If you were injured or otherwise suffered damages in North Carolina, you might consider taking out a lawsuit loan while your case works its way through the courts.
A lawsuit loan can alleviate a lot of the immediate financial stress and uncertainty that comes with injuries and lawsuits. That financial stress can quickly eat into your settlement check.
To avoid those pitfalls and keep more of your settlement money, contact us at Injury Wallet to discuss your options for pre-settlement funding in North Carolina.
Pre-Settlement Funding in North Carolina: Frequently Asked Questions
At Injury Wallet we realize that many of our clients are considering applying for a North Carolina pre-settlement loan for the very first time, and we want to ensure that you are well informed about the ins and outs of lawsuit loans.
So, we took some of our most frequently asked questions (FAQs) and put together this guide.
How Much Can I Borrow?
The amount of money you can borrow with your cash advance for a pending lawsuit in NC varies from case to case. In the end, it all depends on how much your case is worth.
The maximum amount your claim is worth is the absolute ceiling for your settlement loan in NC.
Who Qualifies for North Carolina Lawsuit Loans?
To qualify for a North Carolina lawsuit loan, you must prove that:
- You have hired an attorney and
- Your attorney has filed a lawsuit on your behalf.
These are the two basic requirements for all lawsuit loans. If you have yet to file a lawsuit, you cannot take out a lawsuit loan.
What Does Injury Wallet Do?
Injury Wallet is not a lawsuit lending company. Instead, we connect borrowers with potential lenders. Typically, borrowers shop around for the best possible interest rates.
This is difficult when it comes to lawsuit loans because loan agreements are dense legal documents that take a lot of time and effort to understand. Filling out applications also takes time and energy.
With Injury Wallet, all you have to do is submit one application. We shop your application to some of the nation’s best pre-settlement providers and review the proposed loan agreements for you.
We then get back to you with the best possible interest rate. That way you save time, effort, and, most importantly, more of your settlement money.
Can I Take Out a Second Lawsuit Loan?
Sometimes it is possible to take out a second lawsuit loan, but only up to a point. You can never borrow more than a lender approves you for initially.
To illustrate, let’s say a lender approves you for a $25,000 lawsuit loan. You borrow only $10,000 initially, but the negotiations go on longer than anticipated.
If you need additional legal funding, you can borrow more in a second lawsuit loan as long as the total amount is less than $25,000.
What Can I Use My Lawsuit Loan On?
Once your settlement loan is in your pocket, it’s yours. You can do whatever you want with it.
You can take care of bills, pay off high-interest debt, pay your mortgage, or even buy yourself a used car. It all depends on what you need.
Why Do Lenders Need to Talk with My Attorney?
Potential lenders always need to contact your attorney to approve your lawsuit loan application. They need to verify that you have a lawyer and have filed a lawsuit.
Without that, there is no settlement, so there is no collateral for the lawsuit loan.
Lawsuit lenders also need to talk to your attorney to learn more of the details of your case.
Lenders look at your case’s expected chances of success and the total damages sought to make two determinations:
- How much they can loan you and
- What interest rate they will apply to your loan.
Generally, the better the chance of success your case has, the better the interest rate.
What Should I Know About North Carolina’s Statute Of Limitations?
You can’t take out a lawsuit loan if you can’t file a lawsuit. In this respect, the statute of limitations is an important rule to keep in mind.
Statutes of limitations limit the amount of time a given party has to initiate legal proceedings over a given legal dispute. In civil law, once the statute of limitations elapses, you can no longer file a lawsuit over that dispute.
Depending on the type of case you have, there are a few different statutes of limitations that may apply. Many legal actions have a statute of limitations of three years.
- Personal injury,
- Property damage,
- Rent collection, and
- Breach of written and oral contracts.
These types of cases represent the vast majority of civil claims that we help our clients secure legal funding for.
Because certain claims have different applicable statutes of limitations, it is always best to consult with your lawyer about these rules and initiate your legal claim as soon as possible.
Get the Most Out of Your North Carolina Lawsuit Loan with Injury Wallet
You deserve to get the most out of your lawsuit settlement. Unfortunately, not everyone manages to recover all the damages they are owed.
Instead, many injured individuals are left in a worse financial position than they were in before the incident. With Injury Wallet’s help, you don’t have to let this happen.
Not only can we save you time and money, but we can also help you achieve peace of mind as your claim works its way through the legal process.
While the outcome of your case may not be clear at this time, you have the power to add some clarity to your financial situation. Get started with Injury Wallet today!