Thursday, January 28, 2016, AM | Leave Comment
There has been an increase in the number of plaintiffs applying for lawsuit loans in America. However, many are getting unfair deals from their funding companies due to ignorance.
If you would like to get lawsuit funding because of your personal injury, you should get information on the process so that you are not short played.
You should definitely consider applying for a lawsuit loan if you have a personal injury that has affected your normal life routine to make an income.
These settlement loans will help you carry on with life without much struggle even if your case takes years.
With settlement loans, you do not pay monthly installments and the only collateral that the funding company will have is your case.
This is why you should prepare your case facts well before you approach a lawsuit funding company, since you will only be granted cash in advance if your case seems promising.
Funding companies usually take well-calculated risks because if you lose the case, the company incurs the loss.
The Application Process
The lawsuit funding application process is not as complex as other lawsuit applications. It is usually as easy as filling only one application form.
The funding company should make a decision within 48hours once your application is reviewed. The funds can then be transferred to your account even in a day if your case is accepted.
Here are other steps you should follow in the application process:
Do not hesitate to ask questions
It is important for you to settle on a firm that will not frustrate you before your case settles. Hence, you should take your time to assess whether the company is professional, trustworthy and has a good track record.
From your research on the basics of lawsuit funding and qualities of good funding companies, you should be able to ask questions that will reassure you if you are dealing with a good company or if you should seek other options.
Moreover, you will get the company’s respect by the standards and seriousness that you communicate from the beginning.
A red light would be if the company is not transparent about their costs – they might just be among the many shark tanks in town.
The funding company should be transparent and honest about their interest rates and the cash in advance that they can offer.
Avoid more than one application
The application of a lawsuit fund is not the same as the usual shopping for items.
Though you would like to make several applications to different companies to pick out the best, this can greatly slow down your funding process.
Such a go-slow can even make your attorney charge you more since it will be more work for him or her to send out the legal documents to different companies.
You can settle on a good company before applying by getting referrals and by making your own judgment after you have a discussion with the company.
You cannot depend on the settlement payment after your litigation if you need a way to survive before the case is resolved. If your finances are tight, lawsuit funding should work well for you.
About the Author
Christopher Anderson is an accredited lawyer who runs his own lawsuit loans company in the US. Click here to find great lawsuit funding solutions.