When you are facing a personal injury, and you know you need an attorney to help you get the compensation owed to you, what do you do? For those out of work and struggling with injury, paying an attorney does not seem possible. Can you get a personal loan to pay for a lawyer?
Funding Options to Pay for a Lawyer
There are a few ways to pay for an attorney if you are facing any legal matter. Personal injury cases are a bit more unique in that they offer a range of opportunities for you to get an attorney in place right now who can start helping you even before you can pay them. There is a lot on the line, so it is worth exploring your options.
The key to remember before choosing any type of funding to pay for a personal injury lawyer is the risk. You may have to pay your attorney no matter if you win your case or not (depending on the structure of your agreement). You should also know how much you are likely to have to pay before heading into any transaction.
The good news is that there are several ways you may be able to obtain a personal loan or use other tools to help you get the legal representation you need during this process. It is always a good idea to ensure you have explored all options. The following are some opportunities to think about as you do so.
An Unsecured Loan from a Personal Loan Lender
If you have income and a good credit score, you may qualify for a personal loan from a traditional lender. These loans can be hard to obtain, especially if you do not have income to verify your ability to repay them. When available, the interest rate could be high, and that could mean you are stuck with a lot of debt and high interest when the time comes to repay them.
Look for an Attorney that Operates on a Contingency Basis
An alternative option is a contingency-based attorney, one that does not require you to pay anything upfront or anything if you do not win your case. Many personal injury attorneys offer this structure because individuals simply do not have the income to pay for their legal needs now but will once they obtain their settlement. Seek out a contingency fee-based attorney who does not charge you anything right now.
Consider Tapping into a Home Equity Loan
Home equity loans use the value of your home as a way to pull funds to use for any need, and while this could work, you will need to have a good credit score as well as proof of income to verify you can repay the loan. It also adds a lot of risk to your home should you default on the loan (and that could include losing your home). Without a doubt, a home equity loan will cost less than some personal, unsecured loans, but it carries significant risk.
Pre-Settlement Funding Is an Option
Another option is pre-settlement funding, which is what Silver Dollar Financial offers. We provide you with the money you need now to pay for the legal costs and other needs you have, and you pay it back after you win your case. This gives you access to the financial support you need now as you wait for your case to come through.
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Why Pre-Settlement Funding Offers Some Clear Advantages
Pre-settlement funding is a type of lawsuit loan that allows you to get money in hand quickly, even in as little as 24 hours. You can use those funds for your legal fees, day-to-day costs, your mortgage payment, or anything else you need. Typically, you can obtain a percentage of the expected amount you will receive in your settlement later.
There are some advantages to using this type of borrowing structure, especially the fact that you do not have to repay the money if you do not win your case. That means you do not have to worry about paying for attorney fees or other costs if you do not get the settlement you are counting on. For many people, that is a critical benefit if they are unsure of what could happen in their case or how much their settlement may be worth in the long term.
Pre-settlement funding, like what we offer at Silver Dollar Financial, is a tool to empower you to get the financial support you need now while you wait for funding to come in. There are costs associated with these loans, but they do not require a credit check, employment, or income verification. This makes them far more accessible to those who need them now.
How Much Can I Get from Pre-Settlement Funding?
The amount you obtain from a pre-settlement funding loan is dependent on several factors, but it is typically a percentage of your likely settlement amount – as much as 20% of the value of your settlement. Most often, lenders will cap the amount you can obtain through a pre-settlement loan to reduce some of their risk should you not win your case. You can find out specifically how much you can obtain when you contact our team to request a quote with no obligation to use it if you decide not to do so.
Could a Pre-Settlement Loan Help You to Get the Money You Need?
Without a doubt, having access to the funds needed to pay an attorney (not to mention to pay your day-to-day costs while you are out of work) is critical after a personal injury. Though you have several options for paying for your legal needs, the use of a pre-settlement loan is simple and straightforward and comes with less risk to you in the long term if you do not win your case. Request a quote now from Silver Dollar Financial by applying online or calling us today to find out how we can help you get the money you need now.