Personal injury lawsuit loans, also known as legal loans or settlement loans, can get you cash from your expected settlement now. If you’re facing high medical bills, mounting rent, or mortgage payments, a settlement loan can help you fight for the full award from your lawsuit.
Lawsuits can take a long time to resolve in negotiations or in court. Many people lack the financial means to pay for a long legal fight, which is where pre-settlement funding can help. Find out how you can benefit from this financing option and if it’s right for you.
How Do Personal Injury Lawsuit Loans Work?
If you’ve suffered an injury due to another party’s actions or negligence, then you may be entitled to compensation. Through a personal injury lawsuit, you can recover damages that you suffered from the other party. However, personal injury lawsuits are notorious for the amount of time they take to resolve, time which few people can afford to wait for their settlement.
As a result, many plaintiffs, even those with strong cases, settle early for less than they deserve. Some people who could easily win compensation don’t even file a case because they don’t think they can afford it. However, lawsuit loans can level the playing field and give you the financing necessary to fight for your full settlement.
With a lawsuit loan, you can actually borrow against your settlement to cover your current expenses. This can help you better resist the defense’s financial pressure tactics, as they’re likely to stall negotiations. The best part is you don’t even have to worry about paying anything back if you lose your case, as lawsuit loans are considered to be a nonrecourse form of debt.
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What Types of Cases Are Covered by Personal Injury Lawsuit Loans?
Personal injury lawsuit loans can be used for a wide variety of cases where you’ve suffered damages to your person. The following are some of the most common types of personal injury cases that we cover:
- Car accidents
- Premises liability
- Slip-and-fall accidents
- Construction accidents
- Medical malpractice
- Jones Act
Even though your specific type of personal injury lawsuit might not be listed here, it’s likely that we can still offer you legal funding. Third-party legal funding can be used in virtually any situation where a plaintiff is waiting for a settlement or award from a jury.
What Kinds of Expenses Can a Lawsuit Loan Be Used For?
Lawsuit loans can be used to cover any expense that you might have. Settlement loans come with no strings attached to their use. Once you receive the money from your settlement, it’s yours to spend however you want.
Some common uses for pre-settlement loans include the following:
- Medical bills
- Rent or mortgage payments
- Purchase of a new vehicle
- Groceries and utilities
- Paying off debt
- Building a nest egg
Since you don’t need to worry about repaying your lawsuit loan until you’ve won your settlement, you can spend the money however you please. Your settlement alone will be used to repay the settlement loan, not your own assets. If you feel squeezed by mounting bills and a loss of income, a lawsuit loan can help you to keep your head above water.
In addition to covering your bills, a lawsuit loan can provide a margin of financial safety that changes the way you approach your case. With a decent nest egg at your disposal, you could be more comfortable with taking a long time to resolve your case. The more time you can give your lawyer to build your case, the greater settlement you may be able to win.
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How Much Do Personal Injury Loans Cost?
The price you’ll pay for a personal injury lawsuit loan will vary from lender to lender. Your best option for finding the right deal is to shop around and compare offers from multiple lenders.
However, there are a few rules of thumb you should keep in mind when evaluating potential lawsuit loan lenders. For one, you should never face hidden fees or surprise charges relating to your loan. The amount you are quoted should be what you receive.
In addition, you’ll want to pay attention to the interest rate you’re offered on any lawsuit loan. A high, compounding interest rate can quickly add up and eat away at your settlement. Any reputable settlement loan lender will only charge a simple interest rate often in the low single digits.
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How Risky Are Lawsuit Loans?
Lawsuit loans present no risks to borrowers due to their classification as a nonrecourse debt by the IRS. This means that lenders assume all of the risk associated with the loan, unlike other types of debt, where lenders and borrowers share the risk. Your settlement, not your personal assets, are used as collateral for a lawsuit loan.
With a lawsuit loan, your personal assets are protected from seizure for repayment. Your settlement alone will be used to repay your lawsuit loan. This also means that you won’t ever be responsible for paying off a lawsuit loan that is more than your settlement is worth.
The maximum liability you’ll have with a lawsuit loan is the value of your settlement. This is a major difference from other types of debt, such as credit cards, payday, or personal loans, which must be repaid regardless of the outcome of your case. With a reputable legal funding company, you’ll stand a good chance of walking away with most of your settlement intact.
How Do I Qualify for a Personal Injury Lawsuit Loan?
It’s easy to qualify for a personal injury lawsuit loan if you’re the victim of someone’s irresponsible actions or negligence. So long as you meet the following conditions, it’s likely that you’ll qualify for a legal loan:
- You’ve filed a lawsuit against an insured party.
- You’ve hired a lawyer who is working on contingency.
In general, if you’re waiting on a settlement, you’ll most likely be able to qualify for a lawsuit loan. There are fewer qualifications you need to meet for legal funding compared to other types of debt due to the fact that lawsuit loans are nonrecourse. As you’re under no obligation to repay them with your own money, your credit history or employment status don’t matter.
This also means that you can typically obtain a lawsuit loan much more quickly than you can any other type of financing. Many applications for lawsuit loans are approved within 24 hours across the legal funding industry. If you need money now, or simply don’t want to wait, a lawsuit loan could be an attractive financing option.
How Much Legal Funding Can I Get?
The precise amount of legal funding you can receive will depend on the specifics of your case. Typically, you’ll be able to receive anywhere from 5 – 20% of the expected value of your settlement as a legal loan. We’ll look at the following factors to determine the size of your potential settlement and how much legal funding we’re able to offer:
- Liability: In order for your claim to succeed against the defense, we need to establish the amount of responsibility you bear for your damages. Georgia is an at-fault state, so as long as it looks like you bear less than 51% responsibility, you have a strong chance of winning your case – and compensation.
- Insurance coverage: The amount of compensation you can obtain from a lawsuit will depend on the size of the defendant’s insurance coverage, as will the amount of legal funding we can offer you. If we don’t know the exact size of the defendant’s policy, we may assume they have minimum coverage.
- Damages: The amount of damages that you suffered will determine the potential size of your settlement, which in turn will impact the amount of legal funding we’re able to offer. Broken bones, soft tissue damage, pain and suffering, and long-term care or loss of income can all impact the amount of damages you can collect.
Once we assess the above factors, we can give you an offer for a lawsuit loan. We offer our clients low, simple interest rates to help them take home as much of their settlements as possible. If you’re expecting lengthy settlement negotiations, then a low interest rate with simple compounding can make a significant difference in how much money you take home.
If you need more money than this initial pre-settlement loan in the future, you may also be able to get a second lawsuit loan or even a settlement buyout.
Apply for a Personal Injury Lawsuit Loan Today
Silver Dollar Financial can offer you a personal injury lawsuit loan if you’re waiting for your settlement. Our application process for a personal injury loan takes just minutes to complete. You could be approved for funding in as little as 24 hours, giving you the breathing room you need to pursue the justice and compensation you deserve.
Contact us today or visit our website to apply for a nonrecourse lawsuit loan. We offer low, simple interest on all of our loans to help you take home as much of your settlement as possible. With our help, you can complete your fight for your maximum settlement – and the justice that you deserve.
Call or text +1(844)871-0628 or Apply Now for Pre-Settlement Funding