If you have been injured in an accident caused by the recklessness, inattention, and negligence of another, then you have the right to sue them. The first step is to contact a personal injury lawyer and describe the details of the accident and the injuries you have suffered.
The injuries you have suffered may have thrown your life into upheaval and they may have been serious enough to put you on your back for months. Many hard-working people cannot afford to go so long without wages or salaries. There are bills to pay, and the medical expenses you have incurred because of your injuries will only increase the burden.
Delayed Settlements
The lawsuit you filed may have been against your insurance company or the insurance company of the person responsible for the accident. Your legal team may have gathered a great deal of solid evidence to support your claim, but it takes time to settle such suits. The defendant can use a variety of tactics to delay the proceeding, in the hope that you will give up the suit or accept a lower sum of money. Your own lawyer may need more time to gather evidence that strengthens your case so that you can maximize the amount of money you get from the insurance company.
No matter the cause of the delay, it can lead to tremendous anxiety and stress. Although the money from your settlement is delayed, the bills that you receive are not. You must still meet your financial commitments while waiting for the money from your lawsuit.
Settlement Loans
The best way to resolve this problem is to take out a settlement loan. The Legal Funding Group is a lawsuit lending company that will loan you money against the expected sum you are to get from your settlement. You should speak to your lawyer about making this decision. If they are confident that the settlement will come through, then The Legal Funding Group will be willing to work with you to get a settlement loan. It is essential to secure your lawyer’s support since their cooperation makes the approval process quicker and we will need the details of the case before lending you the money. Our team of legal experts will discuss the details of the case with your lawyer.
The Process of Taking Out a Settlement Loan
Here is the step-by-step process of receiving a settlement loan from The Legal Funding Group:
The Legal Funding Group will present you with a contract that stipulates your obligation to repay the loan when the settlement comes in. You and your attorney must sign this document. If your attorney agrees to cooperate with us, they will become a trustee for the latter’s financial interest, committing themselves to ensure the lender gets paid before you receive the money.
No other collateral other than the prospective settlement award is needed to get this loan, nor will you need to go through a credit check. The only thing that matters is the value of the prospective settlement.
If the settlement falls through, if you somehow fail to recover anything from the lawsuit, then you will owe the lender nothing. This may seem unrealistic, but it is nevertheless true. Settlement loans can only be repaid out of the proceeds from a judgment. You cannot be made personally liable if the case you have pursued against the respondent falls apart and no deal is reached. That is why settlement loan companies take such a keen interest in the details of the case; they assume most of the risk. These companies will not make a loan until they are convinced that the circumstances of the case strongly favor your side.
Once our team decides to loan you the money, we will give it to you within as little as 24 hours. You will not be required to make any payments until you have received the money from your settlement.
You should know that most lenders charge a funding fee of 2%-4%. This is perhaps the only risk you will incur. If the lawsuit is dragged out for months or years, you may have to pay back more in interest than what you borrowed. There is even a chance that the repayment could take up most or all of the settlement money. That is why you should consult with your attorney before making this decision. They will know best when the settlement is likely to be concluded.
Is Taking Out a Settlement Loan Worth It?
Being out of work because of your injuries will put you in a difficult financial position. However, you do not want to make a bad situation worse by taking out a loan hastily. You must weigh the likely value of the settlement you are to receive with all the expenses associated with the lawsuit and the settlement loan.
When your case is finally settled, the following expenses must be paid before you receive your money:
- The fees for your attorney
- Litigation expenses, which include court costs, filing fees, and the like
- Fees for private investigators and expert witnesses
- Medical bills
Only after you have settled these bills will you be able to pay off the settlement loan. You should take all this into consideration before deciding to take one out.
Do You Need a Settlement Loan?
Here at The Legal Funding Group, we work with both plaintiffs and attorneys on getting funding for their pre-settlement and post-settlement lawsuits.
Call 912-777-3997 or fill out a quick and easy online application.
