loans that are non-recourse. What this means in layman’s terms is that you are not liable for the debt you incur, and you are not required to repay it. We take all the risks. We provide non-recourse loans because we don’t want to be an added source of financial stress.

After an accident, you could face several thousands of dollars worth of healthcare costs and other unexpected expenses. The economic well-being of the average American household doesn’t even have enough to pay for a $400 emergency expense, let alone thousands of dollars in medical bills.

Additionally, you don’t have any income if you’re recovering and need to take time off work. Bills can continue to accrue as time passes.

The last thing that we want is to hound you for more money. As long as you qualify for our loans, you won’t have to worry about paying us back if you lose. Our goal is to provide you with financial relief fast.

How Does a Lender Determine How Much Money I Get?

When a company reviews your case, they consider several factors 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 determine the expected settlement total.

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
  • What state or jurisdiction your accident happened in.

We will use all these factors to accurately determine how much money you’re eligible for through our lawsuit loans.

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. We will handle communications with your lawyer to gather information and evidence about what happened.

You need to provide the name and contact number of the attorney and the legal assistant who is handling your case. The attorney’s office will handle the mailing of all documents, as those must get delivered straight from their 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.

Get Fast Funding Today

While the law entitles you to file a lawsuit after suffering a personal injury, there’s no guarantee for how fast you can receive funds from your settlement. While you wait, debt can continue to grow and cause stress that hinders your recovery. Tribeca can provide you with lawsuit loans that are easy to apply to. Contact us today to learn more about all your financing options.

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