One day you may find yourself filing a lawsuit. While lawsuits can eventually lead to fair compensation, you’re left to deal with frustrations and financial burdens in the meantime.
Many individuals turn to pending lawsuit cash advances to ease some stresses and get financial assistance.
What’s the Average Value of Pending Lawsuit Loans?
The average value of a pending settlement loan is typically 10-20% of the value of your case.
Your case is assigned a monetary value, which usually depends on the severity of your injuries and the length of time your case may take.
It is best to discuss your case with your attorney before seeking a loan on a pending lawsuit. Your attorney can review the details of your case and provide a proximate value.
Lenders and High-Interest Rates
Unfortunately, it is easy to come across lenders with high-interest rates. It is important to ask questions and know what you are getting yourself into before committing.
By gathering information, you are less likely to encounter issues or experience unpleasant surprises down the road.
What Lenders Need to Disburse Pending Lawsuit Loans
When you apply for a pending settlement loan, the lender will need to review your case first. They will often contact your attorney for relevant information to complete your application.
These types of loans are not dependent on your credit score or credit history—only your specific lawsuit.
Once your lender has all the information they need regarding your case, they can make a decision and disburse your funds.
How to Get an Attorney to Respond to Lenders Faster
Since many lenders rely on the lawsuit information provided by your attorney, they will need to get in contact with them first. This is very dependent on how responsive your attorney is.
To help move the process along more quickly, let your attorney know that a pending lawsuit lender will contact them. Notifying your attorney will often get you approved faster.
Why Getting a Cash Advance Could Help You Reach a Favorable Settlement
A cash advance for a pending lawsuit can help you in various ways, like allowing you to pay for living and medical expenses.
These loans can also provide some financial stability while your case is ongoing.
Because a loan gives you financial peace of mind, you will avoid the rush to settle, giving your attorney more time to work on obtaining a fair settlement.
In many cases, individuals will rush to settle just to receive their money more quickly, often settling for a low or unfair amount.
Loans against lawsuit settlements can give you the time and opportunity to get the compensation you truly deserve.
Know the Details of Your Case
While lenders will need to speak with your attorney, knowing the details of your case can get the process going.
You can provide details to the lender and any relevant documentation that may be helpful.
Providing these details and information can be beneficial to the pending settlement loans process.
Which Legal Funding Company is Right for Me?
There are many lawsuit loan companies to choose from, and it’s essential to determine which one is best for you.
Injury Wallet can take the guesswork out of lender shopping and help provide guidance.
We take the information you provide and give you the best lender options for you.
Questions to Consider Before Applying
Before applying for loans against a lawsuit, it is important to consider specific details and ask questions.
Some of the essential questions to ask include:
- What happens if I lose my case?
- Will I have to pay back my loan?
- Are there any fees or charges involved with a loan?
- What are my payback options?
It is crucial to discuss these and any questions you may have with lenders even before applying. Fully understanding a cash advance on pending lawsuits will benefit you greatly.
What If I Lose My Case?
Loans for pending lawsuits are different from other types of loans.
Other loans require repayment no matter the circumstances, but lawsuit loans will need to be repaid only if you win your case. If you lose your case, you are not required to pay anything back.
What Rates Should I Expect?
Every company is different. Some lenders’ lawsuit loan rates will depend on your chances of winning your lawsuit, while others have fixed rates. Companies will typically charge no more than 3.5% per month.
Be wary of lenders charging more than this on monthly interest.
How Will I Make Payments Once I Receive My Loan?
You will need to repay loans against lawsuits only when, and only if, you win your case. If you lose your lawsuit, you are not required to pay anything back.
Once you receive your loan, you will not need to repay it until you know you’ve won your lawsuit.
Is Getting a Cash Advance Right for Me?
A cash advance on a pending lawsuit is not right for everyone.
However, it may be right for you if:
- You’ve suffered a severe injury;
- You are unable to work and make a living;
- You have many expenses; or
- You need more time to work on your lawsuit.
Pending settlement loans can help in a variety of ways, giving you financial security without the risk.
Why You Should Work With Injury Wallet
Injury Wallet helps connect you with your ideal pending lawsuit loan lender. We ask all the right questions to point you in the right direction.
Injury Wallet knows the difficulties and stresses a lawsuit can bring, and we’re here to help alleviate some of the stress and burden.
Get Started On the Lawsuit Loan Process Today
If you’re ready to get started on the pending lawsuit loan process, we’re prepared to help you. We provide a free consultation.