Lawsuit Financing: Cash advance prior case settlement

February 22, 2012 | Author: | Posted in Finance/Personal Finance

Many people who get injuries in a road accident, for which someone else was responsible, get into financial trouble. For such people; lawsuit finance could be a blessing. It will assist you to meet your daily expenses and pay your medication charges till you settle the lawsuit that you will claim. So applying for a lawsuit loan is the only best option you have.

Opting for an insurance company at this stage cannot be very beneficial. Although it make the case settle outside court but you are going to be highly benefited by a legal judgment. This loan provides you a liberty to wait till your case is settled. So there are chances that funding provides you the maximum possible value.

Only a few citizens are familiar with the piece of information that they can submit an application for lawsuit financing whilst their lawsuit is pending. This cash advance can help you to cover everyday expenses like the lawsuit expenses, medical charges, and credits and all other expenditures which involve instant payment. The most interesting and advantageous thing is that if you lose the court case, you don’t even have to pay back. There are numerous companies that pay for your lawsuits.

Lawsuit financing is also referred to as, pre settlement funding, lawsuit cash advance, and loan for lawsuit and others. This sort of financing is non-recourse in nature, which means that pay back is done only if the claimant wins the case; if not he, owes nothing to the lender. The application process for lawsuit cash advance is fairly simple. The financing company provides an online application that needs to be filled by the applicant, giving complete explanation of the case and attorney’s information. Then the company will give you a release form to sign, which is an authorization to your attorney to release the details of your case to the lending firm.

Your case is assessed once you have submitted the necessary credentials, and then the probability of winning the case is evaluated. This will decide your eligibility for the lawsuit finance. The strength of your case is the most important factor on which the approval of your application depends and the credit history plays no role in it. You can apply for the lawsuit loan even if you have a poor credit record. The applicant gets funding within 24 hours, after the completion of the entire process from application submission to final approval. You get the required finance from the firm once your claim has been approved.

Comprehensive discussion takes place between the applicant and the lawyer in the proceedings. This enables the legal representative to know the case in detail which will facilitate him in better presentation and handling of the case. A great deal of information is exchanged which involves police reports, insurance documents, eyewitness declarations, financial records and, for medical- negligence and personal injury suits, medical reports. Other important documents include client communication and presentation of credentials. This helps the company to verify the viability of the case and the logical risk to produce settlement funding that will possibly be repaid. Most financing companies have a contingency in the contract that if the applicant loses the case, he do not have to make repayment.

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