Lawsuit loans are often confused with payday loans and other forms of financing. In a nutshell, a lawsuit loan is a cash advance against your current pending lawsuit. So in a strict sense it is not a loan but rather an advance on the potential proceeds of your case.
Here are the top 5 Lawsuit loans questions:
1. What can the money be used for?
The lawsuit loan can be used to pay medical bills, rent payments, mortgage repayments or any other personal financial obligations that you have. The money is yours, to be used in any way that you want. Unlike common bank loans, there are no restrictions on lawsuit cash advances.
2. How long does it take to get the lawsuit loan?
The speed of approval depends on how quickly we can get all of the required information and documentation from your attorney. Our evaluators are on site and can quickly make a decision, as soon as they have all of the information about the case. This is why it is crucial to contact your attorney immediately so we can speak to them and obtain all of the necessary information.
3. What happens if I do not win the case?
If you do not win the case for whatever reason, there is nothing to repay. The risk is borne by the lawsuit funding company and there is absolutely zero to pay if you do not win.
4. What are the rates?
Interest rates on these advances depend on a number of variables, including the type of case, how far advanced the case is and the merits of the case. Generally rates start at 2.5% for lawsuits such as car accidents, slip and fall accidents and construction injuries.
5. What cases qualify?
Numerous personal injury cases qualify for a lawsuit loan, including:
• Car accident cases
• Construction falls
• Slip and Fall Cases
• Medical Malpractice
• Motor Cycle Accidents
• Pedestrian Accidents
Find out whether your particular case qualifies by contacting a lawsuit loan company. They can evaluate the details of your case and give you an answer immediately.
