Lawsuit loans are also called pre-settlement loans, lawsuit cash advances or lawsuit funding. They are a piece of the little known field of legal finance and are meant to aid in relieving the financial strain, for you and your family, brought on at the time you're pending winning certain types of lawsuits. Lawsuit Loans permit financially strapped plaintiffs to acquire an advance on a potential settlement in order to make payment on costs such as legal fees and living costs. They can render a much needed financial quick-fix if the purpose of the lawsuit leaves you low on funds.
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If you're hurt in a collision, what usually occurs when you anticipate a settlement is you wait for your medical care and wait even more so you can get well. Then you are required to hold on until your case is settled or goes to litigation and if you gain victory then you hold on a while longer to get what you've won! In the interim, nothing else is going to wait for you. The rent or mortgage still has to get paid, your bills do not care that you just won a case, your belly still rumbles when you're starved, and if you're not unlike me you perhaps enjoy running water and electricity. Bottom line life does not wait!
Now the good thing about lawsuit loans is that they are not even in fact loans. Meaning, you do not need to pay anything back if you do not win your case. If you do win, the company that granted you the advance will take a portion of your earnings, anywhere from 10-15% on average. If you think that is big, take into account that you're inclined to get next to nothing from the insurance company directly. Individuals who obtain an attorney to represent them win about 5 times as much money on average. They will even pay attorney fees if you have a firm case. This basically removes any gamble for you and lets you afford an attorney to go after a case for you.
To put it in a nutshell, this form of legal finance is not based on previous credit or bankruptcy status and really isn't a loan at all since there is no payment if you do not win your case. A better term for it is probably "lawsuit cash advance". A lawsuit loan can produce a very appropriate financial solution to help with those annoying bills while you're waiting for payment. Lawsuit funding businesses take the risk out of defending your rights and reaping the payment you have coming.
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