If a significant portion of your household income was reliant on your job, wrongful termination can leave you absolutely financially devastated, as it may take time to find another job with sufficient salary, career prospects, and benefits. As bills pile up, any compensation that you may get from your wrongful termination lawsuit may seem less important than the ability to take care of financial obligations that you have now. Many settlement negotiations could take months or even years to hammer out and in the meantime, a wrongful termination lawsuit loan is your best answer to get the funding you need now without accepting a sub-par settlement out of desperation.
How does Pre-Settlement Funding for Wrongful Termination Work?
Pre-settlement funding is a loan based on your expected compensation award from a settlement. After you receive your settlement package, your loan will be paid from the proceeds of your case. If you are somehow unable to reach a settlement or fail to recoup compensation, then you are under no obligation to repay your loan.
Pre-settlement funding can be an important tool to take care of the financial needs you’re facing now so that you can devote the proper amount of time to your case without worrying about your household’s bottom line. You wouldn’t be seeking compensation if there weren’t serious damages. A pre-settlement loan puts the funds you need into your hands right away so that you don’t suffer any more by incurring costly interest or defaulting on payments.
How Much Could You Receive with a Wrongful Termination Lawsuit Loan?
Every case is unique, and the funding that you could potentially receive through a pre-settlement loan will be based on what you are likely to receive in your settlement. The compensation that you will get through your settlement will depend a lot on what actual damages you incurred from your wrongful termination but usually involves some additional calculations based on the likelihood of punitive damages and other negotiating factors. Lawsuit loans of up to $100,000 are available based on your case and financial need at the time so that you can negotiate a better settlement.
Why Should You Apply for Pre-Settlement Funding?
Since a wrongful termination lawsuit loan is financing using a portion of your eventual settlement for collateral, they can be extremely low-risk and easily accessible ways to get the infusion of funds that you need to see your case through without worrying about your finances. Benefits of lawsuit funding include:
Pre-settlement funding is considered a non-recourse debt, meaning that you are not personally liable for the debt and cannot be obligated to pay back the debt beyond the collateral you put forth. This means that if you receive a lower than expected settlement, or even lose your case, then you are not obligated to pay back the loan. When – and only when – you receive your settlement, the loan will be repaid with a portion of your awarded compensation.
No Credit Checks
With a loan based on the settlement that you are likely to receive from your case, all the information lenders need is contained within your case and the information that you and your attorney can easily furnish. No lengthy employment checks or dings to your credit score are necessary to get approved for the funding you need in as little as 24 hours.
How does Pre-Settlement Funding Help Increase a Settlement Offer?
When you’re under financial pressure from the expenses of job loss, you may tend to accept a less than ideal settlement just to alleviate the immediate financial burden. Wrongful termination hits your finances unexpectedly. In a lawsuit that may potentially drag on for years before a settlement can be reached, you still need to consider your and your family’s needs.
The attorneys on the other side know that your resources aren’t limitless, and delaying a settlement is likely to make you desperate for any offer. Sadly, this tactic works in many cases as expenses build up after your income was illegally interrupted. A wrongful termination lawsuit loan takes that power away from the defense and lets you negotiate for a fair settlement that takes care of all your hardships from the incident.
How do You Get a Wrongful Termination Lawsuit Loan?
Here at Silver Dollar Financial, we try to make the process to get the funding you need as easy as possible. After you fill out our quick application, our experts can assess the details of your case to determine how much funding you may receive. Loans up to $100,000 are available, and often approvals can be processed in just one day.
To apply for a pre-settlement loan in your wrongful termination suit, just follow these simple steps:
- Fill out an online application.
- Furnish all the required information about your case.
- After your application is approved, review and sign the loan agreement.
- Receive funding in your bank account to use for whatever you need.
Get the Funding You Need Now with Silver Dollar Financial
The entire reason that you sought compensation was because of the financial hardships that your unjust termination put on you. You can’t afford to continue to wait for the money that you need today. At Silver Dollar Financial, we provide the funding you need so that you can pursue your case without worrying about how you’ll get by until a settlement.
If you have any questions about pre-settlement funding or how Silver Dollar Financial can help you, don’t hesitate to contact us today.