There are more than 135,000 personal injury lawyers employed throughout the United States. In 2019, civil court case filings increased by three percent, fueling the need for these lawyers.
These statistics show the vast number of people awaiting personal injury settlement claims or similar. If you’re awaiting a settlement of your own to pay for medical bills, property damage, and living expenses, you’re far from alone.
While awaiting their settlements, many people choose to use lawsuit loans. But what are they, and what do you need to know about them? Continue reading to find out.
What Are Lawsuit Loans?
Lawsuit loans, at their core, are an advance on the money you may win in a settlement. While you can’t get an advance on the total amount of your compensation, you can get some of the money. This helps many people who are having trouble financially while awaiting their settlement funds.
No Repayment if You Lose
One of the biggest concerns people have is repayment in the event they don’t receive a settlement. The good news is that you aren’t obligated to repay a settlement loan if you don’t win. This means you won’t be further burdened financially should the outcome not be in your favor.
Your Credit Score Doesn’t Matter
Unlike traditional bank loans, a credit score isn’t a major deciding factor in a lawsuit cash advance. Instead, heavier weight is placed on how likely you are to win your settlement. For the highest approval odds, it’s essential to work with the best lawsuit loan company available to you.
Not Everyone Qualifies
Although approval considerations differ from traditional bank loans, not everyone will qualify for a lawsuit loan. The decision is up to each unique lending company. Some may not be eligible for a loan from one company but could be approved by another.
Can Help You Keep Financially Afloat
Injuries due to car accidents or the negligence of another can become expensive. Fixing property damage from accidents can be as costly, if not more. Lawsuit loans can help you keep financially afloat when money isn’t available for these things or necessities like rent or mortgage payments.
More Time To Negotiate a Fair Settlement
People will sometimes settle for less than they should because they need money quickly. Using a lawsuit settlement loan can help buy the time you need to negotiate a fair settlement. Sometimes it’s simply a matter of holding out long enough for the other party to make a reasonable offer.
More Questions About Lawsuit Loans?
Although not everyone qualifies, lawsuit settlement loans can help many people stay financially afloat while awaiting a fair settlement. It’s essential to find one of the best available lenders for the highest chances of approval.
Do you have more questions about lawsuit loans?
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