Victims of sexual abuse deserve as much reimbursement as possible. However, plaintiffs in these cases are forced to wait for ages to be compensated. Typically, you may have to wait for months or years to get the settlement you deserve.
Fortunately, lawsuit loan companies like Silver Dollar Financial understand that you’re facing a hard time and feeling anxious about the entire situation. While their sexual abuse lawsuit loans may not fix your physical and emotional difficulties, they can ease your financial stress and cover your current expenses. Consequently, you don’t have to wait for a compensation package that you aren’t even sure when will arrive.
What Is a Sexual Abuse Lawsuit Loan?
Lawsuit loans are sometimes called pre-settlement funding. This is a form of funding issued to qualified plaintiffs before their court cases are resolved and compensation disbursed. Typically, the advance is against the damages the victim anticipates at the trial’s end.
A lawsuit loan can be an excellent option for plaintiffs undergoing financial strain and can be a valuable income source as you wait for a case outcome.
Not only do these loans ease all your financial burdens, but they essentially pay for themselves – borrowed against the projected settlement to keep you afloat financially. As such, you’ll be empowered to hold out for the most favorable compensation offer. A reputable funding company will organize for the cash to get to you fast, so you’ll not stress about the time your case will take to make it to trial.
The Cost of Sexual Abuse Claims in the US
After a sexual abuse incident, survivors and victims are ravaged by emotional distress and medical issues. The pain and suffering by themselves are enough, but the resultant monetary costs can be substantial. The financial hardship extends from the individual survivors and their supportive loved ones to the local and state government.
The CDC estimates the lifetime cost for every rape victim in the US to be $122,461, translating to a total cost of $3.1 trillion. The most burdensome areas for victim support and recovery include:
- Medical expenses ($1.2 trillion)
- Criminal justice services ($234 billion)
- Lost work productivity ($1.6 trillion)
Even more shocking facts from the Justice Department indicate that only 20% of sexual assault survivors report the abuse. Adding to the financial statistics is that 94% of victims have to seek treatment for Post-Traumatic Stress Disorder symptoms within a fortnight after the incident. The following factors affect the variable costs for survivors, their loved ones, and the general public:
- Medical or physical damage
- Emotional trauma and treatment
- Lost past and future income
- Loss of consortium
Why It’s Important to Seek Financial Aid While You Wait
Considering the additional costs resulting from the incident and the likelihood of missing out on normal income generation, you must apply for a lawsuit loan. Pre-settlement loans help survivors in the following ways:
- Paying for immediate medical attention
- Covering the cost of the necessary psychological counseling
- Paying for day-to-day expenses like medication, fuel, and food
- Mortgage and rent payments
- Utility bills coverage
- Other expenses that come up as you await the lawsuit conclusion
How Lawsuit Loans Work in Sexual Abuse Cases
Lawsuit loans stand out as a safer, no-risk method of earning in the here-and-now as your attorney continues with the negotiations to reach a fair settlement or while waiting for the case to enter the trial. The funding is non-recourse, meaning that:
- The lawsuit financing company they’ll only recover the agreed-upon fraction of the settlement package.
- There’s no personal liability for repayment, so your finances won’t be touched.
Do Sexual Abuse Lawsuit Loans Have Interest?
Yes, you’ll pay some interest on the lawsuit loan. Most companies compound the interest where interest is applied to the initial loan monthly. However, Silver dollar Financial charges a simple interest rate.
Qualifications for a Sexual Abuse Lawsuit Loan
Lawsuit loan providers use different criteria to qualify applicants. Generally, the threshold isn’t as strict as typical loans. Provided you’ve attained legal age, you only need to meet several qualifications.
First, a lawyer should be handling your case. Lawsuit loan providers prefer clients working with an attorney because they collaborate with lawyers to understand the details of the case. It’s even better if your attorney is working on contingency as it indicates a case’s seriousness.
Also, you must have suffered physical injuries. Sexual assault cases lead to substantial emotional and mental suffering. But unfortunately, such damages are non-physical, and you can’t attach value to them. Your treatment records can help tag value to the damages.
How Much Can You Borrow?
The following factors determine the exact amount you can borrow from a lawsuit funding agency:
- How much settlement you’re anticipating
- The anticipated lawsuit duration
- Your case’s strength and how likely it is to be compensated
- Your damages’ potential monetary value
How Will You Repay the Sexual Abuse Lawsuit Loan?
One of the most fantastic attractions to legal funding is that plaintiffs don’t need to worry about how they’ll repay the loan. Once your case concludes, your attorney will receive a jury award amount or settlement check. They’ll send a repayment check to your legal funding company, deduct their attorney fees, and submit the remainder to you.
What Happens When You Lose?
Unfortunately, not every sexual assault case concludes with true justice. But we don’t have to add loan repayment woes to your post-lawsuit worries.
Your lender will take on the entire risk in such lending arrangements. If you’re not compensated after the lawsuit, you won’t be forced to repay.
Get Sexual Abuse Lawsuit Funding Fast
If you’re looking for lawsuit financial aid, then you’re on the right website. Silver Dollar Financial is committed to relieving your financial anxiety. We have the industry’s lowest interest rate and one of the highest acceptance rates. Therefore, the odds are favorable we can assist you in taking care of your medical bills, medical costs, legal fees, and other expenses.
Apply for a loan or speak with us for apt guidance.