One of the most stressful things about getting seriously injured apart from pain and suffering is the financial setbacks it can cause. An injury can leave you unable to work, wondering how you can cover medical bills, property damage, rent or mortgage, and daily costs of living.
With a North Las Vegas lawsuit loan, you can get pre-settlement funds to help you manage your current expenses. You might also feel pressured to accept an insurance company’s lowball settlement, but legal funding can give your lawyer enough time to fight your case in court.
Is a Lawsuit Loan Really a Loan?
A lawsuit loan isn’t quite like a standard loan. In a standard loan, you have to make payments over time while interest grows and grows. If you miss too many payments, the loan originator can go after your wages and accounts, as well as damage your credit history.
The better way to describe a lawsuit loan is pre-settlement funding. It is a way to get early access to your eventual settlement. We analyze your case with the help of your lawyer and give you a cash advance on the settlement.
When you win your case, your settlement funds pay us back along with interest, but it is a fixed flat rate, not a compound rate like many loans. The interest is our ‘fee’ for getting you the cash you need early.
How Much Can I Qualify for?
The amount you can qualify for depends on your case. For any North Las Vegas litigation financing, factors include:
- The circumstances of your case
- Your likely final settlement or judgment
- The length of your case
We offer loans as large as $1,000,000, but we never offer more than a percentage of the final settlement. It would be unethical to leave you without the bulk of your compensation, nor to leave you without money to pay your lawyer.
That said, if your case goes longer than expected or new circumstances arise, you may qualify and apply for pre-settlement financing more than once through us. It never hurts to ask!
Do I Really Need a Lawyer?
Yes. Since we take on all the risk of the loan if your case fails, we need all the information we can to decide. Your lawyer can give us the details we require to make you an offer. Plus, having a lawyer take your case is a powerful signal of success.
Most personal injury lawyers are paid on contingency. This means they get paid only if you win your suit. Their fee is ‘contingent’ on that result. If your experienced lawyer believes they have a shot of winning, that gives us the confidence to lend.
Also, by hiring a lawyer, your chances of a higher level of compensation are much greater. A good lawyer can net you more money than you could on your own, well above and beyond their own fee.
Will I Have to Pay You Back if I Lose?
This is a common question, and the answer surprises most of our clients. No, you do not have to repay your loan if you lose your case! How could this be?
It’s just like your lawyer. We’re taking a calculated risk based on our experience and the facts of your case that you’ll win your lawsuit. If your case fails and we’ve paid you, we do not have legal recourse to get the money back from you.
This is why we don’t have to ask you a lot of invasive financial questions like a normal loan company, and why we must speak with your lawyer to qualify you. The only way we get paid for your North Las Vegas lawsuit financing is if you win your case.
Are There Limitations on Pre-settlement Financing?
Once you have your money, you are free to use it however you like. Most people use it to pay off creditors and keep their lives stable while they wait for their case to resolve. However, there’s nothing to stop you from using it on monthly bills or daily cost of living expenses.
Also, because it’s compensation settlement money, the IRS does not count it as earned income. However, if you use your loan money in ways that could incur taxes, like investing it, you may need to keep some aside to pay taxes on that investment. Speak with your accountant if you’re unsure about using your money for investment.
Get Your Lawsuit Loan Now
North Las Vegas lawsuit loans are easy to get. All it takes is a phone call and a few simple questions. We’ll take it from there to contact your lawyer and get the details to make you an offer.
If you accept our offer, you could have the money in your account in as little as 24 hours! To get your lawsuit loan, contact Tribeca Lawsuit Loans by telephone or through our contact form.