Class action lawsuits are notorious for taking a long time to settle.
And in the meantime, plaintiffs can be left struggling to cover everyday living expenses like housing costs and medical bills.
However, it may be comforting to know that class action lawsuit plaintiffs may qualify for advance lawsuit funding.
This type of funding can help ease some of the financial burdens that plaintiffs may suffer while waiting for their lawsuits to resolve.
At Ally Lawsuit Loans, we provide class action lawsuit loans so that you can stay on top of your bills while you wait for your class action lawsuit to settle.
Below, this post will discuss some basics about class action lawsuit loans so that you can be more fully informed before initiating the application process.
What Is a Class Action Lawsuit?
Class action lawsuits are a type of civil suit in which the plaintiffs have suffered an injury as a result of the defendant’s conduct.
These types of suits can be brought in either federal or state court, and they seek to address a claim that is common to all the plaintiffs.
Some of the more common class action lawsuits revolve around:
These are just some of the most commonly seen forms of class action suits, but plaintiffs can bring a class action lawsuit for a number of different reasons.
Why Can Class Action Lawsuits Take So Long to Resolve?
There are a couple of main reasons why class action suits can take a long time to settle.
First, it can take months, and sometimes even years, to notify all the eligible victims about their stake in the suit. This notification process can substantially delay court proceedings.
In addition, class action lawsuits are oftentimes legally complex. It can take years just to get through the discovery and evidentiary phases of the lawsuit process.
Lastly, the settlement process can be delayed through appeals or objections by either party. Appeals and objections occur often in class action suits.
So, What Is a Lawsuit Loan for a Class Action Lawsuit?
Before we get into lawsuit loans in the context of class action suits, it is important to know what a lawsuit loan really is.
Lawsuit loans, otherwise known as pre-settlement funding, are not your traditional type of loan. In fact, they are not really loans at all. They are more akin to cash advances.
Lawsuit loans are actually non-recourse cash advances on your settlement funds.
The fact that they are non-recourse means that if you lose your case and don't get a settlement, you don't have to pay back the loan.
In the context of a class action lawsuit, plaintiffs can use their class-action pre-settlement loan to cover life expenses while they wait for their lawsuit to settle.
Then, if the case does settle, the plaintiff can pay back the amount that they borrowed.
How Can Ally Lawsuit Loans Help You?
At Ally Lawsuit Loans, we provide struggling plaintiffs in class action suits with pre-settlement funding.
Further, at Ally Lawsuit Loans, it is our mission to provide the lowest cost pre-settlement funding in the industry, and we aim to be transparent throughout the process.