The most important question one can ask when taking out a loan is, How much do lawsuit loans cost?
Although non-recourse lawsuit loans are unique, this question is just as relevant for lawsuit loan borrowers as any other borrower. Before you sign a loan agreement, it is crucial to know how much you will owe on your lawsuit loan when it is due.
Looking for a Low Rate on a Lawsuit Loan? We Can Help!
If you are in the process of filing a personal injury claim and are shopping around for the best rate on a lawsuit loan, Injury Wallet can help speed up the process and alleviate the stress of weeding through an abundance of offers.
With Injury Wallet, you only need to submit one application to get the best offer.
How Much Do Lawsuit Loans Cost?
Unfortunately, there is no set cash advance loan calculator. Like settlements and injury claims, lawsuit loans vary from case to case. Without submitting an application and looking at an offer, there is no way to accurately predict an offer’s amount or the final amount owed.
The best way to calculate how much lawsuit loans cost is to reach out to us at Injury Wallet. After processing your application and giving you the best offer possible, we can estimate the total amount you will owe.
Based on your loan agreement, we can provide estimates of how much you will owe after a given period of time has passed. However, it should be noted that these are estimates, not guarantees.
The length of time elapsed between receiving a loan and your case’s settlement is one of the most significant determining factors in how much you will owe. The length of time a settlement takes is, unfortunately, unpredictable.
While you or your lawyer may have an idea of how long it will take to settle, there is no way for you, your lawyer, or us to be certain. We can provide you with a range of different amounts based on anticipated timelines, but these are only for reference and cannot be guaranteed.
Why Interest Rates Matter
Interest rates matter because they dramatically affect how much you owe on a loan in the end. The interest rate itself is very important, but equally important is the type of interest.
There are two main types of interest rates: simple and compound. A simple interest rate is calculated based on the principal amount of a loan. A $10,000 loan with a 5% yearly simple interest rate will cost $12,500 after five years.
With a compounding interest rate, on the other hand, interest is added to the principal amount at a given interval, then the interest is calculated based on the new total.
A $1,000 loan with a 5% yearly interest rate compounded monthly will cost $12,833.59 after five years. With the simple interest rate, you pay $4.17 in interest each month.
In contrast, with the monthly compounding interest rate, you pay $4.17 in interest the first month, but this amount slowly increases every month accordingly.
How Fast Can I Get My Money?
Getting a lawsuit loan does not take long. After submitting your application to Injury Wallet, we will give you the best loan offer we can within 24 hours.
After you choose to accept the loan, it typically takes between one and five business days for the loan to reach you. With such a quick turnaround time, a lawsuit loan can help you out when you are in a financial pinch.
Does Getting a Lawsuit Loan Result in a Larger Settlement?
A lawsuit loan can help you get a larger settlement than you would otherwise. The bargaining position you are in when you have a lawsuit loan is much better than the one you are in without one.
If you do not have a lawsuit loan and are experiencing financial strain, it may be tempting to take the first settlement offer you receive whether or not it fully compensates you for damages.
After all, if you have bills to pay, you need to pay them, so holding out for a more generous settlement may not feel like an option.
In such a situation, you have to choose between two options that are not ideal: waiting for full compensation and not paying your bills now, on the one hand, or paying your bills now but not receiving proper compensation on the other.
We at Injury Wallet believe that this is not a choice you should have to make. By connecting you with the best lawsuit loans possible, we can ensure you can pay your bills and still pursue the compensation you deserve.
Why You Should Work with Injury Wallet
If you are already dealing with a personal injury’s stress and financial strain and filing a lawsuit, comparing different loan agreements and shopping around with different lenders is the last thing you want to do.
At Injury Wallet, we do the shopping for you. We will submit your application to dozens of lenders, sift through the offers, and find you the best one, so you have one less thing to worry about.
Ready to Get Started?
Are you considering a lawsuit loan to help make ends meet while your settlement is pending? If so, contact us at Injury Wallet today and give your lawyer time to fight on your behalf!
Injury Wallet will help you figure out how much a lawsuit loan will cost and look at a number of offers for you to find the best one. Avoid the hassle of submitting dozens of loan applications and wading through the responses—let Injury Wallet do the shopping for you!