Getting a Settlement Loan Against Your Lawsuit
If you are a plaintiff and searching for a settlement loan, contact LawLeaf today. LawLeaf is a leading provider of settlement loan services throughout the United States.
If you are considering a settlement loan it’s important that you understand the concept of this financial tool. A settlement loan is an advance against a pending or already settled lawsuit. These types of loans are also referred to as pre settlement and post settlement loans.
A lawsuit settlement loan is a financial agreement between a plaintiff and a funding group, which the lender agrees to loan on a non recourse basis and advance against the plaintiff’s lawsuit. The plaintiff will agree in return to pay back the principle when and if the lawsuit settles. A settlement loan is not the same as a traditional bank loan because you only have the repay the loan if you win the case.
While most companies will provide settlement loans for a variety of different types of personal injury cases, there are only two types of settlement loans. A pre settlement loan is an advance against a pending claim. This means a case can have just been filed, nearing a settlement or in the process of going to court. It is a loan against a case that hasn’t yet settled or reached a decision. The other type of settlement loan is a post settlement loan. This type of loan is provided to a client that is waiting for compensation from a recent settlement or judgment. This means the plaintiff has successfully won their case and they are waiting for the cash award to be paid.
Reason for pre settlement loans:
A person that requests a pre settlement loan may need money to help pay for expenses such as a mortgage payment, rent, car payments, medical bills or other out of pocket expenses. By securing this advance the plaintiff may be in a better position to wait for a larger settlement offer.
Reason for post settlement loans:
A person may request a post settlement loan for a variety of different reasons. The most common reason is a person has pressing financial obligations and can’t wait for the cash award. When a person finally reaches a settlement or wins a verdict, they may still have to wait weeks or even months before the cash award is paid out. A post settlement loans provides a person needed cash while waiting for the proceeds of a case.
How are settlement loan approvals determined?
If you apply for a settlement loan with a company they will request case documents from your lawyer. These documents are used to assess the merits of your case. When evaluating any lawsuit the lending company will be interested in liability and damages. If there is clear liability and resulting in clear damages, a company will be more willing to making an offer on the case.
What types of cases are considered?
While not all settlement loan companies offer all options the two different types of lawsuits a company may offer are personal injury and commercial litigation.
If you have a lawsuit and searching for lawsuit funding, contact LawLeaf today.
LawLeaf is an online Lawsuit Funding service that matches plaintiffs with lenders. If you are interested in lawsuit funding and would like our lenders to compete for your business, visit LawLeaf.com today.
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