Employers are legally obligated to pay workers their standard rate for any hours they work unless those hours are considered overtime hours. In those cases, employers must pay employees the overtime rate, sometimes called the overtime premium rate. If your employer has failed to pay you the wages you earned, whether regular hours or overtime hours, you may be able to recover those wages (and potentially interest) by filing a suit.
Like most other cases, unpaid wages and overtime lawsuits can take a long time to weave through the court system and get resolved. In the meantime, you may be struggling to pay bills or stay afloat due to the financial constraints caused by the unpaid regular or overtime wages. This is where an unpaid wages and overtime lawsuit loan, like those from Silver Dollar Financial, can help you make ends meet while your case is being reviewed and before you receive your compensation.
What are Unpaid Wages & Overtime Lawsuit Loans?
Unpaid wages and overtime lawsuit loans are cash advances loaned by an agency like Silver Dollar Financial that can be obtained within as little as a few days. These loans are given to people who are working with a qualified lawyer on their case, and they can help you pay off debts, medical bills, or other expenses while you wait for your case to get resolved in court.
The lawsuit loan company will analyze your case and estimate how much compensation you are likely to receive. From there, you will be offered a dollar amount, usually between 10-20% of your projected compensation amount, to use as you need. Once your case is finally resolved, and you get the compensation you deserve, you will pay back the loan with a tiny amount of interest.
What Is the Difference Between Lawsuit Loans and a Loan from a Bank?
There are numerous types of loans available for people at many different stages of life. When it comes to those who need money throughout a lawsuit, however, lawsuit loans are easily the best way to go.
Regular loans usually come at much higher interest rates than lawsuit loans. Loans for school, vehicles, housing, and other sizable purchases also often come with rules about how the money can be spent. These types of loans won’t be helpful for someone undergoing a financial crisis due to unpaid wages or overtime lawsuits.
Lawsuit loans are much easier to obtain, often just requiring a bit of information on an online form. You can receive the money within a few days, and there are no rules or regulations about how you can spend it. If you need to pay for supplies to help you find a new job, you can use it for that, too.
If your car breaks down and needs repairs, your lawsuit loan can help you out there too. Plus, lawsuit loans tend to come with much lower interest rates, so you won’t have to pay back much more money than you borrowed.
Who Qualifies for Unpaid Wages and Overtime Lawsuit Loans?
Because lawsuit loans come at a low interest rate and can be obtained quickly, there are a few key qualifications a person must have to get one, including:
Already Working with a Lawyer
Only people who are already working with a lawyer on their case are eligible to receive lawsuit loans. This ensures that the person receiving the loan has a qualified and experienced legal professional with a vested interest in winning the case. Some people with unpaid wages or overtime try to fight on their own behalf without a lawyer, but working with a seasoned professional is the best way to ensure that your case is viable.
Contingencies make an even stronger case that you should receive a lawsuit loan, as having a lawyer working on your behalf without upfront payments is a good sign that your case has an excellent chance of winning.
Evidence of Unpaid Wages or Overtime Compensation
Those taking their case to court must have substantial evidence of wrongdoing on the part of the employer that led to unpaid wages or overtime. Evidence can include documents of an employer’s policies, payroll records, witness testimony, video surveillance, and your job description and duties. Lawsuit loans will only be given to a person who has adequate evidence to prove their case.
The Employer is Completely at Fault
Only cases where the employer is completely at fault for unpaid wages can qualify for a lawsuit loan. If, for example, an employee did not record their hours worked accurately or failed to show up for scheduled shifts, they would not be eligible to receive a lawsuit loan, as they may partially be at fault for the unpaid wages or overtime.
What Happens If Your Case Gets Thrown Out or You Lose?
Lawsuit loan companies take a detailed look at cases to determine how likely a person is to win and receive compensation, and they will loan money out to people whose cases appear to be solid. It might feel nerve-wracking to take out a loan on the money you haven’t yet received, but in the event that things don’t pan out the way they were projected, you won’t have to worry about paying the loan back.
Having an unpaid wages or overtime lawsuit can be a highly stressful event in a person’s life, but you at least won’t have to fret about paying back a loan on the compensation you didn’t end up receiving.
Get Financial Help from Silver Dollar Financial Today
At Silver Dollar Financial, we pride ourselves on providing those in need with the cash that will help them and their families get back on track and put their lives back together while they wait for their lawsuit compensation. Our dedicated staff will do everything we can to guide you through the process in a timely and professional manner. To discuss your case with one of our staff members, please contact us today!