Pre-settlement loans are a great way to get a hold of financial issues during a pending lawsuit, especially if it's an injury or accident lawsuit. They allow you to access to funds prior to winning your lawsuit, and the best part is in-case you lose your case you pay nothing back! This allows your attorney to finish the case and prevent you from settling early due to financial stress. This will increase the award amount in the lawsuit, and also allow you to get all the money that is rightfully yours.
Settlement loans are a much better solution than traditional loans, this is clear on the fact that you don't need to pay them back if you lose your case; unlike with traditional loans you would still need to make monthly payments. The settlement loan application process does not look at your credit history or income level; it's based on the merit of your case. Traditional financial institutions will not give a loan based on the merit of a pending lawsuit.
Gathering the right information. You are going to need the right information to apply for a settlement loan. Inaccurate or lack of proper information can result in your application being denied. Below is a list of the basics you'll need on hand.
- Law Firm Name
- Attorney Name
- Law Firm Address
- Law Firm Phone Number
- Attorney Phone Number
- Paralegal Handling Your Case
- City&State of Court
- Case Type
- Provide Case Details (more detailed the better)
- Accident Information (if applicable)
- Defendants Insurance Information
- Any Settlement Offers from Defendant
- Liens & Assignments Regarding Your Case
Some settlement loan providers will require additional information and request to speak with your attorney. The above information is standard in the settlement loan industry and is required to have available in your application.
Finding settlement loan providers. Now, it's time to locate some settlement loan providers. Since you obviously have access to the Internet (your reading this how-to) we'll use the Google Search Engine to locate our providers. Open up Google in your web browser, you'll want to search for the terms below.
- Settlement Loan
- Lawsuit Loan
- Lawsuit Cash Advance
- Pre-Settlement Loan
- Legal Funding
The reason we use different keywords is to try and locate different providers in the results. Sometimes providers use different phrases to describe their service. For now, you'll just visit a site, verify that it's a settlement loan provider and write down the URL on a piece of paper or instead a text file. You can collect as many as you'd like, try to limit it too 25, you can also come back later for more.
Verifying company's reputation. This can be one of the most difficult tasks; you don't want to start providing private information to providers who might not use your information properly. You also don't want to apply with a settlement loan provider with out standing consumer issues or lots of negative reviews.
Once again we'll use the famous Google Search Engine to do our research. You'll want to directly type the company name into the search. This will pull up not only the company's website but what other people have to say about it. Look out for negative reviews, consumer complaints, rip off reports, etc. After you search the company name do the website URL without the "www". Sometimes people don't use the company name in reports or complaints (don't ask me, they post them!).
This will allow you to remove all the non-reputable companies from your list. If you end up removing a good portion of the companies you can also go back to step 1 and gather more if required. Generally, you'll only want to apply to 10 settlement loan providers.
Start the applying process. You'll now want to start applying to the companies that passed the reputable test in step 2. I suggest only applying 2 or 3 at a time, this allows you to keep track of them easier. You'll want to compare all the application results to see which settlement loan company will give you the best deal. Make sure to find out in detail each companies interest rate and any applicable fees.
As you can tell, the hardest part of the settlement loan application process is finding providers and verifying they are reputable. Once this step is complete you'll find that application replies come within 2 to 3 days, sometimes within 24 hours! Expect to spend about 2 to 2 ½ weeks with the entire process to find the proper settlement loan offer.