You may be struggling with injuries caused by another party, and you are unsure how you are going to get the compensation owed to you. The problem is that you may not have the cash on hand to pay for an attorney out-of-pocket.
Here is a question that we often hear: “Can I pay for legal fees in New York with a personal loan?” The answer is yes, but there may be other alternatives for funding you can acquire.
What Are the Options for Paying for a New York Attorney with a Personal Loan?
There may be some lenders who offer you a personal loan to help you cover the cost of your legal fees. However, this is not always the case. This is often dependent on:
- Whether you have collateral to back up the loan
- If you have a good credit score that meets the lender’s requirements
- If you have proof of steady income
- Whether you have proof of regular employment
- Other qualifications and references
Many lenders offering personal loans will provide the loan to you. You can then use the funds to meet your legal obligations or any other need. Talk to Silver Dollar Financial today about your options. Read through our client testimonials to find out how we might be able to help you.
Know the Risks Involved in Loans for Legal Services
The biggest problem here is that sometimes you will not win your case. If that happens, but you have taken out a personal loan to help pay for your legal services upfront, you still owe that money. You will have to pay it back in some way, and that often means you will pay back interest on top of the amount borrowed.
This can become financially stressful and, in some situations, impossible if you cannot work due to injury. In short, using a personal loan for legal fees may be an option for you if you meet the borrowing requirements set by the lender. If you qualify, remember that you will need to repay the loan no matter what happens in your case.
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Consider a Contingency Fee Attorney Instead
A better option for those with a personal injury in New York is to hire an attorney who works on a contingency basis. That means you provide the attorney with information about your case, agree to work with them, and then only pay the attorney if you win your case. In this method, you reduce the risk that you have to pay anything for the legal services you need now. If you do not win, you do not have to pay.
There are a lot of benefits to hiring an attorney and paying based on a contingency fee. Yet, it is important to understand how this works.
Examples of Fee Arrangements
For example, instead of paying an hourly fee for the legal services you obtain, you will pay a fee that is often a percentage of the settlement you win. If you win a little or a lot of money, the cost is based on that percentage. Your attorney should provide a breakdown of the costs.
You should have a good idea of what you will have to pay in any other fees as well. Make sure you research all possible fees before signing a loan. There are benefits to hiring a contingency fee attorney:
- You do not have to pay anything right now for your consultation or attorney costs.
- You pay a percentage of what you win in a settlement. That means you never pay more than you expect.
- Attorneys do not receive payment if they do not win your case. That means they are likely to work hard to ensure you get the best chance at compensation possible.
Consider a Pre-Settlement Funding Option
What if you need money now for more than attorney fees? This is a common concern that many people have. If you are out of work and facing a stack of medical bills, it may be critically important for you to have access to money now.
It may seem, then, that a personal loan could be helpful. Yet, qualifying for one while you are out of work will be hard to do. An alternative to this could be using pre-settlement funding.
This will provide you with the financial security you need while you are pursuing a lawsuit. This is where Silver Dollar Financial can offer you the help and guidance you need. When you obtain pre-settlement funding from our legal team, you can secure a loan that provides you with access to money you can use for anything you need.
Benefits of Pre-Settlement Funding
Whether you need to pay for attorney fees in New York or day-to-day expenses, you can do so with pre-settlement funding. Silver Dollar Financial can help you acquire the funds you need to move forward. There are a few key benefits you should know about pre-settlement funding from our team:
- You apply without any credit check. You never have to worry about a request for personal information, employment records, assets to use for collateral, or any type of income verification. You do not have to have a job.
- You get fast approval. Typically, you are able to get a settlement advance loan in a short amount of time, often just 24 hours after applying for it. It is that fast.
- You get the money fast. You are able to get the money you need quickly, so you can use it for any need you have.
If you do not win your case to receive a settlement from the case, you do not have to repay the settlement loan. That means that you have used those funds for any need you have now while waiting for your settlement. Yet, if something happens and you cannot secure a settlement, you do not have to pay back anything.
Apply Now for Pre-Settlement Funding
Reduce Your Financial Risk with a Pre-Settlement Loan
You can pay for legal fees in New York with a personal loan, but using a contingency fee-based attorney and a pre-settlement loan may be the better option in your case. It may provide you with the financial compensation you need to move your case forward and relieve the financial stress you are facing right now without putting a financial burden on your future.