Lawsuits are nothing new for people living in the U.S, and they have become even more common nowadays. You could face lawsuits for various different reasons like neglect, wrongful death, personal injury, sexual harassment, class action, civil rights, and many other such things. In many cases, people have even misused the laws to extract money from others, which is by making false allegations. Whatever may be the reason these court cases can drag for many months.
If the lawsuit is related to personal injury or wrongful death then it may dent your financial condition. In case, you are trapped in such situation, you may opt for loan for pre settlement of lawsuit.
What is lawsuit loan?
It is not too difficult to understand the concept of lawsuit loan. Certain companies like Trial Funder Inc provide cash loans to plaintiff and when the case is won they can return back the loan with interest. However, these companies offer loan only for those cases, which have maximum chances to win so that their risk is reduced.
Therefore, every lawsuit may not get such loans. The reason being that if the plaintiff loses his case then he need not pay back the loan amount. Therefore these loan providers are very careful while offering their loan and most of the lawsuits get rejected.
Interest and fees for lawsuit loan
In order to make some income from these loans, the company charges very good amount of fees and interest for offering such loans. The fees can be anything from $ 100 to $ 7000 depending upon the case and the rate of interest may be anything between 3 to 9 per cent per month. Also, to start with 10 per cent of the loan amount is provided and the rest is settled when the case is won.
How to get your loan approved?
The approval for this kind of loan is a bit different from other traditional loans. For such loan your income, employment or credit history is not considered during the approval process. The main criteria for approval of such loan are based on the chances of winning the case.
Therefore, if you approach any loan provider through their website trialfunder.com then they will study your case and review it through various legal experts and also consult your attorney. Therefore, if you want your loan to be approved smoothly, you must inform your attorney that you are applying for lawsuit loan.
The view of your attorney will play very important role in getting the loan approval. You can also discuss with your family members before applying for the loan so that they are aware about the consequences of taking such loans.
If you are looking for lawsuit settlement loan then you may contact Trial Funder Inc. who has helped many plaintiffs to fight their case. Also, there are no risks associated while applying for the loan. Their intention is to provide financial assistance to the clients, which helps them to make it through the difficult times.