What are Lawsuit Settlement Loans and Things to Consider
Most people with a case open in court are waiting for their lawsuit settlement. The process of settling a lawsuit can take many months or even years, depending on the lawyers, companies and parties involved. In most cases, a normal people can’t wait that long to get the money, for many reasons. Therefore, they may think there is nothing they can do. However, considering a settlement loan is a good choice for many. These can be given out by many loan companies and are different from banks. The loan company will work with your attorney to find out the risks involved of loaning the money. Mainly, they will want to see how good of a chance you have of winning. If they agree you will win your case, they will loan you money after determining the amount and length of time for repayment, along with fees and interest. You will sign a contract and promise to pay off the loan if you win your case. If you don’t win, you are not required to pay back the loan.
Reasons to Need a Loan or Funding
You could need a lawsuit settlement loan for any number of reasons. Most people use the loan because they need money to pay their bills. These bills can be regular home bills, such as utilities, water, trash and sewer or can be medical bills incurred because of a lawsuit. In some cases, getting daily needs items, such as groceries, shampoo, deodorant and bathroom tissue may be your reason for needing the loan.
Questions to Ask Yourself
One thing many people don’t consider is how long you will be waiting for your settlement. Nothing is set in stone, but you should have a general idea of how long it will take to reach a conclusion by talking with your lawyer. If you only have a few months to wait, it shouldn’t be a problem getting a loan. However, if you think you’ll wait for a very long time, you might want to wait on getting a loan so that you don’t pay more in interest and other fees.
You may also consider asking others for help. There are many charities out there willing to help you pay heating bills or rent, and you may be able to ask a family member for a loan. It would definitely be less expensive to ask others for help, though this isn’t an option for many people.
If you are waiting for a lawsuit settlement, you may still be in need of money soon. Consider Resolution Funding, as they can help you get money now that can be paid back after your lawsuit is won.