When you are facing a lawsuit, you may already be worried about the costs of your injuries and the penalties if the other party countersues and wins. Your financial health may be on the line, and if you are not prepared for your lawsuit, you may be worried about paying out of pocket for your needs. Worse, you may be concerned about getting legal support for your case at all.
You may have wondered, “Can you pay for legal fees in Georgia with a personal loan?” While it may be possible, you may have other, better options with Silver Dollar Financial. Reach out to our team to learn more about what a personal loan can mean for your case, your options for Georgia pre-settlement funding, and what you can expect from your legal team.
Is a Personal Loan Right for Me?
When you are hurt and seeking a lawsuit, your finances may be on the line, so what about a personal loan? You may not have the money on hand to pay for legal services, so you may be considering your other options. However, a personal loan is not always the best choice for every plaintiff in need of compensation.
Before you file for a personal loan, consider your potential sources for financial support. Personal loans come with certain advantages and disadvantages, which may change depending on the specifics of your financial health. Reach out to us for help understanding your specific case and your options.
Get the Lump Sum You Need Now
When you need a significant amount of money upfront, a personal loan can provide that as soon as possible for any reason. Many personal loans offer same-day funding, providing you the coverage you need when you need to pay your legal fees now. That can give you the upfront support you need when your costs feel overwhelming.
Even better, it may be a more affordable option than others, like using your credit card. Depending on your interest rate offerings, you can expect a fixed rate that will not lead to nasty surprises, like a credit card can. For an unsecured personal loan, you can also expect to pay no collateral, meaning your assets are at less risk than other options may provide.
You May Be Overwhelmed by Interest
While getting your money upfront may seem like a great help, it can hurt you financially when it is time to pay that loan back. Interest leaves you paying more than you initially needed for your loan. Worse, interest rates may be high if you have bad credit, potentially leaving you in debt for your needs.
That can hurt your finances for years to come, and if you miss a payment, it can be disastrous. Late fees, harassment from creditors, and other consequences can make this option feel less worthwhile. Fortunately, you have many choices if a personal loan may leave you struggling with debt.
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You Can Find a Lawyer Who Works on Contingency
The good news is that you may not need a personal loan to cover the costs of your attorney. If you are filing a personal injury claim especially, you may be able to work with a lawyer on a contingency basis. This payment plan offers you the option to base your fees on the success of your claim.
That means you only pay a certain percentage of your lawsuit’s value, not a flat rate. For example, if you and your lawyer agree to a 20% rate, and your claim settles for $1 million, you may need to pay $200,000 from that million-dollar sum. However, if you agree to the same rate but only win $100,000, your lawyer would receive $20,000 of the compensation won.
It also means that if your claim is not a success, you do not have to pay anything. Lawyers working on a contingency fee basis typically do not charge you for services that do not lead to the success of your case. Because of this, you may not need to worry about your legal fees if your claim does not result in compensation.
Opportunities for Pre-Settlement Funding
Contingency fees may mean you do not have to worry about the costs of your attorneys. However, you may still have many expenses and fees that you cannot cover on your monthly budget, but your compensation may pay. In these cases, you may qualify for pre-settlement funding, a type of loan specific to legal issues. This funding can provide you with the financial support you need during your recovery and lawsuit.
When you apply for pre-settlement funding, you and your lawyer will fill out an application about your case, including the compensation you are seeking and the likelihood of success. The funding company will then review the application. Once you are approved, you may receive your funding as early as that same day.
This option may be great for you because our rates are fixed, including an annual fee rather than a loan that is constantly building interest. Much like those on contingency fees, you also only pay if you win. That keeps lawsuit loans as affordable as possible for those dealing with a complex lawsuit.
Get Financial Security While Filing a Lawsuit
When filing a lawsuit, you may be worried you will need to seek out a loan. While this may work for some, you may have other, better options that may be right for your financial health, including pre-settlement funding. With the right plan, you can focus on your case without sacrificing your financial health.
If you are struggling to deal with the financial impact of a lawsuit, reach out to the team at Silver Dollar Financial. We offer consultations about our services so you know what to expect and whether you may be qualified for a lawsuit loan. To learn more about pre-settlement funding, do not hesitate to reach out by calling or filling out our online contact form.