You may be familiar with the term ‘settlement loans‘ but aren’t quite sure what it actually is or how it works.  Most likely, you’ve heard it on a commercial and know it’s related to personal injury lawsuits.  If you’ve been injured and are having a difficult time financially while waiting for a lawsuit to settle, you’ll be interested to learn about this type of funding and what it can mean for you.

What are settlement loans, really?  Instead of a loan, this type of funding is offered by a company which specializes in giving advances to those who qualify and are involved in a personal injury lawsuit.  It is actually an advance against your pending settlement.  In most cases, those who are approved will be advanced approximately 10% of their expected winnings.

Are there any out-of-pocket costs involved?  No.  With settlement loans, you pay nothing at all out of your own pocket.  Fees, interest and the actual advance are only repaid at the time you receive your settlement, so you can use that money to repay the loan.  If for any reason you do not win your lawsuit, you will not owe a dime to the litigation funding company, because it is a non-recourse process.

How do you apply?  You and your attorney will submit the information necessary for the funding company’s review.  With settlement loans, you’re never asked to provide information about your credit rating or history, employment status, background, etc.  The only details needed to determine if you qualify are those relevant to the accident and injuries you sustained as a result of the accident.

How long will it take to get your money if approved?  In most cases applicants who qualify receive their advance within 24 hours.  This means you can have the money you need to pay hospital and doctor bills, household expenses and attorney fees quickly, when you need it.

Even though you are the unfortunate victim, you’re also the one who could possibly face foreclosure or bankruptcy due to huge medical expenses.  Many plaintiffs awaiting a fair settlement find they need money immediately; this is where settlement funding comes in.

When you’ve been injured, the medical expense can be overwhelming.  If you are unable to work, your financial situation quickly deteriorates.  Mayfield Settlement loans let you pay your bills and live comfortably while waiting for your lawsuit to settle.  Whether you need $500 or tens of thousands, ask your attorney whether litigation financing may be a good choice for your situation.

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