When the time comes to hire an attorney in Texas to help with a personal injury claim, you may be wondering how you are going to pay them. If you are out of work, with pain and limitations on your quality of life already, you may be unsure what legal options you have for getting the representation you need affordably. You may be asking, “Can I pay for legal fees in Texas with a personal loan?”
A Personal Loan Could Be an Option for You
A personal loan is one of several funding options that may be available to you to pay for your legal needs in a personal injury case. A personal loan is typically an unsecured loan paid you borrow with the promise to repay later with interest. As a loan, you must repay the funds later but could use the money now to cover your legal fees in Texas.
Personal loans of any type provide you with cash to use upfront to meet your needs now, but they also come with some risk. First, obtaining a loan can be hard to do if you do not have proof of income to show you can repay the borrowed funds or a credit score to show you are worthy of borrowing. More so, you will need to pay back the loan in all situations, whether you win a settlement or not, which can be financially challenging to some.
As you consider the ways to borrow money to pay for legal fees in Texas, there are a few more options to consider. Many people will find that while they can obtain a personal loan to pay legal fees in Texas, this is not always the best option for them. Consider several alternatives to this type of often limitedly accessible loan option.
Hire an Attorney Who Works on a Contingency Basis Instead
Instead of borrowing money through a personal loan with a high interest rate, consider obtaining legal services from an attorney who works on a contingency basis, also known as a no-win, no-pay attorney. That means if you do not win your case, you do not have to pay the attorney anything. Moreover, they do not charge you anything now, during the lead-up to your settlement, meaning you do not have to worry about costs like legal fees right now.
Consider Your Home Equity
A home equity loan is a type of secured loan that could help you cover your legal fees in Texas, but it also puts that risk on your home. That means if you default on the loan, the lender could pursue foreclosure on your home to get their money back. Also, note that many home equity loans are not available to those who do not have a steady source of income to prove they can make payments over time.
Use a Pre-Settlement Loan to Help with Other Costs
If you are working with an attorney on a contingency basis for your personal injury case, you can also tap into a pre-settlement loan to help you cover the costs of daily living that you have, such as your medical bills or rent. This type of loan offers key benefits, including no income or credit verification. You also do not repay the funds if you do not win your case.
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Use a Contingency Fee Lawyer with Pre-Settlement Funding
One of the best ways to get the money you need right now if you are out of work but need legal representation is to turn to a pre-settlement loan and hire a no-upfront-fee attorney. The contingency-based attorney will provide you with the legal services and support you need now, and you do not have to pay anything upfront for that help. Then, the pre-settlement funding can help you to meet your other obligations.
This setup is ideal for several key reasons, including the simple fact that you are able to keep your costs low and your risks virtually eliminated. You do not have to pay any attorney fees right now for your well-qualified personal injury attorney, which keeps more money in your pocket. You can then supplement that with a settlement loan, which gives you money you need for any other needs, and you can use it to meet any financial obligations you have.
When choosing any type of structure to borrow money for attorney fees, always consider the cost and the availability of funds. If you are unable to make payment when it comes due, what could that mean for your future? Limit those risks with a pre-settlement loan and a no-fee unless you win an attorney for the best possible results.
How Much Can You Obtain from a Pre-Settlement Loan?
A pre-settlement loan can be 10 to 20% of the expected settlement you are likely to receive from your personal injury case. There is no collateral needed for this type of loan, but the lender will look at what they expect you to receive in the settlement if you win your case to determine how much they can lend to you. For some people, this can range from as little as a few thousand dollars up to $100,000 or more, depending on the lender and the circumstances.
How Our Team at Silver Dollar Financial Can Help You Now
When you need to pay for legal fees in Texas with a personal loan, do not settle for just any available funds that may be available to you, such as an unsecured loan or home equity loan that puts you at risk. Instead, request a free, no-obligation quote from Silver Dollar Financial and find out how much money we can loan to you – with no risk of repayment if you do not get paid in your settlement. It is faster and easier than you think to get the money you need, and when you work with a contingency fee attorney, your risks of being in debt later are eliminated.