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What Can I Use My Pre-Settlement Loan For?

If you’ve ever had a serious injury, you know how quickly medical bills can add up. Factor in taking time off of work and paying for ongoing care, and your bank account takes a beating! If your injury results in a lawsuit, the expenses are even more significant. With all expenses included, lawsuits can cost over $10,000. Sadly, many lawsuits end early because people can’t afford to pay the fees. But that’s just where settlement loans, which cover the cost of legal fees and daily living expenses, come to the rescue.

What Are Settlement Loans?

Lawsuit funding, or lawsuit cash advances, are commonly used in lawsuits, especially personal injury lawsuits, to ease the financial burden (and stress) of accumulating medical bills and attorney’s fees. Although they are awarded to need-based recipients involved in a lawsuit, the money provided by pre-settlement loans is not just restricted to legal expenses. You can also put loans towards paying for other daily living expenses like rent, education, groceries, and ongoing medical care throughout the duration of the lawsuit. A major advantage of lawsuit funding is that it allows you to continue with your lawsuit without having to settle early – and more likely not in your favor – because you’re running out of finances.

Who Can Get Legal Funding?

Pre-settlement loans are typically reserved for personal injury cases. A personal injury case may exist if the plaintiff is harmed by the intentional or negligent actions of another individual. Car accidents, medical malpractice, dog bites, and slip and fall incidents are all examples of personal injuries that may qualify for a lawsuit. However, only an attorney experienced in this area of law can tell you for sure whether or not your case qualifies. You can visit NOLO’s website to look for a lawyer in your area who handles personal injury cases: https://www.nolo.com/.

When Are The Funds Available?

To get funding for a lawsuit, you’ll first need to find a lawyer to represent you. Then, you’ll fill out an application to see if your case qualifies. Unlike conventional loans, there is no credit check to get settlement loans for lawsuits, which makes the whole process much faster. Once your application is approved, you’ll be able to get the loans as soon as you want them.

Do I Have To Repay The Loans?

If your case does not settle in your favor, you don’t have to repay your loans! Only if you win your case do you have to repay the loans. If this is the situation, you will repay the principal loan amount borrowed plus any interest that the lending company adds.

Lawsuits are notoriously time and money-intensive, but that is just where legal funding comes in to help. Funding for lawsuits can significantly help reduce stress and even prevent bankruptcy as you’re going through a lawsuit. With the assistance of pre-settlement funding, you can continue with normal life as you’re going through a lawsuit without watching your life savings drain away.

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