You can use a personal loan to cover the legal fees associated with your Florida personal injury case. Getting a personal loan may seem like a good idea at first. However, Florida pre-settlement funding may prove to be a superior option.
At Silver Dollar Financial, we make it easy to get a lawsuit loan based on your Florida personal injury claim. Our team can go over your legal funding options with you and explain why they may be better than the personal loan options provided by banks and credit unions. For more information about our pre-settlement loans, please get in touch with us.
Personal Loans May Be More Trouble than They Are Actually Worth
You can request a personal installment loan at any time. The loan gives you access to money that you can use however you choose. On the other hand, there are many issues that can come up when you request a personal loan, such as:
Damage to Your Credit
A bank or credit union will check your credit when you apply for a loan. When it does, it can run a hard credit inquiry that hurts your credit score. This negative hit can lower your credit rating, regardless of whether you are approved for a loan.
High Interest Rates
If you have never requested a loan before, you may be forced to pay an outrageous interest rate on your loan. Or, if you have few assets or a low credit score, a bank or credit union may require a high interest rate. In any of these scenarios, exorbitant interest rates can force you to pay hundreds or thousands of dollars on top of the actual amount that you receive from your loan.
You may get charged a one-time origination fee at the beginning of your loan. This fee is a processing fee that a bank or credit union charges you to take out your loan. It typically costs anywhere from 1-10% of your loan amount.
Many Eligibility Requirements
Lenders are strict about personal loan requests. If you do not meet all of a bank or credit union’s requirements, they will reject your application. Alternatively, a bank or credit union may accept your request and require you to pay a high interest rate.
You can get charged penalties if you do not pay your personal loan in accordance with your lender’s terms and conditions. In some cases, a bank or credit union can charge prepayment penalties on personal loans, too. Thus, it is crucial to review all of the terms and conditions associated with a personal loan before you move forward with one.
The team at Silver Dollar Financial understands the problems associated with personal loans. To help you avoid these problems, we offer legal funding with competitive interest rates and other perks you will not find with personal loan options. To learn more about our lawsuit loans, please reach out to us.
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You Can Find a Lawyer Who Works on Contingency (and Get a Lawsuit Loan)
If you have concerns about the costs associated with your personal injury case, help is available. For example, you can hire an attorney who works on contingency, which allows you to avoid legal costs until your case is settled. Meanwhile, this lawyer is likely to do everything they can to help you get the most money possible. Otherwise, they will not get paid for their legal services.
When an attorney operates on contingency, they take 100% responsibility for your legal fees. You are responsible for paying these fees only if they win or settle your case. At this point, your lawyer deducts the cost of their fees from your settlement, and you receive the remainder.
Of course, once you hire a lawyer, you can pursue a lawsuit loan, too. Your lawyer can help you evaluate different types of legal funding. If you accept a pre-settlement loan, they will serve as the liaison between you and your lender for the duration of your litigation.
Pre-Settlement Funding Provides Financial Security
You may hope for the best during your personal injury lawsuit, but there is no telling how your case will turn out. Thanks to a lawsuit loan, you can protect against the worst-case scenario. Pre-settlement funding gives you financial protection that you cannot get with a personal loan, and there are several reasons why.
With a personal loan, you are required to repay the full amount, even if you do not get a settlement in your personal injury case. Comparatively, a lawsuit loan is contingent on your payment. If you do not get compensation, you are under no obligation to repay your legal funding.
Along with this, getting a lawsuit loan will not affect your credit. You can apply for legal funding without a credit check or a review of your financial history. Instead, a pre-settlement loan company focuses solely on the facts of your case.
It does Not Take Long to Get Approved for a Pre-Settlement Loan
A bank or credit union may need several business days to review your personal loan request. Conversely, a legal funding company can quickly respond to your loan request. The company has a seamless application process in place, ensuring you will not need to wait too long to get approved.
When you apply for pre-settlement funding, you do not have to pay an origination fee or any other charges. You can fill out the application for your lawsuit loan online or complete it over the phone with a legal funding specialist. From here, you should expect a personalized pre-settlement loan quote within 24 hours.
If you accept a pre-settlement loan quote, you will get your money right away. You can use your money for your legal fees or other expenses. There is no need to pay back your loan unless your case is successful.
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Explore Pre-Settlement Funding Options for Your Florida Legal Fees Today
Silver Dollar Financial is proud to offer lawsuit loans for Florida personal injury cases. We can teach you about our pre-settlement funding options and help you get a loan that lines up with your expectations. To find out more, please contact us today.