If you are out of work after a serious accident, you are no doubt concerned about how you will make ends meet until you can heal and get back on your feet. If you are lucky, you have some money in savings to tide you over for a while, but that will only last so long. Traditional loans and credit cards do not provide long term solutions, and the interest rates on credit cards can dig you into a deep hole of debt that is difficult to climb out of. Even if you have full health insurance, you may be left with medical expenses not covered by your policy.
If you need money now, lawsuit funding may be the best solution for you. You won’t have to deplete your savings or rack up the balance on your credit cards, which can damage your credit rating. With a lawsuit settlement loan, you will quickly receive money to cover your expenses while you wait for your case to be resolved. A settlement loan is not like a traditional bank loan where you make monthly payments over time. Once your case is successful and you have been awarded a settlement, the funding company will receive a portion of your settlement as repayment. If your case is unsuccessful, you owe nothing, due to the “non-recourse” nature of settlement funding.
Settlement Loan Options
When looking for a settlement loan, you basically have two options:
Option #1: Use a Broker to Find Settlement Funding
There are any number of lawsuit brokerage firms out there who are eager to have your business. Once you agree to work with a broker, they will share your case with several different lawsuit funding entities and receive bids from those who show an interest in your case.
The broker will then select a lender for you, but not based on the offer that gives you the lowest rates or best terms. The broker will select the lender willing to pay the highest brokerage fees. In other words, your case will be sold to the highest bidder, who will no doubt recoup the brokerage fees by charging you more interest.
There are several reasons to avoid using a settlement loan broker:
- Brokers charge additional fees
- Lenders may charge higher rates, costing you money
- Your personal information, including your medical records and details of your case, will be shared with dozens of people who you don’t know
- Lenders may not be reputable, and the loan process will be out of your control
- You will not establish a personal relationship with the lender
Option #2: Choose Your Own Funding Firm
Why pay extra fees to a middleman when you can work directly with a reputable settlement loan company?
The advantages to finding your own funding service are obvious:
- Completely eliminate broker fees
- Work directly with your lender, establishing a personal business relationship
- Choose a reputable company with a proven track record
- Keep your personal information secure, knowing it will be viewed with integrity, and kept in-house
- Know exactly how much you are paying, and for what
Why Choose Cronus?
Not all lawsuit funding companies are alike, and finding a reputable and reliable settlement loan company will save you time and money. Our friendly and efficient staff will guide you through the application process and, if you qualify, quickly grant approval, You will have the funds you need in a very short time, sometimes the next day. Our settlement loan specialists will gladly answer all your questions and make sure you are fully informed and comfortable with the terms of your settlement loan.
