When you file a Michigan personal injury lawsuit, it can take months or years before you get compensation. During this period, it can be difficult to pay your medical bills and other expenses associated with your injury. Fortunately, you can request a lawsuit loan to help you cover your day-to-day expenses.
At Silver Dollar Financial, we offer quick, easy access to Michigan pre-settlement funding. To learn more, please reach out to us. We can teach you about our lawsuit loan options.
Why You Should Consider Pre-Settlement Funding in Michigan
There are many instances in which you may benefit from applying for a pre-settlement loan. These include:
Following a car accident, you can be forced to deal with medical bills, vehicle repair costs, and other expenses. You can file a lawsuit against a negligent driver responsible for your accident. Also, you can request legal funding that you can use to pay various expenses until your lawsuit is settled.
A negligent bus driver can cause an accident in which you or other motorists are injured. After your bus accident, you can sue the driver and their employer. Meanwhile, you can get a pre-settlement loan that helps you pay your bills while your lawsuit moves forward.
You can buy a product with the expectation that it will work properly. Even if you use this product as instructed, you may suffer an injury that prompts you to file a product liability lawsuit. A lawsuit loan gives you money you can utilize for the duration of your litigation.
The team at Silver Dollar Financial can explain the different types of lawsuit loans we offer and their benefits. For more information, please get in touch with us. Our team can help you review your pre-settlement funding options and choose one that aligns with your best interests.
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How to Apply for a Lawsuit Loan
You may be tempted to find out how a personal loan works and apply for this financing if you are dealing with a personal injury caused by someone else. A personal loan gives you money but can be costly in the long run. Ultimately, if you apply for a pre-settlement loan, you can evaluate this option versus other financing options and figure out which one works best for you.
The process to apply for a pre-settlement loan is quick and easy in comparison to the one you will need to complete for a personal loan. A lawsuit loan company only requires you to submit your contact information and details about your case. Comparatively, a bank or credit union may ask you for your credit and income histories and other information that prolongs the application process.
If you are approved for legal funding, you can get your money right away. Once you accept a lawsuit loan quote, your lender sends your money, and you should expect it within days. You can then use your money without restriction.
When to Apply for a Pre-Settlement Loan
In Michigan, there is a three-year statute of limitations for personal injury claims. As soon as you suffer a personal injury, you should file a lawsuit against anyone responsible for it. Otherwise, you risk losing the chance to seek damages.
Your attorney can submit your request for pre-settlement funding after you file your lawsuit. If you receive a lawsuit loan, your lawyer will remain in contact with your lender. Your attorney will notify your lender when your case is resolved.
Typically, the application process for lawsuit funding takes just a few minutes to complete. You can submit your application online or over the phone. If you need help with your application, a lender can connect you with its pre-settlement funding specialists.
How You Pay Back Your Lawsuit Loan
If your personal injury lawsuit is successful, you will receive a settlement. Your lawsuit loan provider deducts what you owe for your pre-settlement funding based on this amount. After this happens, you receive the remainder of your settlement.
Your lawyer handles the entire loan repayment process. When your case is settled, your lawyer gets a check from the defendant. Your attorney subtracts your loan amount from this settlement, sends your lender a check, and gives you the rest.
There can be times when you and your attorney fight hard but come up short in court. If this happens, you may receive no compensation. When you get a pre-settlement loan but lose your case, you are under no obligation to pay back your legal funding.
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When You Can Avoid Repaying a Lawsuit Loan
Unlike a personal loan, pre-settlement funding is classified as a non-recourse loan. Your funding is based on your projected settlement, and your lender accepts full responsibility for it. Therefore, if your case is unsuccessful, your lender covers your loan balance.
For example, you can file a car accident lawsuit, and you and your attorney can work together to make your argument as strong as possible. You may receive a lawsuit loan worth thousands of dollars based on your case. However, if you and your lawyer lose your case, you keep your legal funding.
If you want a risk-free loan, pre-settlement funding may be right for you. A loan company takes 100% of the risk with lawsuit funding. If you do not achieve your desired case result, your funding provider does not penalize you for it.
What to Look for in a Pre-Settlement Funding Company
If you are considering legal funding, look for a pre-settlement loan company that has plenty of experience. This company has a staff in place that wants to help those involved in personal injury cases in any way they can. It can provide you with personalized loan options based on your case.
It is beneficial to speak with a pre-settlement loan specialist as well. You can provide the specialist with details about your case. Then, the specialist can explain lawsuit funding in detail and help you decide if a legal loan is right for you.
Silver Dollar Financial is available to discuss our legal funding options with you. To get started, please contact us today.