Often, people who have filed a lawsuit have to wait for an indefinite time for any financial compensation.
You may wonder how you will pay your medical bills after a traumatic car accident, for example, while you go through the process of filing your claim.
At Injury Wallet, we understand how much of a hassle this can be. That is why you may want to consider a lawsuit loan, also called pre-settlement funding.
You might be wondering how lawsuit loan companies work with my lawyer.
What Is a Lawsuit Loan?
First, it is critical to understand what lawsuit loan funding is. A lawsuit loan is a cash advance. The settlement you expect to receive when your suit is resolved is collateral for the loan.
Usually, you do not have to repay the advance if you do not win your case.
Injury Wallet can work with you to get the best possible interest rate on your lawsuit loan.
Does My Lawyer Work with Lawsuit Loan Companies?
How is a lawyer involved in lawsuit loan funding? The answer to this question is that you must have a lawyer to request legal funding.
Loan companies will need to reach out to your attorney to gather details on your claim.
Then, legal funding companies will determine what your chance of success in court might be. They work with your attorney to access medical records and other critical documents as well.
After the settlement process is complete, the defendant will disburse settlement funds to your attorney.
Your lawyer will then be responsible for distributing the settlement award funds.
If you have any questions or concerns, you ought to speak about your lawsuit loan with your attorney. A lawyer can help you to determine if a pre-settlement loan is in your best interest.
Keep in mind that your lawyer cannot keep you from acquiring a pre-settlement loan if you choose to do so.
Would a Lawsuit Loan Cause Me to Go into Debt?
The amount of the loan depends on the compensation you believe you will recover after your lawsuit is resolved.
That cash advance is then paid back through your settlement award. Nonetheless, interest rates and repayment terms differ widely between companies.
Our experienced team can help you to find funding at the lowest rate possible.
What Are the Benefits of Cash Advances?
Pre-settlement funding or cash advances can be extremely helpful. It can keep you afloat while you pay medical bills and other expenses and wait for your claim to settle.
It also allows your attorney further time to fight for you.
In this way, you will give yourself the best chance of success since your lawyer will have more time to represent you to the best of their ability.
How We Can Help You
Additionally, we can help you to find the best loan company possible.
Our knowledgeable team is here to help you get the lawsuit loan you need until your settlement process is complete.
Feel free to complete our short loan questionnaire, and we will begin searching for the highest quality lender for you.