If you are looking forward to a personal injury lawsuit settlement but your injuries have put you in a financial tight spot, one solution is to borrow money against your lawsuit. A pre-settlement lawsuit loan gives you money today, and the funding company is repaid from your settlement award, once your case settles. Loans against lawsuit settlements give injured victims money to pay their bills, get medical treatments, provide for their families and rebuild their lives. Before you apply for a lawsuit loan, there are a few things you should consider.
What You Need to Know About Loans for Lawsuits
Loans against pending settlements are designed to help injured victims remain financially solvent while they wait for their case to settle. There are a number of legal lending companies to choose from, and it is important to read the fine print, to ensure you are not agreeing to hidden fees and charges. It is recommended you have your attorney review the terms of a pre-settlement cash advance and advise you on your decision.
Advantages of lawsuit funding include:
- No credit or employment check: Your eligibility is based on the likelihood of winning your case, and on your prospective settlement amount.
- No monthly payments: Unlike a traditional bank loan, you do not have to make incremental payments. The lender is repaid directly from your settlement award.
- Risk-free borrowing: Loans against pending settlements are risk-free. If you lose your case, you owe nothing.
Before you agree to borrow money against your lawsuit, carefully review the terms of repayment, and ask the lender to clarify any gray areas. You should have a clear idea of the total cost of your cash advance, including fees and interests. It is recommended to shop around, compare costs and read reviews online before committing to a legal lending company.
Is Pre-Settlement Funding Right for You?
To qualify for pre-settlement funding, you will have to meet the following criteria:
- You must have an attorney representing your case.
- You should have a strong case with ample evidence indicating the defendant’s guilt.
- You must complete and submit an application, and provide contact information for your attorney.
It is important to keep in mind that your loan amount plus fees will be deducted from your final settlement amount. Depending on your arrangement with your lawyer, legal fees may also be deducted from your settlement award. It is recommended that you only borrow what you need to get by until your case settles. Borrowing a large sum could significantly reduce the amount you receive from your settlement, once legal fees and your loan repayment are deducted.
Loans on Lawsuit Settlements at Cronus
Cronus Capital group offers fair and transparent terms for pre-settlement funding. Contact us today at any of our convenient NYC locations, and our friendly staff will walk you through the application process. Once we review your application and confer with your attorney, you could have a pre-settlement cash advance in as little as 24 hours.
