5 Tips To Get A Lawsuit Loan
Plaintiffs that are involved in personal injury lawsuits have multiple financial obligations each month, just like all of us. These may include medical bills, utility bills, car payments, etc. After all, just because you were in an accident doesn’t mean that all of your everyday expenses just disappear. However, as you are missing work, your wallet will definitely feel it, as you will face insufficient funds.
That’s where lawsuit loan comes into play. Thanks to this loan, you will be able to live normally, without worrying about not being able to pay the bills as it could take months or even years before your case even gets to trial.
If you want to get a lawsuit loan, here are some of the things that you should keep in mind.
Learn How a Lawsuit Loan Works
Just like with any other transaction that includes money, it is important to understand how everything works when you apply for a lawsuit loan. The first step to that is knowing what a lawsuit loan actually is.
Lawsuit loan is a type of financing available to plaintiffs of a personal injury litigation process who pay their lawyer on a contingency fee basis, which means that the lawyer will get the money once he wins the case. It’s important to know that you have to pay the Lawsuit Loan company back only if you win or settle the case. If you don’t, then you have no obligation of paying them back.
Talk To Your Attorney About a Lawsuit Loan
Your lawyer is the only person that knows your case more than you do. And let’s not forget about the fact that he is a vital link between the Lawsuit Loan company and you. All of the companies will require your lawyer’s participation. Furthermore, if you want to be qualified for, for example, Uplift Legal Funding, the decision will be heavily influenced by the cooperation with your lawyer.
If you have any doubts, just talk to your attorney about it, ask for advice, and don’t be afraid to ask them questions.
Look For Reliable Lawsuit Loan Companies
Once you know the basics about the lawsuit loan, you can start looking for a company that will meet your expectations and your needs. It will take time and effort, as you need to be prepared, and your search has to be broad. Remember that if you have troubles with looking for one, you can always ask a family member or a friend to help you.
The best option is to make a list and write down the information about each company while you are doing your research. Your list should include columns such as contact info, address, working time, as well as terms and conditions. You should also leave some free space next to each company so that you can put the pros and cons of choosing them.
When you are looking for a Lawsuit Loan company keep in mind that the cheapest option is not always a good one. Think about which company made you feel respected and appreciated, as it is always a plus.
Apply For a Lawsuit Loan
The process of getting a lawsuit loan is easier than it seems. Most of the companies have the option of applying online free of charge. The application includes basic information about you, your case and the contact information to your lawyer.
After you apply, your lawyer will be contacted for the necessary information they need to make sure that you are eligible for it, which will be decided by their team of experts, called the underwriting team. They will determine your eligibility by taking into consideration several factors, such as damages or insurance.
Once you applied, and together with your lawyer, you have delivered all the necessary documentation, all you need is the company’s approval and agreement to sign.
Sign The Lawsuit Contract
When the company approves your application, and you will receive the purchase agreement, don’t forget to read your contract through, without any rush. Your attorney should do the same, as he is more knowledgeable in this matter, and can point out if something will seem suspicious to him.
If both you and your lawyer have no objections, the only thing left to do is to sing and wait for the transfer, which should take anywhere between 24 and 48 hours. Interestingly, some Lawsuit Loan companies don’t even require a bank account.
The trial itself is very stressful, so there is no reason for you to also worry about your finances and not being able to pay the bills or other expenses that you might have. Getting a Lawsuit loan gives you more freedom, and space to breathe. So don’t be afraid to apply for it – it’s not as scary as it seems. Good Luck.