At Tribeca Lawsuit Loans, we’re transparent and open about the reasons we think you should get legal funding while you wait for your settlement. There are plenty of benefits to lawsuit loans. Use this guide to help you make your decision.
If you’re already interested in getting up to $1 million in your bank account to cover expenses while your lawsuit resolves, head over to our Apply Now page. Our team is ready to assist you with any questions as well. Just call our office at (866) 388-2288.
The Benefits of Lawsuit Loans
We think legal funding is an excellent choice for clients who are in the midst of a lengthy lawsuit. Here’s why.
1. Risk-Free Money
The best part about lawsuit loans is that, with Tribeca, the funding is all non-recourse. That means:
- Your bank account is NOT a source for repayment.
- You are NOT held personally liable for the debt.
- If you lose your case, you don’t owe us anything!
The loan uses a portion of your eventual settlement or jury award as its collateral. Since it is non-recourse, the most we can accept as repayment is that portion of your settlement.
2. Quick Approval Process
Pre-settlement funding is designed to help clients who need cash now. In many cases, Tribeca can have money in your bank account in as little as 24 hours after your application is approved.
Here’s an added bonus: since repayment for lawsuit loans comes directly out of your compensation package, the application process strictly deals with the merits of your claim. That means there is NO:
- Credit check
- Requirement to submit bank statements
- Proof of income requirement
- Denials based on credit history
3. No Restrictions on Spending
Lawsuit loans are great because they are not tied to any specific service. You don’t have to use them for limited purposes. Instead, you can use the money however you see fit, including paying for:
- Rent or mortgage
- Food and transportation costs
- Medical bills
- Property repair or replacement expenses
- Daily needs
The Cons of Lawsuit Loans
Though we think legal funding is a safe, effective way to get the money you need, there are some factors you should consider before applying.
Yes, lawsuit loans also charge interest. However, Tribeca is dedicated to providing funding to clients in the most ethical, least expensive form. That’s why we only charge simple interest rates rather than the pricier compound rates charged by some of our competitors.
We can’t say what your interest rate will be, as it changed based on the qualities of your case. But we can say that we’ll always offer you the lowest possible rate.
2. Diminished Compensation
Repayment for your lawsuit loan comes out of your eventual compensation package. So while you might end up earning a settlement of $2 million, for instance, you only keep what is left after you repay your initial legal funding.
Still, it’s important to remember that this isn’t technically a lessening of your compensation. You’ve just received a portion of it sooner with your lawsuit loan rather than all at once at the end of your case!
Apply for a Lawsuit Loan for FREE
There are far more benefits than risks when it comes to pre-settlement funding. In fact, Tribeca takes on all the risk! If you’re ready to see how much we can offer you in the present while you wait for a future settlement, fill out our FREE online application.
You can also call our office for questions, assistance, or to voice any concerns about the lending process. Just dial (866) 388-2288 to speak with a team member.