Banking on Success: Lawsuit Loans
When an accident caused by another leaves you injured, you may be entitled to some financial compensation. There are several forms of money damages in most personal injury situations, and it's easy to see why. An accident that involves bodily harm, such as a car accident, could have widespread effects on your life. For example, if you were hit by a careless driver, you might need payment for medical expenses, pain and suffering, lost wages, lost personal property, mental trauma, and more. The stronger your case, the more likely it is that you will qualify for a special type of financing aimed at those about to win a lawsuit. Read on to learn more about lawsuit loans.
Bridging the Gap
It can take weeks, or, in some cases, months to settle a personal injury lawsuit. If the case goes to trial, you might be looking at a wait of up to a year before you can expect to receive any of the money you are entitled to as a result of your personal injury. Unfortunately, your financial obligations won't wait that long, and bills from unpaid medical claims and related expenses can pile up. When you add all that to the time you've had to miss work because of the accident, you are probably looking at some dire circumstances. What you must never do, however, is accept an inadequate settlement because you are desperate for money.
The Merits of Your Case
The lawsuit loan was imagined as a way to assist accident victims who have a case or claim pending. If you have a worthy case, you may be offered a loan. This money can be used for whatever you wish—legal fees, mortgage payments, or any need you might have. The best thing about this type of loan is that you won't have to pay the money back unless you win your case. Naturally, the lenders who underwrite these loans are also well versed in civil law and are able to evaluate lawsuits before they extend a loan. Usually, your case is judged on the following points:
- The amount of money you are asking for in damages.
- The evidence of your losses and your ability to prove fault in the case.
- Your attorney's experience and record.
What Else to Know
Use care when using a lawsuit loan since the industry is new and largely unregulated. Scrutinize the offer carefully, note the fees and interest charged for the service, and don't proceed without your attorney's approval. Don't allow your settlement to be squandered by using this service. If this applies to you, speak with your auto accident attorney about lawsuit lending for more information.