Many people do not anticipate filing a lawsuit until something goes wrong.
Some situations where you might consider filing a legal claim include:
- Suffering injuries in a car accident,
- Purchasing a defective product,
- Slipping and falling on someone’s property, or
- Losing a loved one as a result of another person’s negligent or wrongful act.
This is by no means an exhaustive list.
Essentially, if you were injured because of someone else’s negligent or wrongful behavior, you might be considering filing a lawsuit against the at-fault party or their insurance carrier.
However, we also recognize such injuries can create an immediate and significant financial burden on you and your family.
Luckily, there is some good news. You can secure pre-settlement loans in Ohio to help keep your head above water before your settlement comes in.
What Is Ohio Lawsuit Funding?
A lawsuit loan offers you cash in advance for your pending claim. Once your settlement award or judgment is disbursed, you will pay back the loan, plus interest.
A lawsuit loan provides financial relief to plaintiffs who are experiencing financial difficulties during the litigation process.
After all, injuries can result in a pile of medical bills, rehabilitation expenses, and prescription medication costs.
Most civil lawsuits do not settle right away because it takes time to gather evidence and negotiate with the other side.
Unfortunately, this means that you might spend several months or more waiting for your settlement check.
Legal Requirements for Ohio Lawsuit Loans
Ohio imposes certain requirements for securing legal funding.
First, the lawsuit loan contract must contain certain information, including:
- Total dollar amount advanced to the consumer;
- An itemization of one-time fees;
- The total dollar amount to be repaid by the consumer, in six-month intervals for thirty-six months, including all fees; and
- The annual percentage of return, calculated as of the last day of each six-month interval, including the frequency of compounding.
Additionally, the contract must allow the consumer to cancel the contract within five business days following their receipt of the funds without any penalty or obligation.
For the cancellation to take effect, the consumer must return the full amount of disbursed funds.
Ohio prohibits the lawsuit loan lender from trying to make decisions related to the underlying civil action.
Nor can the lender attempt to influence your decisions concerning the civil action. You are required by law to have your attorney review your lawsuit loan contract.
Injury Wallet Can Help You Find Ohio Legal Funding
Injury Wallet does not offer Ohio settlement loans to consumers. However, we do connect plaintiffs with potential lenders that suit their loan requirements.
We can help you avoid the hassle of checking with multiple lenders to find a legitimate lawsuit loan company.
Instead, Injury Wallet will handle the heavy lifting for you and find the loan with the lowest interest rates.
If you are struggling to pay your bills while you wait for your settlement to finalize, contact Injury Wallet today.
We will help connect you with a lawsuit loan company that is right for you.