If you’re involved in a lawsuit here in South Carolina, you know that justice isn’t always the fastest process. When you’re seeking compensation through a lawsuit, you typically have very real costs that you need to be compensated for, and you can’t always afford to wait months or years to see your award or settlement payment. Lawsuit loans are an excellent way to secure the funding you need for immediate expenses without waiting for a lengthy court decision or settlement negotiation.
What Is a Lawsuit Loan?
A lawsuit loan, also commonly referred to as pre-settlement funding, is a type of non-recourse loan in which you borrow against your eventual court-ordered payment or settlement as collateral. This means that you get to access your likely reward through third-party funding to take care of your needs now, and the loan will be repaid directly from your settlement or award once you receive it.
Because pre-settlement funding is non-recourse debt, you cannot be held personally liable beyond the collateral listed on the loan. This means that if you are unable to come to a fair settlement or even lose your case, you are under no obligation to repay anything. In this sense, lawsuit loans mitigate some amount of risk from unlikely outcomes that are possible in your case in addition to putting the money you need now in your hands.
When you take out a lawsuit loan, you are essentially advanced a percentage of your likely settlement or award amount to spend on whatever you need. After your compensation arrives, your attorney will deduct the repayment for the loan directly from it, which will be paid back to the funder.
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What Type of Cases Are Eligible for Pre-settlement Funding?
Lawsuit loans are typically available in South Carolina for a huge variety of cases. At Silver Dollar Financial, we’ve successfully funded people who have stalled in the negotiations or court process of nearly every type of personal injury case, including:
- Slip and fall accidents
- Motorcycle or auto accidents
- Malpractice or medical negligence
- Faulty medical devices or medication
- Product-related injury and liability
- Employer negligence
Nearly any personal injury case where you’re likely to get an eventual payout or settlement can potentially qualify for a lawsuit loan. This enables you to take care of important bills and expenses now without waiting for your future compensation and allows you to concentrate on your case more so that you get the best possible settlement or award.
How Do You Qualify for a Lawsuit Loan in South Carolina?
To qualify for a lawsuit loan here in South Carolina, the process is typically quite simple. Most of the information that a lender should need is included in your case. Your attorney for your case will already have all that information on hand and can help facilitate the process.
Since a lawsuit loan is borrowing against your eventual payout in your case, a lender will typically need some information about your case before processing a claim. This helps your funding team to both get you approved and to determine how much you could potentially qualify for in as little as 24 hours. Loans amounts are usually based on your eventual settlement or award and are available up to $100,000.
Your Income and Credit
Since you’re borrowing directly against the compensation your case will likely yield, your income, assets, and credit play nearly no role in getting you approved for pre-settlement funding. Everything our team needs to get you approved is in your case already.
What Can You Use the Funding From a Lawsuit Loan For?
Funding from a lawsuit loan is your money and can be used on whatever financial needs you have. Since most people can’t afford to wait on their compensation from a lawsuit, this gives you the chance to take care of any bills, debts, and living expenses you have well before your settlement arrives.
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How a Lawsuit Loan Helps You Make Ends Meet Today While You Wait for Your Case to Settle
Pre-settlement funding helps you not be at the mercy of the timeline of your case. Often you seek compensation for financial damages you incurred, but as court proceedings and settlement negotiations drag on, you can end up building a lot of expenses on the way to getting compensated. A lawsuit loan allows you to be funded throughout the entire process of your suit so that you don’t have to worry about how long your case is lasting.
Often in a lawsuit, the opposing side knows that you don’t have unlimited resources. As a case drags on and your bills pile up, they could be expecting you to settle for less than you deserve. Pre-settlement funding takes this weapon away from them and ensures that you never make hasty decisions out of financial desperation.
Not being able to take care of your financial needs while awaiting compensation makes your entire situation worse. Debt building up can grow quickly from interest charges and late fees, which can potentially eat into your award when you eventually receive it. A lawsuit loan enables you to keep caught up on everything throughout your case and not emerge from your lawsuit at a financial disadvantage.
Get the Funding You Need Now with Silver Dollar Financial
If you’re involved in a lawsuit in South Carolina, you don’t need to wait on a settlement throughout a lengthy court process at the expense of your finances. Here at Silver Dollar Financial, we help people in our state every day to achieve financial flexibility without waiting on a distant settlement. Personal injuries cases can take months or even years to resolve, why wait for your award when you need it today?