Personal injury plaintiffs have to pay numerous financial obligations each month, including utility bills, medical bills, child support, car payments, and mortgages. Just because your life has been suddenly halted by an accident injury doesn’t mean your everyday expenses will decrease. What’s more, you will face insufficient funds along with these expenses when missing work for an extended period of time.
This is where legal funding comes in. It can give you significant financial relief while you’re waiting for a settlement. A lawsuit loan should not be confused with traditional loans. It’s a cash advance that allows you to get money while waiting for your personal injury case to be settled.
As a plaintiff, you should keep these tips in mind when shopping for a lawsuit loan.
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Understand How Lawsuit Loans Work
Just as with other types of financial transactions, it’s advisable to know how things work when applying for legal funding. As you probably know, it may take a few months (or sometimes a few years) for the legal process to reach the trial.
While waiting for personal injury settlement, you have to pay for various bills in the meantime. No matter what you’re fighting for, your trail is likely to be stressful and time-consuming. A lawsuit loan will make your life a whole lot easier. Here’s how it works:
- Find a trustworthy legal funding company
- Fill out a loan application
- Consult your lawyer
- Get approved for a lawsuit loan
- Sign the loan agreement
- Get pre-settlement funding
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Look for Reliable Lawsuit Loan Companies
These days, lawsuit loans are heavily advertised by a growing number of pre-settlement funding companies. Your business first instance of legal funding is important, don’t rush into choosing the first legal funding company you come across.
In addition to meeting your needs, a reliable lender is one that answers your questions and requests immediately. When searching for the best legal funding company, consider the following things:
- Fees
- Interest rates
- References
- Transparency
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Talk to Your Lawyer About a Legal Funding
Remember that your lawyer is a vital link between the legal funding company and you. By the way, every lawsuit loan company will require the participation of your attorney when reviewing and finalizing the transaction. For instance, your qualification for Uplift legal funding will depend largely on the cooperation with your attorney besides the stage and quality of your case.
Speak to your attorney openly about everything relevant to your case and loan. Feel free to ask for advice. Your attorney will also point out to possible prospects you’ll get upon settlement.
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Talk to the Legal Funding Company
If you have any questions and doubts, don’t hesitate to contact other lending companies. Clarify all the ambiguities before applying for a lawsuit loan. Ask about their history, references, as well as additional info on their fees and interests.
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Request for Proposal
Fight for justice and do not give up. At the same time, your lawyer will fight for the best settlement. Ask for a proposal when negotiating your personal injury settlement. You will want to maximize your settlement and get the most out of your claim.
Final Step: Get Your Lawsuit Loan
Once you get approved for a lawsuit loan and sign a contract, all you need to do is wait for loan funds. It may take up to 48 hours. A lawsuit loan will give you more freedom and an extra breathing room. Get funds and start to breathe again!
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