Hiring an attorney may be one of the most important steps you can take to protect your future. It may help you obtain the compensation you need to pay off medical bills and meet other obligations you have after someone caused you harm. Yet, in this situation, where you are likely owed money in a settlement later, it can be financially challenging to make ends meet now. You may ask yourself, can you pay for legal fees in Pennsylvania with a personal loan?
The quick answer to this question is yes, you can use a personal loan to pay the legal fees an attorney charges. While this may be an option in your situation, that does not mean it is the only choice you have, nor the best one for every circumstance. Here are some key factors to consider before you take out a personal loan to pay PA legal funding attorney fees and other funding options available.
The Benefits and Disadvantages of a Personal Loan for Legal Fees
Obtaining a personal loan to pay attorney fees allows you to borrow money to pay upfront costs charged by a law firm. If you are working with a legal team that is highly experienced and offers proven results, it may seem like a very good idea to do this. You will have the money you need to cover the costs charged and can move your case forward.
Challenges of Securing a Personal Loan
Personal loans come with some significant challenges that can often make it much more difficult for clients to get the support they need. That is why you should consider a pre-settlement loan.
A standard personal loan comes with the following potential issues:
- Credit check: Personal loans may require having a credit check. If you do not have a good credit history or collateral to use as a backup for the lender, they may not be willing to lend to you.
- Proof of employment: You may have to prove that you have employment and a steady income. If you are not working because of your disability, for example, that can be challenging to do.
- Required repayment: Personal loans must be paid back no matter what the outcome is in your case. You can establish terms and costs upfront with the lender, but you will have to repay the money over time.
These are very serious considerations to think about before you use a personal loan to cover your legal fees. Many people do not realize there are alternatives to these loans, though. Read through our client testimonials to learn how our pre-settlement funding can assist you.
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Hire an Attorney on a Contingency Fee Basis
One of the options you may have is to hire an attorney who is paid on a contingency basis. That means the attorney only gets paid their service fee if they win your case for you. Here is how it works:
- You hire an attorney. The attorney agrees to not charge you a fee until after you win your case.
- The attorney provides high-quality legal services and support to you now so that you are able to obtain the largest settlement possible.
- If you win the case, the attorney is paid a percentage of those winnings. You know upfront what those are before you hire them.
- If you lose the case, the attorney is not paid for their services. That means you do not have to repay the debt at all.
These benefits allow companies to get the legal support they need right now. You do not have to come up with a large retainer to pay the attorney, nor do you have to worry about having to repay a large sum of money if you do not win your case. Finding an attorney that does not charge unless you win is likely possible in situations where you are going to receive a settlement, such as in personal injury cases.
What About Your Other Financial Needs Right Now?
A big challenge for those pursuing a settlement in personal injury matters is that they need money now. You may be hurt and unable to work. Your medical bills need to be paid, but so do your rent and car insurance.
In these situations, using a personal loan to help could seem like a good idea. Just remember, you still have to pay that money back even if you get nothing from the settlement. An alternative is to use pre-settlement funding.
It is one of the most effective methods available for getting cash in your hands right now that you can use for any need you have. There are several big reasons our clients at Silver Dollar Financial turn to us for help with pre-settlement funding instead of using personal loans. Schedule a consultation today for more information.
You Get Cash Now without a Credit Check or Income Verification
We do not ask you for bank statements, copies of your income and employment, or asset ownership. We do not use your credit score to make lending decisions. That means you do not have to have a job, and you certainly do not have to have a good credit score to get the money you need.
You Can Get Cash Quickly
Approval and funding of your pre-settlement loan does not have to take long. Many times, you can get the funds you need within 24 hours of receiving approval. The process focuses heavily on your case and the amount you will likely receive in a settlement. We will collaborate with your attorney, who will determine what your settlement could be so we know the right amount to loan you.
You do Not Pay Back the Loan If You do Not Win Your Case
This is one of the most important reasons to use pre-settlement funding. You do not pay back the loan if you do not win your case. This alleviates all the frustration and financial concern that comes with borrowing money to pay for legal fees – if you do not win, you do not pay.
Apply for a Pre-Settlement Loan Now
When you have questions about using a personal loan to pay for legal fees, talk to the team at Silver Dollar Financial. Contact us today for immediate help, or apply online. We are here to guide and support you as you seek compensation for the losses you have incurred by providing you with the money you need now.