If you are a plaintiff in a pending lawsuit, your situation has probably cost you a lot of time and money. Even if you have a strong case against the other party, a court settlement can take months or even years. Meanwhile, you need funds to manage your monthly expenses and care for your family. If you were injured, you may also have mounting medical bills.
A pending lawsuit loan is designed to help ease financial pressure while you wait for your case to settle. However, not all legal lending companies are alike. Some can drag their feet in the approval process, making you wait when you need help now. Others may charge exorbitant rates, or may simply function as brokers that cost you extra money without helping you directly.
Tips for Finding the Best Pending Lawsuit Loan
Before you apply for a pending lawsuit loan, be sure to ask questions and do your homework. Finding a reputable legal lender requires a little research.
Here are a few tips to help you get the money you need without being made to wait or taken advantage of:
- Directly ask about interests rates and charges: A disreputable company may try to hide their fees, and trick you into signing a contract without fully understanding the charges.
- Avoid loan brokers: A broker is an unnecessary middleman who will charge expensive fees to connect you with a lender. You can easily find a lender online without a broker.
- Get your lawyer’s advice: Before agreeing to the terms of a loan, meet with your attorney and get their advice about the loan and the lender.
- Ask your lawyer for a referral: Your attorney is likely to have insider knowledge about which lenders offer the best rates and are most trustworthy.
- Find out how long the application and approval process will take. Many lenders will have the cash ready for loan applicants within a day or two. If the lender cannot tell how long it will take, walk away.
- Ask your lawyer for necessary legal documents before applying, including the filed complaint, medical reports, the demand letter and liability documents.
- Find out the expected settlement amount from your lawyer, and ask for an estimate of how long it will take to settle the case. Pending lawsuit loan amounts are typically 10-20% of your case’s total value.
- Accept a loan in the minimal amount you think you will need to cover living expenses and other necessities. Taking too large a loan can be expensive, and can significantly diminish the amount of money you ultimately receive from your settlement.
- Don’t be pressured into signing for a loan. High-pressure tactics are often a sign of a shady lender. Take your time to read the fine print and think about it.
Pending Lawsuit Loans at Cronus
If you need cash now while you wait for your lawsuit to settle, Cronus can help. We will work to get you the money you need to pay your bills with the least amount of hassle and minimum wait time. Our friendly and reputable staff is easy to work with, and we will answer all your questions in detail and with transparency.
